Solana, Axelar, and Pi Network are in focus this week as major token unlocks and key technical setups create both risks and opportunities for traders.

Top cryptocurrencies to watch this week: Axelar, Pi Network, and Solana

More than $1 billion in crypto positions were wiped out over the past 24 
hours, as bitcoin dropped below the $99,000 mark for the first time in over 
six weeks. Crypto Traders Hit Hard: 240,000 Liquidated in $1B Flush Crypto 
markets faced intense pressure Sunday as more than $1.03 billion in leveraged 
positions were liquidated […]

Over $1B in Leveraged Crypto Positions Wiped Out After BTC Drops Under Key Threshold

Blockchain tracking service Whale Alert posted a major alert showing that 
129,392 ETH was transferred from an unidentified wallet to Coinbase as the 
Ethereum price tumbled. On-chain data from Etherscan shows that this 
particular wallet had not been involved in the transfer of large ETH volumes 
since November 2022. This sudden reactivation and deposit into a centralized 
exchange opens up speculation of a looming selloff, especially given the 
timing of the transfer. Massive ETH Transfer As Middle East Tensions Escalate 
Whale transaction tracker Whale Alerts, which initially reported the transfer 
on the social media platform X, noted that at the time of the transfer, these 
129,392 ETH were worth $312,981,377. The timing of the transfer is noteworthy 
because it occurred when the price of Ethereum failed to hold above $2,500 and 
had already begun to struggle to stay above $2,400. Related Reading: XRP On- 
Chain Activity Down 80% In 5 Months, Experts Argue Bullish/Bearish 
Implications Etherscan&#8217;s tracking of on-chain transactions indicates that the 
unknown wallet &#8220;0xd47b,&#8221; which was involved in the transfer, has been 
relatively inactive since late 2022. Particularly, its last transaction was an 
inflow of 6,469 ETH from another wallet linked to Coinbase. The latest 
transfer into Coinbase leans more towards the possibility of a selloff through 
the exchange. Since then, the Ethereum price has lost a key support level at 
$2,450. Its price has fallen notably in the past 48 hours. Although other 
factors are clearly contributing to the dip, particularly new geopolitical 
tensions after the US launched attacks on Iran, this whale deposit into 
Coinbase may have increased the downward pressure. Exchange inflows of this 
magnitude are a precursor to liquidation, particularly now that investor 
sentiment is on edge. Bearish Setup Confirms Downside Targets The technical 
picture for Ethereum is now turning bearish, at least in the short term. 
Technical analysis of Ethereum&#8217;s 4-hour chart on the TradingView platform 
shows a clear bearish breakdown setup after Ethereum broke below a crucial 
support line at $2,362. That support level has now been breached, and 
confirmation of the breakdown amplifies a bearish case moving forward. Related 
Reading: Bitcoin Price Breakdown Spurs Sell-Offs, Analyst Reveals What Will 
Happen If BTC Hits 92,800 Chart Image From TradingView The chart above, which 
includes overlays of the Ichimoku Cloud, shows a fading bullish momentum in 
the past few days. Previous failed attempts to break resistance have left 
Ethereum in a vulnerable zone, and the recent whale selloff may have delivered 
the final push needed to trigger this leg down. If the current trajectory 
continues, Ethereum could be on its way to retesting lows below $2,000. 
According to the TradingView analysis, potential reversal targets are at 
$2,151 and $1,954, with a third possible level at $1,750 if the selloff is 
more than expected. At the time of writing, Ethereum is trading at $2,290, 
down by 5.5% and 10% in the past 24 hours and seven days, respectively. 
Featured image from Dall.E, chart from TradingView.com

$312M ETH Transfer Triggers Sell-Off Fears As Ethereum Price Crashes Below Support

Technical patterns point to a potential 25% rebound in Ether’s price, with 
whales scooping $263.5 million worth of ETH during the price dip.

Ethereum whale stacks $39M despite ETH falling harder than Bitcoin

A turbulent week in crypto ended with a sharp market downturn, as Bitcoin, 
Ethereum, and major altcoins plunged following U.S. airstrikes on Iran’s 
nuclear sites ordered by President Donald Trump. While geopolitical shockwaves 
rattled prices and NFTs posted a double-digit…

Crypto markets crash after US bombs Iran, Texas to add Bitcoin to official reserves | Weekly Recap

Bitcoin (BTC) continues to experience an extensive price correction losing 
over 7% of its market value in the last month. The flagship cryptocurrency has 
struggled to regain its bullish form after setting a new all-time high leading 
to speculations of a potential market top. Interestingly, popular market 
analyst and the host of The Wolf of All Streets Podcast, Scott Melker has 
recently shared a market development that supports such bearish notions. 
Related Reading: Bitcoin CBD Heatmap Marks $95,500–$97,000 As Make-Or-Break 
Zone – Details Bitcoin Set For 26% Crash? In an X post on June 21, Scott 
Melker shares a cautionary insight on the Bitcoin market hinting at a bearish 
long-term outlook. The season analyst reports that data from TradingView shows 
that Bitcoin’s has now closed below the 50-day moving average (50 MA) on the 
daily trading chart, a development that last occurred two months ago when 
Bitcoin traded around $84,000. The 50MA is a commonly used technical indicator 
that represents the average closing price of an asset over the past 50 days. 
As a lagging indicator, it helps traders identify the prevailing market trend. 
When the price remains above the 50 MA, it typically signals a bullish trend, 
while a move below the 50 MA may indicate bearish momentum or a potential 
trend reversal. Interestingly, Melker notes that Bitcoin last lost the 50 MA 
as a support zone in early February trading around $100,000. However, the loss 
of this price floor triggered an immense selling pressure forcing Bitcoin into 
prolonged market correction to reach market low of $74,000 in April. Amidst 
the current market uncertainty, the recent daily price close below 50 MA 
strengthens bearish sentiments suggesting Bitcoin is due for another potential 
26% crash. In that case, investors could expect a downside target of around 
$76,200. To invalidate such bearish projections, Bitcoin must continue to hold 
above the $100,000 resistance level, fueling the chances to retest the current 
all-time high, and perhaps re-enter price discovery mode. Related Reading: XRP 
On-Chain Activity Down 80% In 5 Months, Experts Argue Bullish/Bearish 
Implications Bitcoin Price Overview At press time, Bitcoin is trading at 
$102,889 after a 1.43% decline in the last day. In tandem, the asset’s daily 
trading volume has crashed by 29.30% and is presently valued at $35.15 
billion. With a market cap of $2.02 trillion, the “digital gold” continues to 
rank as the largest cryptocurrency and fifth largest asset in the world. 
However, according to prominent market analyst Ali Martinez, Bitcoin may 
actually be slipping into bearish territory as similarly predicted by Scott 
Melker. Based on insights from the MVRV pricing bands, if the market lose the 
current support at $102,000, it opens the door to a potential decline toward 
$82,000. Featured image from Pexels, chart from Tradingview