Outside Source
- Bitcoin price has dipped below $40k, extending intraday losses to lows of $38,900.
- Solana (SOL) is down 10% at the time of writing, trading near $79 as altcoins bleed.
- Pullix (PLX), a new hybrid exchange in presale, has raised over $4.2 million as it attracts investors.
The cryptocurrency market is mainly red today, with most top altcoins posting price movements that mirror the 4% dive witnessed in the Bitcoin (BTC) market. Per details on CoinGecko, the global crypto market is down 5% to $1.59 trillion as BTC price slipped to lows of $38,900. Solana (SOL) was trading below $80 as bears threatened to pull it further into the woods.
As this happens, both the trading and presale market continue to prove attractive for buying opportunities. Pullix (PLX), a new hybrid exchange token in presale, is among those seeing huge investor interest.
This price prediction article looks at the outlook for Bitcoin and Solana and what that means for PLX.
Bitcoin (BTC) price under pressure below $40k
Amid the broader crypto weakness is the observable pressure that has hit Bitcoin price since the SEC approved spot Bitcoin ETFs and trading commenced on January 11, 2024.
One of the biggest drivers of the sell-off has been the Grayscale dump that has seen the digital asset manager sell over $2.3 billion worth of BTC to handle GBTC share redemptions.
FTX, the bankrupt crypto exchange whose affiliate voluntarily dismissed a case against Grayscale, has led the GBTC outflows with over $1 billion. While BTC price held above the $40k mark in the wake of the spot ETF-driven pressure, Tuesday’s news that Mt.Gox creditors had confirmed their Bitcoin addresses ahead of a payout, catalysed fresh weakness.
BTC price could now retest lower levels, potentially $35k before establishing a new upside footing. Key to the bullish outlook for the flagship cryptocurrency is the upcoming BTC halving and falling pressure from GBTC dump.
Solana (SOL) price dips below $80
Solana (SOL) was one of the best performing altcoins as 2023 came to a bullish end, with SOL hitting highs above $123.
Meme coin hype and overall growth in the Solana ecosystem saw the token stand out. The altcoin is however back below the psychological $100, extending losses below $80 in the past 24 hours as its value dipped 6%.
While massive profit-taking has fueled the latest dive, repeated rejections at the key level mentioned above has SOL bulls staring at a potential breakdown towards $60. According to crypto analyst and investor Scott Melker (The Wolf of All Streets), SOL prices could revisit the $50 area if things got “ugly.”
Asset manager Franklin Templeton recently shared a bullish outlook for Solana, highlighting key metrics such as DeFi, meme coins and DePIN (Decentralized Physical Infrastructure Networks).
If Solana bounces and reclaims the psychological level amid the potential bull market, it could become one of the best altcoin performers.
Pullix (PLX) price outlook as presale hits $4.2 million
Pullix is set to launch a new hybrid exchange for DeFi, bring a solution to the ecosystem’s liquidity problem as it combines the best of centralized and decentralized exchanges.
The hybrid exchange model allows Pullix to offer a unified trading platform where traders can leverage institutional-grade liquidity and trading tools while retaining full control over their assets. Apart from being non-custodial, attractive user features include copy trading, 2FA security options and slippage-free trading.
The native utility token PLX will power Pullix’s “Trade-to-Earn” ecosystem, giving holders access to a unique revenue-sharing opportunity where traders can earn a share of the exchange’s daily revenues. For all daily revenue, Pullix will offer 30% to its customers – 50% will be shared via staking rewards and 50% in a token buy back and burn mechanism.
As the platform moves towards its launch after the presale, interest in PLX has skyrocketed. Currently in stage 6 and with PLX presale price at $0.08, investors see an opportunity. Only 19% of tokens available in the current stage remain.
With early adopters likely to see significant returns post-presale when Pullix launches on exchanges, now could be the time to buy PLX. You can get more details on how to go about it on the presale page.
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