The rally quickly triggered profit-taking, leading to sharp pullbacks across the board. Altcoins largely missed out on the upside, making Bitcoin the sole focus once again. Despite the bullish move, the market remains in uncertain territory.

A Fair Value Gap Has Emerged

Following this surge, technical analysis reveals an upward Fair Value Gap (FVG) between the levels of $110,500 and $109,809. This gap suggests that a price retracement to this region is quite possible.

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Currently, this zone serves as the nearest support area. A bounce from here could confirm its validity. However, any sustained move below it may trigger a deeper correction phase, warning investors to stay cautious.

The 112,000 Dollar Level Stands As A Barrier

To continue the rally, Bitcoin must overcome a crucial resistance at $112,000. This level is significant both psychologically and technically. A clear breakout could signal the beginning of a new bullish leg.

On the other hand, a rejection at this level could pull BTC back into the FVG zone for consolidation. These two zones—resistance and support—will likely define the short-term direction of the crypto market.

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Pepe gained around 16.8% in the last 24 hours and is up 26% over the past week. At the beginning of 2024, its market cap was just $591 million. By December 5, Pepe crossed the $11 billion threshold, marking an 18x growth since the start of the year.

The Rise of Pepe

Launched in 2023, inspired by the success of memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB), Pepe quickly became a favorite among traders despite openly stating it has “no intrinsic value.”

In September 2024, Pepe rallied after months of consolidation, gaining 30% within a week. However, the token retraced during early November. Following a period of price consolidation in October, Pepe kicked off a historic rally in November, reaching its previous all-time high and eventually breaking it.

The growing popularity of Pepe among market speculators and investors led Binance.US to list the token on December 5, further fueling its rise. Memecoins continue to dominate the current crypto market narrative.

With over 7,000% gains since its inception, Pepe has positioned itself as a serious contender to Dogecoin and Shiba Inu. In just one year, the memecoin has soared in market value, becoming one of the top cryptocurrencies by market cap.

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Solana traded at $263, breaking its previous all-time high of $259.96, recorded on November 6, 2021, per CoinGecko data. Solana has rebounded significantly since its decline to $8 in late 2022, triggered by the FTX collapse.

The market rally has lifted not only Solana but also other major cryptocurrencies. Bitcoin hit new all-time highs, and XRP surged to a three-year high following SEC Chair Gary Gensler’s resignation announcement.

Ecosystem Growth and Institutional Interest

Solana’s rise is also driven by its dynamic ecosystem, which has seen a resurgence in decentralized application (dapp) activity and the revival of memecoins like Dogwifhat (WIF) and Peanut the Squirrel (PNUT).

Crypto analyst Rachael Lucas from BTCMarkets highlighted that Solana’s dapps attracted $173 million in institutional funding during Q3 2024, marking a 54% quarter-on-quarter increase. This growth positions Solana as a viable alternative to Ethereum, which continues to struggle with high fees despite advancements in Layer 2 solutions.

The SEC has reportedly begun reviewing S-1 applications for spot Solana exchange-traded funds (ETFs), further signaling institutional interest in the blockchain.

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Its trading pairs constituted 38% of Binance’s total spot trading volume on February 12. This is equivalent to 42.6% more than last month.

The Block’s Senior Research Analyst Rebecca Stevens stated, “You would expect FDUSD to gain some popularity on Binance due to BTC/FDUSD transactions being free and most FDUSD pairs having no maker fee.”

“The official end of support for BUSD on the exchange may have motivated some users to convert to the new stablecoin.” she added.

First Digital, a trust company based in Hong Kong, and its subsidiary FD121, launched FDUSD in June 2023. Binance listed it a month later and offered zero trading fee for it.

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