Ethereum Rally Stalls, SUI Surges 20%, Solana (SOL) And Lido (LDO) Decline

Ethereum Rally Stalls, SUI Surges 20%, Solana (SOL) And Lido (LDO) Decline
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On Thursday, the eagerly awaited Bitcoin ETF launched. As a result of the significant institutional interest in BTC spot ETFs, Ethereum saw a 52-week high as traders wagered on the approval of ETH spot ETFs. 

During Friday’s opening, Solana (SOL), Ripple (XRP), Binance Coin (BNB), and Arbitrum (ARB) were the most traded altcoins.

The 11 Exchange Traded Products of Bitcoin had a record-breaking $4.6 billion in trading activity on their exchange debut.

Ethereum Rally Stalls, SUI Surges 20%, Solana (SOL) And Lido (LDO) Decline

This indicated that institutional investors in traditional finance had an insatiable appetite for the innovative digital asset.

Friday’s opening hours saw ETH rise by 0.7% as BTC stalled at $46,134 following a rejection from $49,000 in the previous session. 

Simultaneously, SUI became the preferred altcoin after gaining 20.5% over the previous day.

Unfortunately, investors were once again let down by the price of Solana (SOL), as the cryptocurrency with smart contracts failed to rise above the crucial psychological barrier of $100. SOL was down 2.3% for the week and 1.3% for the day as of the time of publication.

The price of ETH to USD has broken over its $2,560 resistance level, as the accompanying chart illustrates.

This mark has been closed above twice in a row, suggesting a bullish continuation in the upcoming days.

If the overall market attitude stays positive, $3,000 might become a realistic price projection based on the technical analysis.

The price of SUI was trading at $1.10 on Friday morning, having surged to 1.15%, its highest point since May 2023.

The total locked value (TVL) on the blockchain of the smart contract layer 1 protocol is steadily rising.

According to DeFi Llama, the TVL has risen above $265 million, setting a new high for the SUI ecosystem.

The price of Lido (LDO) has begun to decline following an astounding 52% increase in January 2024.

The price has dropped by over 11% as altcoins keep losing value and the Total 4 market cap is still declining. This might soon alter, though, if the price of Ethereum starts to rise once more.

Ethereum Rally Stalls, SUI Surges 20%, Solana (SOL) And Lido (LDO) Decline

According to technical analysis, LDO is up against resistance at the $3.88 mark, which originates from a prior weekly chart pivot. Price of the liquid staking technique could continue to rise in the event of a breach above this level.

Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial advice. 

Cryptocurrency investments are inherently risky, and readers should conduct their own research and seek professional advice before making any investment decisions.

Ethereum Rally Stalls, SUI Surges 20%, Solana (SOL) And Lido (LDO) Decline

Techno Tropics

Techno Tropics is a passionate tech enthusiast and the voice behind it, a leading source for daily updates on AI, big data, analytics, and cryptocurrency. Stay tuned for the latest tech news and insightful analysis.
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