Crypto Price Analysis 15/5: BTC and SOL Surge 2%, Pepe Coin Rallies 9%

Crypto Price Analysis: Bitcoin Regains $62,000, Market Sentiment Remains Negative

On Wednesday, the Bitcoin price surged by 2% to reclaim the $62,000 mark, invalidating the bears' attempt to push the asset below $60,000. This temporary upswing sparked a relief rally for Bitcoin, but momentum for sustainable growth remains lacking.

Santiment, a leading crypto analytics firm, has reported a significant increase in crowd negativity towards major crypto assets. This sentiment stems from the inability of cryptocurrencies to maintain sustained rebounds, leading to waning interest among traders. The situation has been exacerbated by recent outages and withdrawal freezes on Coinbase, one of the largest crypto exchanges. 😒 Crowd negativity is very prevalent among top caps as they have failed to show sustained rebounds to keep traders interested. #Coinbase's outages and withdrawal freezes appear to be exacerbating this. #FUD could be big enough to propel a rebound soon. https://t.co/lntwhLetB1 pic.twitter.com/TRmSEM4LhX — Santiment (@santimentfeed) May 14, 2024

Santiment highlights that these events have intensified fear, uncertainty, and doubt (FUD) within the market, potentially setting the stage for a significant rebound.  Also Read: Michael Novogratz Turns Short-Term Bearish on Bitcoin, Ethereum, Solana

1) Crypto Price Analysis: Bitcoin (BTC)

Bitcoin, the decentralized digital currency, operates on a peer-to-peer network without the need for intermediaries like banks or governments. For over a month, the BTC price has experienced a steady correction under the influence of a falling wedge pattern.

Bitcoin (BTC)| Tradingview

However, with an intraday gain of 2%, the BTC price hints at a potential bullish breakout from the wedge pattern. This surge could be attributed to a significant net inflow of $101 million into Bitcoin exchange-traded funds (ETFs), marking the second consecutive day of positive inflows on May 14, 2024. This substantial investment into Bitcoin ETFs indicates a revival in investor confidence.

Currently, Bitcoin holds a market cap of $1.227 trillion, while the trading volume has declined by 1.9% to hover around $25.4 billion. If the bulls can break out of the current correction, BTC could rally towards $67,324 and subsequently $73,900. Also Read: CoinEx Celebrates Bitcoin Pizza Day with “One Bite of Bitcoin” Campaign

2) Solana (SOL)

Solana (SOL) is a high-performance blockchain known for its exceptionally fast processing speeds and low transaction costs. The platform stands out due to its innovative consensus mechanism, Proof of History (PoH), which allows for greater scalability and efficiency, distinguishing it from other blockchains.

Solana (SOL)| Tradingview

Robinhood's European branch has launched Solana staking, offering an annual yield of approximately 5%, as reported by WuBlockchain. The investment platform notes that Solana (SOL) ranks among the most favored cryptocurrencies by its EU clientele. 

Over the past two weeks of consolidation, the SOL price has experienced a notable downswing from $160 to $145, registering an 8.8% loss. However, with a market cap of $65.1 billion, Solana remains the fifth largest cryptocurrency. An analysis of the daily chart reveals this pullback as the formation of a bullish continuation pattern called a Flag. If the pattern holds true, the SOL price could break above the overhead trendline, signaling an uptrend continuation, and target $150 and subsequently $160. Also Read: Is BNB and SOL Losing Its Spark? What the Data Tells Us About KANG’s Popularity

3) Pepe Coin (PEPE)

Pepe Coin (PEPE) is a cryptocurrency that leverages the iconic meme figure Pepe the Frog, aiming to merge internet culture with blockchain technology. What sets Pepe Coin apart is its strong community-driven approach, often focusing on social media engagement and viral marketing to increase adoption.

Pepe Coin (PEPE)| Tradingview