The post Lightspeed Newsletter: Solana’s rocky July 4th weekend appeared on BitcoinEthereumNews.com.

Today, enjoy the Lightspeed newsletter on Blockworks.co. Tomorrow, get the news delivered directly to your inbox. Subscribe to the Lightspeed newsletter. Howdy! I’m back in Brooklyn after some trafficky hours spent in the back middle seat of a Volvo to cap off a 4th of July road trip.  Sadly I’m not in Brussels for EthCC, but for readers who are across the pond, shoot us an email and let us know the vibes surrounding Solana over there. I’ll be interested to see what announcements come out of the conference. Anyways: SOL rebounds after market bloodbath Crypto markets re-enacted that blood-filled elevator scene from ‘The Shining’ over the holiday weekend as investors braced for potential bitcoin sales from the Mt. Gox estate. SOL glommed onto the bearish vibes, cratering to $122 on Friday, its lowest price since May 1, according to CoinGecko data. The price has since recovered closer to $140, and some analysts say solana’s price could be buoyed by the card it’s holding that bitcoin and ether have already played — spot ETF approval. When we last looked into SOL’s price prospects three weeks ago — as the asset had just fallen to $140 — Kaiko’s Adam Morgan McCarthy said uninspiring funding rates could indicate traders are rotating out of SOL and into bitcoin or ether.  So far in July, that rotation seems to have eased. Solana fell less in the past week than bitcoin and ether, and SOL bested ETH in inflows last week, $16 million to $10 million, according to CoinShares.  Marinade core contributor Michael Repetny said this is a familiar pattern — if bitcoin performs poorly, crypto traders will try to diversify into altcoins, with solana being the trendiest one currently.  Regardless, McCarthy told me today that he thinks a summer trading lull will cap SOL’s upside…

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Filed under: News - @ July 8, 2024 9:10 pm