17 Feb 2022

Bitcoin, Solana and FTX token Market Analysis from the past week.

Market Analysis from the last week of the most influent markets in the cryptocurrency world.


Bitcoin is continuing its upper trend, following a few months of price drops since reaching the ATH above $68.8k last November. After several months of upwards movement, a correction was likely, and Bitcoin price saw a retracement of over 50% towards the end of 2021 and the beginning of 2022. Since reaching prices as low as below $34k, Bitcoin price has bounced and is making a push upwards over the $39k support level, which signals it could have potentially bottomed out and is looking to make a further push towards upper resistances.

Currently, Bitcoin has moved towards the $43.2k resistance level and has been trying to breach it several times but has been rejected. Last week it tried to close above this level just to be rejected at the end of the week. This week it started in a similar manner as it's still trying to close above this level and consolidate it but has also been rejected.
BTC/BUSD weekly candles chart with supports and resistance
BTC/BUSD weekly candles chart with supports and resistance
The current resistance level is also a significant one as it coincides with the 50EMA, and would be the crucial one where Bitcoin usd needs to close above whilst heading towards the 20EMA. If Bitcoin price manages to push towards both of these levels and close above them it would be really bullish and likely would signal more upwards movement in the following months. However, if this level fails to hold and gets rejected harder, its likely to see a drop, of both Bitcoin as well as many of the other main crypto currencies that have been following BTC price closely such as Ethereum and Ripple.

Bitcoin price prediction would suggest that the outlook for Bitcoin is really positive over the next few months. If its price manages to hold above the 20EMA and 50EMA, which it is trying to achieve right now, its likely to move further up and test the upper resistances, pushing as high as towards the $52k range. This still remains the most likely scenario due to its current price action and how it has moved over the last few months.

Relevant BTC News

Recently there has been news relevant to Bitcoin make it to the mainstream media, but one of the most impressive ones is that major cryptocurrency exchanges such as Coinbase and FTX exchange have both taken out major a Bitcoin commercial during the super bowl, in what is known as one of the most expensive live events to advertise in. This made keywords like bitcoin Superbowl and other general searches online rise throughout the last few weeks bringing even more attention to the mainstream media.
Additionally, news came out that the authorities finally got to the bottom of a major bitcoin exchange hack (Bitfinex) that occurred in 2016, where over over $3.6billion dollars worth of bitcoin were stolen and laundered through different methods. The culpid, Heather Morgan and her husband stand accused of laundering all the funds and are currently have been released on bail whilst they wait for trial.


Solana has been one of the best coins of 2021, outperforming many of the other coins and growing exponentially throughout the year, rising by over 8000% and making new ATHs above $250. Since reaching the ATH back in November 2021, Solana coin has cooled down a bit and retested historical support levels in what can now be seen as a major retracement move.

To start off the year Solana price has fallen quite significantly, as both the $173 and consequentially the $135 support level failed to hold, seeing Solana crypto fall below $100 for the first time in over 4 months. Solana USD is currently sitting below the $115 resistance level, although it has touched and breached this level several times, it has yet struggled to close above it.
SOL/BUSD weekly candles chart with supports and resistance
SOL/BUSD weekly candles chart with supports and resistance
Many are still wondering why is Solana dropping, as it might seem counterintuitive how other coins, such as Xrp price or Ethereum, are rising with Bitcoin whilst Solana is still trying to make a lateral move and consolidate the current range. The simple answer to this question is that Solana had several months of extreme growth, and as such, it's currently just cooling down and 'reloading' getting ready to make another move.

Currently, Solana is trying to climb above the 50EMA, which coincides with the $115 support level. This would be a key initial level to regain as it would signal a bottom creation and a potential bounce in the short term. Once this level has been breached and consolidated above, it's likely to see Solana move towards the 20EMA level, towards the major resistance around the $135 level.

Solana price prediction would suggest that if SOL can maintain its current price above the 20EMA it's likely to move upwards and make a push back towards historical levels. Due to its current price and its growth over the last year, many believe Solana is the best crypto to buy now and could see it reach its ATH levels sooner rather than later.

Solana (SOL) news

In recent crypto news, Solana nft data site Solanalysis rebranded to Hyperspace and raised $4.5 million. Solanalysis is a site that provides data and information on Solana NFT collections, as an NFT marketplace aggregator.
The market aggregator now known as Hyperspace, announced a $4.5 million seed round led by Dragonfly and Pantera Capital, with the participation of Jump Capital, Solana Capital, NFX, Galaxy Digital, Shima Capital, Coinbase Ventures, Sfermion, 6th Man Ventures, Soma Capital, Social Capital, and Folius Ventures. Additionally to allowing users to view NFTs, the aggregator will allow users to purchase the NFTs from any of the major Solana NFT markets, as it offers a browse aggregator across all of the markets in one place.


FTX exchange is one of the larger crypto derivative exchanges per volume of the last few years, rivaling giants like Coinbase and Binance in the industry, and offering a variety of coins as well as the classics such as Bitcoin and Ethereum. What makes FTX crypto exchange different from the other is that on most exchanges the users' assets are fragmented across separate token wallets, which can often be hard to track and unpractical, whilst FTX uses stablecoins required as one universal margin wallet. FTX has grown so much over the last few years that it started sponsoring venues, like the FTX arena. The exchange has its own native token called FTX token (FTT).

Since its launch, FTT has grown as the exchange has increased in popularity, growing rapidly in 2020 before an even more exponential growth in 2021, which saw the token rise by over 2000% reaching an ATH over $84 in September 2021. Similar to most of the market, FTT dropped throughout the last few months of 2021 and continued this trend in early 2022. Since reaching its ATH, FTX coin has retracted by over 60%, reaching prices as low as $32. This has been followed by a bounce over the last few weeks that suggests that FTT outlook on the early months of 2022 might be positive.
FTT/USDT weekly candles chart with supports and resistance
FTT/USDT weekly candles chart with supports and resistance
Currently FTX crypto is sitting around $46, after bouncing on the low support of around $36. This was an important bounce as prices dipped for a few weeks below the 50EMA before regaining this level a few days after, and continuing by bouncing over the 20EMA where ftx price currently stands. This in the short term is a really bullish move and suggests that FTX is likely to continue this upper trend.

The price prediction for FTT suggests that due to its increase in popularity and trading volume of the exchange, this is going to be another big year and see massive growth. Once price reconsolidates above the $48 support level, it is likely to see it push higher towards the current ATH levels around mid-70s before reaching $84. This seems to be likely the way this coin is heading if it manages to keep above the current 20EMA level and continue its bullish trend throughout 2022.

FTX token (FTT) news

In recent news regarding FTX the exchange did a large advertisement during the super bowl, the final of the NFL league, to promote its Ftx Superbowl giveaway. In what was a humorous advertisement the company used Larry David FTX to show how FTX is the latest thing that people shouldn't miss out on, similarly to how people missed out in the past with other inventions.
In what was the first FTX Bitcoin giveaway the company offered to give away 7.54 BTC for those who entered the competition before midnight. Similar to rival Coinbase which also pledged to give away free crypto, this was a big attempt from major crypto exchanges to bring crypto to the attention of a more mainstream audience in what is the most-watched event every year globally.
BTC/BUSD, SOL/BUSD, and FTT/USDT are available for trading on yanda.io dApp, together with hundreds of different market pairs.

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Author: Matteo Poole