This week, the cryptocurrency market experienced significant fluctuations as Bitcoin (BTC) hovered around the key level of $70,000. Analysis of the BTC daily chart reveals multiple neutral candles with extended wicks, indicating a lack of clear dominance between buyers and sellers. How are other cryptocurrencies like Ethereum (ETH) and Solana (SOL) faring in this scenario?

Bitcoin Options Activity

Furthermore, Deribit Exchange marked the closure of a record-breaking three-month options period with a notional value exceeding $15 billion, encompassing 135,000 Bitcoin options and 1.58 million Ethereum options. Bitcoin options concluded with a put-call ratio of 0.85 and a $51,000 strike price, while Ethereum options represented a notional value of $5.6 billion, featuring a ratio of 0.63 and a $2,600 strike price.

This event could signal a notable surge in market liquidity, potentially amplifying volatility in the cryptocurrency space. Ethereum remains a standout blockchain platform facilitating smart contract creation and decentralized application (DApp) operation without external interference or control.

ETH and SOL Price Trends

In recent weeks, Ethereum has undergone a significant correction, witnessing a 13% decrease from $4,090 to $3,561. Presently, ETH is trading at $3,557 with a market capitalization of $427 billion. If the resistance at $3,700 persists, the correction trend might lead to a further decline, potentially retesting $3,120, marking a 12% drop.

Solana (SOL) has maintained a sideways movement following a recent market correction that pushed its trajectory to $210. Analysis of the 4-hour chart suggests a consolidation phase within converging trend lines, forming a flag pattern. Currently priced at $186, down 1.82% for the day, Solana holds a market cap of $82.7 billion, positioning it as the fifth-largest cryptocurrency.

With the bullish pattern in play, there is a likelihood of buyers breaking the overall trend line, signaling a continuation of the upward trend. Analysts anticipate a post-breakout surge that could propel the asset towards targets of $210 and potentially $240.