Solana Leads, Chainlink Keeps Pace

The past 24 hours have been relatively quiet on the Bitcoin and Ethereum front. Bitcoin remains range-bound around $112K, while Ethereum is battling to stay green today. Meanwhile, the broader market has found some strength. As expected and mentioned in yesterday’s Morning Note, Solana is leading the charge.

Solana continues to push ahead, while Chainlink has also found its footing again, matching Solana’s 5%+ rally yesterday. This comes on the back of news that the US Department of Commerce has partnered with Chainlink to bring government macroeconomic data onchain. A major step forward for crypto adoption, and importantly, a sign that legitimacy is extending beyond just Bitcoin.

While Bitcoin waits for flow to return, its traditional risk-on counterparts are showing strength. The S&P 500 has closed above 6,500 for the first time in history, and the Nasdaq now sits just over 1% away from its all-time high.

Stormrake Spotlight: Hedera (HBAR) ($0.240)

HBAR continues to find support, with bulls stepping in around the $0.23 level and holding momentum away from the bears. August has largely been a month of sideways consolidation, but bulls will be hoping that September brings the breakout they have been waiting for.

BTC/USD Key Levels and Price Action:

Bitcoin has successfully flipped the $112K level into support and is now bouncing from this key zone. The short-term structure is showing higher highs and higher lows, with momentum shifting back in favour of the bulls. However, BTC is not out of the woods until it clears $117K with conviction.

BTC Total ETF Flows for 28 Aug: $ + 5.5 million

*All prices are denominated in USD unless stated otherwise*

Written by Alexandar Artis

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