Bitcoin set a new record high for the second consecutive day, hitting $112,000 on Wednesday and $116,500 on Thursday. Ether also saw a significant surge, reaching $2,990 on Thursday. The crypto market cap increased by 4.4% within the past 24 hours, taking the total market cap to $3.63 trillion, as per CoinMarketCap data.

Crypto analyst Miles Deutscher responded to the market movement with the comment, “Bears in disbelief”. Similarly, crypto trader Daan Crypto Trades referred to the situation as a “MASSIVE Short squeeze on BTC & ETH”. Another observer, Velo, highlighted the scale of the liquidation, stating, “Lots of emails are being sent”.

Despite some analysts expressing skepticism earlier this week about Bitcoin’s potential to reach new highs, traders now seem to be betting on the price either remaining stable or rising further. According to estimates, around $2.11 billion in long positions could be at risk of liquidation if Bitcoin falls back to Wednesday’s price of $112,000.

Disclaimer: This article does not provide investment advice or recommendations. Every investment and trading move comes with its own risks, hence readers are advised to conduct their own research before making a decision.

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The trend in Solana prices over the past year has been consistent with the wider cryptocurrency market. However, there are indications that Solana may outperform numerous other altcoins in the second quarter of 2025. Here are four reasons why:

1. Bullish Long Term SOL Cup and Handle Pattern: On Apr. 28, renowned Crypto X chart technical analyst Ali Martinez, better known as “Ali Charts”, pointed out to his 136K followers an interesting pattern in the Solana price chart. Starting around Oct. 2022, the chart appears to form a bullish cup and handle pattern. This pattern, a classic signal of a bullish reversal, continued to develop until Nov. 2024 and became evident during market panic after Trump took office. Ali emphasized that the Bollinger Bands tightening on the 4-hour chart for SOL tokens hinted at impending activity in Solana markets.
2. Solana Tokenized Stocks Announcement: Tokenized contracts have the potential to disrupt the world even more radically than Bitcoin’s settlement-based finance system. One of the most promising applications for this would be tokenized stocks. The Solana Policy Institute, along with three other organizations, announced a proposal to the SEC on Apr. 30 for a pilot project to enable the issuance and trading of equity securities on public blockchain networks like Solana.
3. Bloomberg SOL ETF Approval Odds Soar to 90%: Eric Balchunas, senior ETF analyst for Bloomberg, posted the latest approval odds from Bloomberg Intelligence for active crypto ETF applications at the SEC on Apr. 29. Bloomberg’s prediction for a Solana ETF approval from the SEC in 2025 jumped to 90%, higher than Ripple’s 85% odds despite Ripple having more applications.
4. Solana Stablecoin Market Cap Skyrocketing: Data from DeFiLlama shows a significant increase in stablecoins on Solana, rising from under $5 billion a year ago to above $13 billion in May. Stablecoins are popular among Web3 users for their convenience in currency swaps and as a shelter from market volatility. This sudden increase in available liquidity is a bullish indicator for Solana this quarter.

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