Crypto, Solana & Bitcoin – European Wrap 1 February

Data from TokenUnlocks reveal several large-volume unlocks are lined up in February. Typically, cryptocurrencies that unlock over 3% of their circulating supply suffer a correction in their price. Of token unlocks valued at $10 million and higher, Aptos (APT), Sandbox (SAND), SUI and ApeCoin (APE) are scheduled to unlock nearly 3% to 9.19% of their circulating supply. 

We talked about Solana with ticker SOLUSD back in December, where we mentioned and highlighted an ongoing five-wave bullish impulse. We also warned about a corrective slow down, which has retraced the price back to projected 70 support area. Solana came down as expected, but because pullback was smaller than we thought, this can then still be a lower degree subwave »iv« rather than higher degree wave 4 correction, however, in either case we are looking higher for the 5th wave.

Chart

Crypto followed equity indices lower on Wednesday evening. Cautious buying is seen in the market on Thursday. The crypto market capitalisation now stands at $1.62 trillion, 1.9% lower than 24 hours ago.

Solana remains one of the most volatile of the leading altcoins, down 4.7%. XRP, down 2.6%, continues to slide, losing nearly 20% in 30 days.


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