Bitcoin, Ethereum, Dogecoin Edge Higher As Market Cheers Solana Spot ETF Filing: Analyst Forecasts King Crypto’s Bounce To $66K If This Condition Holds

Leading cryptocurrencies ascended Thursday as the market celebrated the entry of Solana SOL/USD in the now hot spot exchange-traded fund for digital assets in the U.S.

What Happened: Market bellwether Bitcoin dramatically spiked to $62,300 after asset manager VanEck filed an S-1 registration form with the SEC for a spot Solana ETF. However, the rally was short-lived, as King Crypto dipped to $61,300 by the end of the trading session. 

Ethereum rose beyond $3,400 and stabilized at those levels, while Solana, the cryptocurrency at the center of it all, increased by nearly 8% in the last 24 hours.

In the past 24 hours, 33,157 traders were liquidated, with the total liquidations coming in at $71.11 million. Short liquidations accounted for 60% of the total.

All three major coins experienced an increase in Open Interest, with Solana seeing a 9% increase in money locked in unsettled derivatives contracts. Bitcoin’s OI increased by 0.48%.

Interestingly, the number of traders placing long bullish bets on Bitcoin declined sharply compared to those shorting the asset. 

The Cryptocurrency Fear & Greed Index flashed “Neutral” as of this writing, indicating a balance between bullish and bearish forces. 

Top Gainer (24-Hours)

The global cryptocurrency market cap increased 1.31% to $2.28 trillion in the last 24 hours.

Stocks advanced for the third straight day on Thursday. The Dow Jones Industrial Average gained 36.26 points, or 0.09%, to end at 39,164.06. The S&P 500 added 0.09% to end at 5,482.87, while the tech-heavy Nasdaq Composite rose 0.30% to score 17,858.68 at the end of the closing bell. 

Traders gear up for the release of May’s personal consumption expenditure data on Friday, considered the Federal Reserve’s preferred inflation gauge, to ascertain the probability of rate cuts later this year. 

According to the CME FedWatch Tool, there was a 90% likelihood of rates remaining unchanged during the next FOMC meeting in July.

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Analyst Notes: Popular cryptocurrency trader Ali Martinez highlighted the formation of an Adam & Eve bottoming pattern for Bitcoin, potentially indicating a 6% bounce to $66,000. 

However, in order for this forecast to come true, Martinez indicated that King Crypto must close above $62,200. 

Widely-followed analyst Michaël van de Poppe noted a strong upside potential for Ethereum, saying, “I think we’ll continue to grind upwards from here.” 

The trader said that if Ethereum rises to 0.06 BTC, it might signal a big breakout for the broader altcoin market. 

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