Recent data indicates that August 2023 has begun with notable fluctuations in the cryptocurrency market despite unexpected losses.
General Trends in the Cryptocurrency Market
The beginning of August has been marked by significant macroeconomic changes. The imposition of new tariffs in the U.S. has had a noticeable impact on cryptocurrency investors, causing a sharp decline. Expert commentary indicates uncertainty about the further behavior of the market, although some factors, such as the expected approval of ETFs and increased institutional demand, are contributing to stabilization.
Analysis of Solana (SOL)
Amid activity in U.S. markets, Solana is aiming to return to the $168 level. As of the time this article was prepared, Bitcoin surpassed $115,200. Analyst Scott Melker noted a 'golden cross' on Solana's charts, which may signal further growth if the price reaches the $188-$203 range.
Prospects for Cardano (ADA) and PUMP Token
According to analyst Ali Martinez, Cardano may face a dip due to a sell signal on the 4-hour chart. However, shifts in overall market sentiment can quickly alter the situation. PUMP Token continues to linger at low levels, but analysts like Sherpa are seeking entry opportunities. Projections suggest that if it closes above $0.0032, PUMP could reach the $0.004 mark.
Currently, the cryptocurrency market displays mixed dynamics. External economic conditions and internal mechanisms, such as increased institutional interest, significantly influence the further development of events.
