5 min readBitcoin is rising for a second straight session and is on track to rise over 3% this week. The largest cryptocurrency recovered from a low of 106 earlier in the week to hit 111.4k at the time of writing. Gains are also being seen across the broader crypto market, with Ethereum and Ripple up 1.2% each and BNB trading unchanged, despite Trump pardoning Binance founder Changpeng Zhao.
Bitcoin is moving higher, boosted by improving risk sentiment as the White House confirms that Trump and Chinese President Xi Jinping will meet on October 30. News of the meetings comes alongside ongoing trade discussions in Malaysia, where US Treasury Secretary Scott Bessent is meeting with Chinese Vice Premier He Lifeng, ahead of the Trump-Xinping meeting.
Rising risk sentiment has also lifted other risk assets such as US stocks, which trade around record highs.
Attention is also turning to US CPI data, which is expected to rise to 3.1% YoY, up from 2.9%. While the release could create near-term volatility, the Fed is still expected to cut rates in October and potentially again in December, due to the weakening jobs market.
Despite this week’s move higher, Bitcoin is on track to lose 2.5% across October, marking its worst October performance since 2013. However, the FOMC meeting next week could offer a last-minute reprieve.
Solana Extends Rally as Fidelity and Hong Kong ETF Boost Demand
Solana is extending its move higher towards 200. The price is on track to gain 2.8% this week, adding to last week’s 5% gain.
The gains in Solana coincide with Fidelity launching Solana trading and custody across its retail, Institutional, and wealth management platforms. This represents one of the largest traditional finance integrations of a non-Ethereum blockchain.
Bullish momentum has also intensified after Hong Kong approved its first Solana exchange-traded fund. Fund manager China Asset Management, also known as China AMC, started accepting subscriptions for the new spot Solana ETF after securing approval from the Hong Kong Securities and Futures Commission this week. The fund warned investors of potential volatility, noting that SOL lost around 96% of its value between November 2021 and January 2023.
Despite these cautions, the ETF’s approval is a significant step forward in integrating blockchain-based assets into a regulated market framework. This enhances market transparency and provides institutional exposure to emerging blockchain ecosystems.
The US Securities and Exchange Commission has yet to approve a Solana ETF despite 23 filings currently under review.
SOL/USDT technical analysis
SOL/USD fell out of its rising channel, but has found support at the 200 SMA, which, combined with a recovery in momentum, as the RSI points higher, keeps bulls hopeful.
Buyers will look to rise above the 200 round number and 210 —the October 13 high —to create a higher high and re-enter the rising channel.
Sellers would need to close below the 200 SMA at 176 to fuel a deeper selloff towards 155, the August low.
Trading involves risk.
Author
Risk DisclaimerThe content provided here is for informational purposes only. It is not intended as personal investment advice and does not constitute a solicitation or invitation to engage in any financial transactions, investments, or related activities. Past performance is not a reliable indicator of future results.
The financial products offered by the Company are complex and come with a high risk of losing money rapidly due to leverage. These products may not be suitable for all investors. Before engaging, you should consider whether you understand how these leveraged products work and whether you can afford the high risk of losing your money.
The Company does not accept clients from the Restricted Jurisdictions as indicated in our website/ T&C. Some services or products may not be available in your jurisdiction.
The applicable legal entity and its respective products and services depend on the client’s country of residence and the entity with which the client has established a contractual relationship during registration.
