Key Insights:
- Ethereum price and other major altcoins dropped over 1% amid a general market correction.
- So far, Solana has been a top performer, gaining nearly 6% in 24 hours and approaching the $200 price.
- New U.S. legislation, including the GENIUS and CLARITY acts, has bolstered Ethereum’s credibility. These moves position it as the preferred blockchain for investors seeking strong yield opportunities.
Ethereum price declined by over 1% on July 22 as the crypto market experienced a general correction. Despite its recent gains, Ethereum joined other primary tokens like Bitcoin, XRP, and Dogecoin in the red.
Meanwhile, Solana’s crypto price analysis is defying the trend. This came to attention after rallying nearly 6% to become the day’s top-performing large-cap coin.
Ethereum Price Slips Despite Growing Attention
Ethereum price was $3,695.41 at press time, showing a 1.22% drop in the last 24 hours. Despite this decline, Ethereum’s market cap remains strong at over $450 Billion, growing by nearly 20% throughout July.
Crypto price analysis shows that much of Ethereum’s ups and downs are linked to shifting investor sentiment. Traders are reacting to recent legislative changes in the US amid other macroeconomic signals.
The cryptocurrency has benefited from the rising interest in defi, especially after the GENIUS Act banned yield-bearing stablecoins.
This has made Ethereum a preferred alternative for investors seeking yield. This change could continue supporting ETH demand in the long term.
Crypto Market Snapshot
As of 22 July, most major cryptocurrencies have turned red on the daily timeframe. For example, Bitcoin registered less than a 1% move over the last day. It traded at around $119,023 after crashing from $123,000.
On the other hand, the Ethereum price is down by around 2.74%. It is trading at around $3,700 after hitting highs only a few days ago. XRP is trading at around $3.49 with a 1.7% decline, while Dogecoin is down 1.55% and is trading at $0.2634.
The above price points show that traders are increasingly rotating into utility-based tokens. With this, other participants’ crypto price analysis indicates that Cardano and BNB were down 3.2% and 0.52%, respectively.
Stablecoins like Tether and USDC have held their ground around the $1 mark. It also offers a haven for risk-averse traders. The crypto market cap has dropped by around 1.4% to $3.9 Trillion. This shows how sensitive the market is to technical resistance and regulatory updates.
Solana Defies Gravity and Leads the Market
While most tokens declined, Solana is doing the opposite. So far, the cryptocurrency has surged 5.56% to $198.18, pushing past technical resistance.
According to data from TradingView, SOL has broken out of a symmetrical triangle on the weekly chart. This means it is at the end of its months-long consolidation.
Technical indicators like the MACD currently show a bullish crossover. With this, a golden cross is on the verge of forming between the 200 and 50-day exponential moving averages (EMAs).
In addition to this, Solana is currently trading above its 20-week EMA, which confirms its trend strength. These signals point towards a push towards $218.22 and $300, as long as buyer interest remains strong.
Ethereum Price Outlook: Institutions Double Down on DeFi Strength
Despite the short-term price dips, Ethereum is still a significant name in the DeFi space. The Genius Act’s effect on stablecoins has strengthened the network’s role in yield generation.
Deutsche Bank notes that Ethereum is becoming the go-to alternative for yield seekers, especially as more institutions enter the space. Trump Media and Technology Group recently announced a $2 billion Bitcoin and crypto portfolio.
Meanwhile, Dynamix’s merger into the “Ether Machine” has also hinted at $1.5 billion in ETH holdings. These moves show confidence in the Ethereum price as a long-term ascending rise.