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☀️ Solana TLV Hits Yearly Record 

Word On The Street: Solana hit a yearly TVL high as the crypto market surged yesterday during after hours.

The details:

• This growth suggests that there is still potential for SOL's price to improve even further.

• Solana network DApps collectively held 34.9 million SOL, the highest level since October 2022.

• In USD terms, Solana has $5 billion in TVL, surpassing its closest competitor, BNB Chain, which holds $4.5 billion.

Why it matters: While TVL growth is generally positive, it does not necessarily indicate an increase in user numbers or activity, as most DApps do not require a substantial deposit base.

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Fed Chair Jerome Powell: Time Has Come for Policy to Adjust. Bitcoin rose in the immediate aftermath of his remarks at the Fed's Jackson Hole conference.

Upbit to pause NEAR deposits for network upgrade. Upbit ensures uninterrupted NEAR trading while suspending deposit and withdrawal services amid a crucial network upgrade.

Aave Token Has Beaten the Market With a 45% Price Surge. AAVE has outperformed every other top 100 cryptocurrency by market value in the past four weeks.

Traders Corner (Premium)

Welcome, Traders!

Traders Corner is the premium section of The Blockstreet Journal. We provide one free report out of appreciation ❤️ 

Reports from our analysts today:

• Bitcoin Technical Analysis (Free)

• Aave Technical Analysis (Paid)

• UniSwap Technical Analysis (Paid)

TRADERS CORNER
💸 Bitcoin Technical Analysis

Bitcoin (BTC) is approximately $64,160.17, trading near the middle Bollinger Band, which is set to a 20-period simple moving average (SMA). This positioning indicates a neutral market sentiment, with the price oscillating between the upper and lower bands, suggesting a period of consolidation after a recent upward move.

Trend Analysis:

The chart shows that Bitcoin recently experienced a sharp upward move, pushing the price towards the upper Bollinger Band. However, after reaching a high, the price has pulled back and is now consolidating near the middle Bollinger Band. This consolidation phase indicates that the market is currently in a wait-and-see mode, with neither bulls nor bears dominating.

The Bollinger Band Percentile (BBP) indicator at the bottom of the chart is showing a negative reading of -122.66, suggesting that the recent bullish momentum has waned and the market may be in a phase of reduced volatility and sideways movement.

Support and Resistance Levels:

• Immediate Support: $63,733.82 (lower Bollinger Band and recent consolidation level)

• Critical Support: $63,200.00 (a lower support level that could be tested if the price breaks below the immediate support)

• Immediate Resistance: $64,297.70 (upper Bollinger Band, near the recent high)

• Critical Resistance: $64,800.00 (a previous peak, which if breached, could signal a stronger bullish continuation)

Potential Scenarios:

1. Continued Uptrend: If the price holds above the $63,733.82 support level and breaks through the immediate resistance at $64,297.70, it could signal a continuation of the uptrend. In this scenario, the next target would be around $64,800.00, where stronger resistance may emerge.

2. Pullback and Consolidation: A failure to break above $64,297.70 and a move back towards $63,733.82 could lead to a pullback. If the price consolidates around this area, it could indicate a temporary pause in the uptrend before another attempt to move higher.

3. Reversal: A breakdown below $63,733.82 could signal a potential reversal of the recent upward momentum. This could lead to a more significant correction, with the price possibly moving towards lower levels around $63,200.00 or lower.

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