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Inflation fears or ETF driving Bitcoin price? The Market Report is live with Big Cheds



Join Cointelegraph host and analyst Benton Yaun alongside resident market experts Jordan Finneseth and Marcel Pechman as they break down the latest news in the markets this week. Here’s what to expect in this week’s markets news breakdown:

Then, special guest Big Cheds shares some technical analysis on trending charts, the factors he looks at when making trades and altcoins to keep an eye on.

Using insights from Cointelegraph Markets Pro, a platform for crypto traders who want to stay one step ahead of the market, the Cointelegraph experts identify two altcoins that stood out this week: Elrond eGold (EGLD) and Ampleforth’s AMPL token.

Next up, Pechman explains what the Bitcoin futures ETF actually means and how it functions. Using easy-to-understand examples, he explains how futures contracts allow investors to leverage their bets.

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“The Market Report” streams live every Thursday at 4:00 pm UTC, so be sure to head on over to Cointelegraph’s YouTube page, and smash that like and subscribe button for all our future videos and updates.



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Solana gains over 26% in two days — $250 SOL price target next?


Solana (SOL) rallied higher on Oct. 21 as traders shifted focus from Bitcoin (BTC) to the most promising altcoins.

Notably, the price of SOL increased by more than 11% to over $196 a token, the highest level since Sept.11. Combined with the gains recorded in the previous 36 hours, SOL was up by as much as 26%. 

SOL/USD daily price chart. Source: TradingView

Capital rotation in play?

A new Bitcoin all-time high price on Wednesday triggered price rallies across the altcoin market as well.

For instance, Ethereum’s native token Ether (ETH) posted better intraday profits Wednesday, closing 7.32% higher around $4,170. Today, the second-largest cryptocurrency rallied further to $4,374, just $10 shy of its record high at $4,384 on Coinbase.

Conversely, Bitcoin corrected by more than 3.5% to below $65,000. As a result, the ETH/BTC exchange surged by more than 5% to reach an intraday high of 0.06289 BTC.

Similarly, SOL’s performance against the U.S. dollar in the last two days came out better than Bitcoin. That prompted SOL/BTC to climb by more than 8% Thursday to hit 0.0026772 BTC, showing that traders rotated capital out of the Bitcoin market to enter the Solana market.

SOL/BTC daily price chart. Source: TradingView

Bullish pennant triggered

Solana’s latest price rally also appeared as a bullish breakout out of its multi-month consolidation channel.

SOL started consolidating sideways inside a Triangle-like trading range after rallying by more than 200% in the August-September period. As a result, the formation of more than two higher lows and lower highs, coupled with a declining trade volume, raised the prospect of the channel being a Pennant.

Related: Solana chart ‘bull flag’ eyes $250 despite SOL price down 40% since last week

Since Pennant is typically a trend continuation indicator, their formation on the Solana chart after a massive price rally raised its prospects of sending SOL prices higher. Thus, the breakout from Wednesday now eyes an extended run-up, with its target sitting at length equal to the size of the previous uptrend.

SOL/USD daily price chart featuring Bullish Pennant. Source: TradingView

In other words, the price target for Solana could be as high as $250 before the end of the month. However, a retest of the Pennant’s upper trendline as support would risk invalidating the bullish setup.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.