In the volatile theater of the cryptocurrency market, Bitcoin, Ethereum, and Solana are showing signs of a potential high-time reversal. After weeks of stress and price pressure, each of the top assets is now stabilizing at key structural support levels. The multiple leading cryptocurrencies flash similar recovery settings at the same time.
The current crypto landscape could see one of the most powerful high-time reversals in Bitcoin, Ethereum, and Solana. An investor and trader known as MacroCRG on X marked that yesterday all three assets showed a bullish engulfing candle, a strong signal that buyers are taking a step back on purpose.
Industry leaders point to a shift before smaller assets follow
On the weekly chart, each asset shows the early stages of a breakout in the week, combined with a false one breakdown. MacroCRG pointed out that a similar structure was seen on the ES chart (S&P 500 futures) from April, where the collapse of the structure within the week led to a breakout that was never looked back as the bull secured the weekly close.
Related literature: Institutions are exiting Bitcoin in large tranches, Ethereum, Solana and XRP are seeing huge buy-ins
For this setup to hold, these prices must close the week above the major highlighted highs on the chart. However, there is still a long way to go before the weekly lockdown will confirm the outbreak bulls We must pursue this with conviction and remove any doubt.
The founder of the ProMintClub investment community, ProMint, has done just that spotted a high-conviction whale trader who is aggressively building long positions in the crypto market. Currently, the trader leads the Lighter leaderboard with over $64 million in profit and loss while maintaining an 83% long bias. His Lighter account has the highest profit and loss at over $8 million. These are crazy numbers compared to everyone else on the leaderboard.
Data shows that the trader has made five deposits into his Lighter account, totaling approximately $6 million in capital. His positions are spread across BTC, ETH, SOL, AAVE, along with smaller players such as PAXG and PUMP, consistently entering and riding strong timing points momentum higher.
Although financing costs have become severely negative, he is not giving in. Currently, this is the best performing account on Lighter, and that’s serious capital used with conviction.
How a greater number of partners drives sustained volume demand
According to to Chainflip Labs, November was one of the strongest performance months in the protocol’s history, releasing over $583 million in swap volume, making it the second-best month ever for the network.
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Ask remained stable on the BTC, ETH, and SOL routes, and more partners are routing flow through the network than ever before. The trend clearly shows that Chainflip will continue to scale.
Featured image from iStock, chart from Tradingview.com