<\/p>\n
Solana has been on a tear this past week, as tokens issued on the blockchain hit new highs.\n<\/p>\n
Crypto markets traded flat on Monday morning, following a strong performance last week driven by positive Exchange Traded Fund (ETF) inflows and macroeconomic indicators. Solana popped as network metrics climb.<\/p>\n
Bitcoin (BTC) is trading at $67,698, up 1.5% in the last 24 hours. Ether (ETH) is up 2% to $3,125, while Solana (SOL) rose by nearly 6%, according to CoinGecko <\/a>data.<\/p>\n Investors are sitting on the sidelines after a strong week, dominated by macroeconomic developments, according to Ryze Labs. .<\/p>\n April\u2019s U.S. CPI print was cooler than expected, coming in at 0.3% month-on-month compared to the market expectation of 0.4%.<\/p>\n The slower-than-expected inflation rate \u201chas quelled rumors of a potential rate hike and paves the way for Powell to consider a rate cut in the coming months.\u201d<\/p>\n Michael Van de Poppe, CEO of MN Trading, believes <\/a>Bitcoin is likely to continue moving within its current range, without significant volatility.<\/p>\n \u201cI’d rather expect consolidation and slow upwards movements towards the all-time high. The thesis remains the same: Altcoins to outperform in between,\u201d he wrote on X.<\/p>\n Data from CryptoQuant indicates <\/a>that exchange BTC reserves have drastically declined to 1,929,696 BTC as of May 19. This marks a more than 50% decrease from July 2021, which could suggest a reduction in the liquid supply of Bitcoin, implying that investors are moving their holdings off exchanges for long term storage.<\/p>\n The exception is Solana, which is up by the most among blockchains with market capitalizations of over $1 billion, after Sui. The Solana network has been on a tear driven by the meme coin craze, with over 20,000 tokens being created on Solana each day, according to data<\/a> compiled by Step Finance.<\/p>\n According to Markus Thielen, head of research at 10x Research, Bitcoin could rally only if it breaks the resistance levels of <\/strong>$67,500.<\/p>\n \u201cA breakthrough above $67,500 could potentially lead to new all-time highs, a scenario that our Bitcoin ETF model predicts,\u201d he wrote in a note<\/a>.<\/p>\nBitcoin Rally<\/strong><\/h2>\n