#BinanceBlockchainWeek
First, SOL ETFs recorded seven consecutive days of positive inflows last week. Notably, the Bitwise SOL ETF has maintained positive inflows for 33 straight days since launch. It currently holds more than $600 million worth of SOL. This trend indicates sustained institutional demand.
Second, SOL has established strong support around the $130 level over the past four weeks. In addition, positive news about XRP expanding its DeFi use cases on Solana through Hex Trust has improved market sentiment. .....
As a result, SOL has solid grounds for a recovery this week, which could trigger short liquidations.
Cardano (ADA)
Similar to SOL, overall negative market sentiment has encouraged short-term ADA derivatives traders to increase capital allocation and leverage on short positions.
This behavior has significantly increased the total short liquidation volume. If ADA rises to $0.45 this week, short positions could incur losses of up to $50 million. Conversely, if ADA drops to $0.35, long positions could face liquidations of around $19.5 million.
One key factor that ADA short traders should consider to reduce risk is the positive sentiment surrounding the Midnight project.
Midnight Network is a new blockchain developed by Input Output Global (IOG), the company behind Cardano, founded by Charles Hoskinson.
Midnight Network focuses on privacy through zero-knowledge proof technology, specifically ZK-SNARKs. The NIGHT token has surged more than 150% over the past seven days. The project also won BeInCrypto’s “Breakthrough of the Year” award.
The growing demand for NIGHT is driving demand for ADA. According to the Taptool trading platform, NIGHT recorded DEX trading volume exceeding 85 million ADA over the past five days. Additionally, ADA holders can earn NIGHT by staking their ADA.
