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Analysis

Biggest Movers: LINK Nears 2-Week High, SOL Extends Recent Gains

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Biggest Movers: LINK Nears 2-Week High, SOL Extends Recent Gains

Chainlink rallied to a 12-day high earlier in today’s session, as the token neared the $7.00 level. The move comes as prices rose for a fourth straight session, climbing by over 5% on Thursday. Solana has been another notable gainer, as prices closed in on a ten-day high.

Chainlink (LINK)

Chainlink (LINK ) rose for a fourth straight session on Thursday, with the token nearing a 12-day high in the process.

Following a low of $6.37 on Wednesday, LINK/USD surged to an intraday peak of $6.84 earlier in the day.

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The surge in price saw chainlink move to its highest level since November 12, when price was above $7.00.

LINK/USD – Daily Chart

Looking at the chart, bulls appear to be targeting a move back above this point, with a ceiling of $7.15 a potential landing spot.

In order to get there, bullish momentum will need to first overcome a resistance of 50.00, on the relative strength index (RSI).

Should this occur, LINK willy likely move above $7.00, en route to the $7.15 price target.

Solana (SOL)

Solana (SOL) was once again in the green, as the token continues to move away from a recent all-time low.

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SOL/USD, which was a top 10 cryptocurrency prior to the FTX collapse, hit an intraday high of $14.85 earlier today.

As a result of today’s surge, solana was trading at its strongest point since November 15, when price was last above $15.00.

SOL/USD – Daily Chart

Earlier gains have somewhat declined, with previous bulls moving to secure gains as the RSI hovered near a resistance point.

Honing in on the chart, the index is currently tracking at 35.96, which is marginally below a key ceiling of 37.00.

Volatility in the markets remains high, as traders continue to move away from projects and tokens which may have high exposure to FTX, and Alameda.

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Could solana return to the top 10 crypto list before the end of the year? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, sdx15 / Shutterstock.com

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Analysis

Bitcoin records the largest miner outflow to wallets in 2 years

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Bitcoin records the largest miner outflow to wallets in 2 years

Bitcoin records the largest miner outflow to wallets in 2 years Richard Adrian · 2 hours ago · 2 min read

Poolin, a mining operator has witnessed the single biggest miner outflow from wallets in 2-years

2 min read

Updated: December 1, 2022 at 9:36 pm

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Cover art/illustration via CryptoSlate

Miners are still facing the worst of the crypto market’s turmoil, with profits down by 80% from top levels. In the wake of mounting capitulation pressure, the  Poolin multi-asset mining platform recorded the single largest miner outflow from wallets in 2-years, involving 10,000 Bitcoins.

Poolin, a popular mining pool, reportedly witnessed the large outflow,  which reports indicate might have been a way for its miners to either move the funds to other wallets, fund day-to-day costs or cover energy costs associated with running a BTC-mining operation. 

The outflow comes amidst increasing mining difficulty, declining Bitcoin prices, and several miners closing their businesses due to the dropping profitability of the mining business.

The Bitcoin Total Transfer Volume from Miners, a metric that shows the amount of BTC sent by miners to different wallets and exchanges, rose sharply to a 2-year high after Poolin’s 10 BTC outflow. Here is the chart derived from Glassnode of Bitcoin’s latest Total Transfer Volumes. 

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Source: Glassnode

Despite previous weeks recording the highest miner capitulation, the above data does not necessarily reflect miner selling but could interpret as miners moving their coins to other wallets. 

BTC miner outflows going to cryptocurrency exchanges

Bitcoin miners’ actions have usually reflected the sentiments of the overall cryptocurrency market since much of the selling occurs as miners protect themselves from losses due to plummeting prices.

However, the above metric fails to clarify whether the coins have been sent to exchanges for fast liquidation or wallets for custodial storage. The good news is there was another metric to gauge the amount of BTC miner outflows going to cryptocurrency exchanges.

According to data from November, transfer volumes to exchanges hit the highest on Nov.26 at 650 BTC. The sudden increase in transfer volumes to exchanges showed when Bitcoin’s market became vulnerable. However, the volumes have since fallen and are lying below the 50BTC level per day. 

Source: Glassnode

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Analysis

November was the second worst month for Bitcoin, fourth worst for Ethereum

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November was the second worst month for Bitcoin, fourth worst for Ethereum

November was the second worst month for Bitcoin, fourth worst for Ethereum Oluwapelumi Adejumo · 11 hours ago · 2 min read

Bitcoin and Ethereum experienced one of their worst months in 2022 in the just concluded November.

2 min read

Updated: December 1, 2022 at 3:27 pm

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Cover art/illustration via CryptoSlate

November 2022  was one of the worst months for the two most popular cryptocurrencies — Bitcoin (BTC) and Ethereum (ETH).

November was Bitcoin’s second worse month in 2022

According to CryptoSlate data, Bitcoin lost roughly 18% of its value in the past 30 days — making November the second-worst month for the year and its biggest monthly loss in the last five months.

