Bitcoin price fell below $40,000, extending intraday losses to lows of $38,620. Solana (SOL) is down 10% at the time of writing, trading near $79 as altcoins boom. Pullix (PLX), a new hybrid exchange in presale, has raised more than $4.2 million as it attracts investors.
The cryptocurrency market is mainly red today, with most top altcoins posting price moves that mirror the 4% plunge seen in the Bitcoin (BTC) market. According to details on CoinGecko, the global crypto market fell 5% to $1.59 trillion as BTC price fell to lows of $38,620. Solana (SOL) traded below $80 as bears threatened to pull it further into the woods.
As it happens, both the trade and pre-sale markets remain attractive for buying opportunities. Pullix (PLX), a new hybrid exchange token in presale, is among those seeing strong investor interest.
This price prediction article looks at the outlook for Bitcoin and Solana and what it means for PLX.
Bitcoin (BTC) price under pressure below $40k
Amid the broader crypto weakness is the perceptible pressure that has hit Bitcoin price since SEC-approved spot Bitcoin ETFs and trading began on January 11, 2024.
One of the biggest drivers of the selloff was the Grayscale dump that saw the digital asset manager sell more than $2.3 billion worth of BTC to handle the redemption of GBTC shares.
BTC price hit lows of $38,620 on Tuesday.
FTX, the bankrupt crypto exchange whose affiliate voluntarily dismissed a lawsuit against Grayscale, led the GBTC outflow by more than $1 billion.
While BTC price held above the $40k mark in the wake of the spot ETF-driven push, Tuesday’s news that Mt.Gox creditors confirmed their Bitcoin addresses ahead of a payout catalyzed fresh weakness.
BTC price may now retest lower levels, possibly $35k, before establishing a new upside base. Key to the bullish outlook for the flagship cryptocurrency is the upcoming BTC halving and declining pressure from GBTC dumping.
Solana (SOL) price drops below $80
Solana (SOL) was one of the best performing altcoins as 2023 came to a bullish close, with SOL reaching highs above $123.
Meme coin hype and overall growth in the Solana ecosystem made the token stand out. However, the altcoin is back below the psychological $100, extending losses to below $80 in the past 24 hours, as its value fell by 6%.
While massive profit-taking fueled the latest plunge, repeated rejections at the key level mentioned above have SOL bulls staring at a potential crash to $60. According to crypto analyst and investor Scott Melker (The Wolf of All Streets), SOL prices could revisit the $50 area if things get “ugly.”
Asset manager Franklin Templeton recently shared a positive outlook for Solana, highlighting key metrics such as DeFi, meme coins and DePIN (Decentralized Physical Infrastructure Networks).
If Solana bounces back and regains the psychological level amid the potential bull market, it could become one of the best altcoin performers.
Pullix (PLX) price outlook as presale reaches $4.2 million
Pullix (PLX) is set to launch a new hybrid exchange for DeFi, a solution to the ecosystem’s liquidity problem as it combines the best of centralized and decentralized exchanges.
The hybrid exchange model enables Pullix to offer a unified trading platform where traders can leverage institutional-grade liquidity and trading instruments while maintaining full control of their assets. Besides being unsupervised, attractive user features include copy trading, 2FA security options and slip-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 revenue. For all daily revenues, Pullix will offer 30% to its customers – 50% will be shared through strike rewards and 50% in a token buyback and burn mechanism.
As the platform moves towards pre-launch post-launch, interest in PLX has skyrocketed. Currently in phase 6 and with PLX presale price at $0.08, investors see an opportunity. Only 19% of tokens available at the current stage remain.
With early adopters likely to see significant pre-sale returns when Pullix launches on exchanges, now may be the time to buy PLX. You can find more details on how to proceed on the pre-sale page.
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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