Today's market is another dramatic opening act.
First, X Layer announced the dismissal of its spokesperson, Felix Fan , citing "conflict of interest," which caused another uproar in the industry—the feud is never-ending, and the business war never ends.
Meanwhile, Bitcoin suddenly plunged last night, failing to hold the $115,000 level , and is currently fluctuating and searching for a bottom. With news of a Federal Reserve interest rate cut tonight, significant market volatility is expected . Investors are strongly advised to manage their positions carefully to avoid being caught in a market meltdown.
Market trend: Consolidating and bottoming out, awaiting the interest rate decision.
The support range I mentioned last night was largely accurate. BTC dipped as low as 112, and ETH was even more volatile, dropping directly to 3930. Although the pace was disrupted by BTC, the overall direction was correct, and the market is still within its framework.
- BTC: There is still a possibility of further downward movement in the short term. The key support is at 1113-1123. Once it stabilizes, it can rebound to 116-118, and if it is strong, it can hit 120.
- ETH: A rebound is expected after holding the 3900-4000 range, with an initial target of 4400-4500. For short-term trading, prioritize defense and avoid trying to catch a rebound.
Overall, this pullback is a healthy correction , not a crash. The probability of BTC stabilizing and rebounding again remains high.
SOL benefits from ETFs: a new institutional entry point for the new cycle.
Last night, a major announcement was made – the first Solana ETF officially listed on the New York Stock Exchange!
The release of $BSOL by Bitwise marks a historic step for SOL.
Even more exciting is that VanEck has also submitted a sixth amended application , meaning that the SOL ETF may automatically take effect within 20 days without direct SEC approval.
This will mark the official entry of the crypto ETF market into the "era of the three giants": BTC, ETH, and SOL will be the mainstream.
This also means that institutional funds have more choices, and SOL is expected to usher in a new round of capital inflows and catch-up opportunities .
The knock-off track: X402's pullback didn't kill it, AI narrative reignites.
The focus on the knock-off side remains on the X402 track .
Although there was a collective pullback yesterday, I believe the market rally is far from over .
Currently, the most recognized stocks in the market are $VIRTUAL and $CLANKER. These two have seen astonishing gains and are temporarily holding the leading positions.
In addition, AI-related tokens are also starting to emerge, such as automated trading and robo-advisor projects. However, the potential for these projects is limited. What deserves more attention going forward is how AI can be combined with practical applications in trading.
As for the recently hyped ICM concept , I am not optimistic about it.
Lacking regulation and riddled with flawed logic, it's essentially just a Web2 team trying to cash in on Web3. Once the hype dies down, it'll probably be over.
✅Sister Meow's Summary:
- Tonight's Fed interest rate decision is expected to trigger a double whammy for both bulls and bears before a clear direction is chosen.
- The bull market is nearing its end, and the market is consolidating and bottoming out. After a short-term correction, a rebound is expected in November.
- When trading counterfeit goods, keep your positions small and manage your risk; don't be greedy for the last bit of profit .
- SOL ETF opens up new possibilities for future growth, while POW coins remain the preferred choice for core holdings.
The market has entered a critical window of opportunity; don't let fluctuations disrupt your rhythm.
Remember, before the wind blows, position sizing is always more important than prediction.
The opportunity will be gone in the blink of an eye, everyone gather quickly!
Don't let hesitation delay your chance to make money, and don't get burned by worthless cryptocurrencies. Join Sister Miao and let's ride this bull market together!
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