Bitcoin Monthly Revenue in % (Source: CoinGlass)

While Bitcoin’s value slightly recovered towards the end of the month, FTX’s capitulation shattered retail traders’ trust in the system. Glassnode reported that crypto investors witnessed the fourth largest capitulation on record with a 7-day realized loss of $10.16 billion

Over 50% of BTC holders are in loss after the asset’s value dropped to around $15,600 — the lowest profitability level since March 2020.

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Additionally, Bitcoin miners wiped out their 2022 balances as the volume of the asset sold surpassed the amount they accumulated during the year. Miners are under increasing sell pressure as the flagship digital asset’s value struggled below the $16,000 mark.

Bitcoin miners like Iris Energy defaulted on a $108 million debt and ceased operations at two of its facilities in November. An unnamed Bitcoin miner also defaulted on rent in Dallas and left all of its equipment behind.

#Bitcoin Shrimps (<1$BTC) have added 96.2k $BTC to their holdings since FTX collapsed, an all-time high balance increase.

This cohort now now hold over 1.21M $BTC, equivalent to 6.3% of the circulating supply.

Pro Dashboard: https://t.co/HpXwoav6wO pic.twitter.com/7U4oPAAakD

— glassnode (@glassnode) November 28, 2022

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Meanwhile, despite all of these losses and capitulation, Glassnode reported that BTC Shrimps and Crabs have aggressively accumulated since FTX collapsed, leading to an all-time high balance.

Ethereum experiences its fourth-worst month

Meanwhile, November was the fourth worst month of the year for Ethereum as it fell almost 20%.

Ethereum Monthly Revenue in % (Source: CoinGlass)

Following the collapse of FTX, ETH’s value fell to as low as $1,110 on Nov. 10 from over $1,600. The cryptocurrency has recovered slightly since to over $1,200. As of press time, ETH was down 18%  over the past 30 days.

The poor price performance appears to have spurred Ethereum whales and shrimps to accumulate. CryptoSlate’s analysis of Glassnode data shows that investors in these cohorts have been accumulating Ethereum at an aggressive rate.

Despite the late rally towards the end of the month, crypto analysts’ disposition towards the asset remains bearish. Popular crypto trader Capo of Crypto tweeted on Nov. 28 that he expects a capitulation that would send ETH price to around $600 to $700 soon.

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I have spent hundreds of hours analyzing the market to come to the conclusion that:

Capitulation is a matter of time. $BTC should reach 12ks, $ETH 600-700, altcoins should drop 40-50% and shitcoins 50%+.

I won’t post any more here until confirmation or invalidation.

Good luck!

— il Capo Of Crypto (@CryptoCapo_) November 28, 2022

Meanwhile, this is not the first time Bitcoin and ETH have had a bad November. In fact, the month has been a rough one for BTC historically. In 2018, BTC lost 37% of its value in November.

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Altcoins

UNI is ripe for buying opportunities after a bullish crossover, but…

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UNI is ripe for buying opportunities after a bullish crossover, but…

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

  • UNI could reach the 50% Fib level in the next few days or weeks if BTC maintains its uptrend 
  • UNI’s open interest is rising, which is a bullish outlook for derivatives markets

Like the rest of the altcoins, Uniswap [UNI] also rallied after BTC regained the $16,000 level on 22 November. At press time, it was trading at $5.80 and was in an uptrend. The Moving Average Convergence Divergence (MACD) also gave investors a buy signal through its bullish crossover. 

However, the price rally faced significant resistance, which cautious traders should watch out for before going long on UNI.


Read Uniswap’s [UNI] price prediction 2023-2024


We have a buy signal, but can the uptrend last?

Source: TradingView

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In October, UNI  witnessed a major rally that extended into November before the FTX saga put the brakes on it. Subsequent recovery attempts after the market crash established $5.28 as solid support for the bulls.  

At press time, UNI was poised for another rally after BTC attempted to reclaim $17K. A bullish MACD crossover provided buying opportunities for UNI traders. However, the question was: Is the buy signal solid and could the uptrend continue? 

A key technical indicator showed that the uptrend could sustain momentum. The Relative Strength Index (RSI) retreated from the lower part of the selling range with a steep rise. This showed that the selling pressure had eased, and the bulls were able to prop up UNI’s price.  

The On-Balance Volume (OBV) also showed a rise in the upper range despite an almost flat profile since 21 November. This showed that there was a significant trading volume that could increase buying pressure.  

If the bulls maintain the above leverage, they could break the 38.2% level ($5.89) and target the 50% Fib level ($6.25). However, an intraday close below the current support at $5.28 could negate the above inclination.

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UNI sees an increasing Open Interest

Source: Coinglass

According to Coinglass, UNI saw conflicting open interest trends in November. After the market crashed in early November, UNI’s open interest rose steadily, only to drop again starting in mid-November.  

At press time, a rising open interest could be seen towards the end of November. This showed that money was flowing into the derivatives market of UNI.

Furthermore, this also indicated a bullish outlook in the derivatives market, which could soon spill over into the spot market. In this case, the upward momentum of UNI could continue if BTC continues to trend upward.

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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