The crypto market is up today, April 29. These gains have caused an impact in futures, where $218 million in liquidations have happened. The Federal Open Market Committee (FOMC) meeting is also happening today. But with so much happening, how will Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) react?
Crypto Market Outlook Today as Liquidations Top $200M
Even with the FOMC meeting today, the crypto market is rising. This is unusual because this meeting is going to end with no interest rate cuts. At least that is what data from the CME FedWatch Tool shows, where there is a 100% chance the Fed is not going to do anything with rates.
These gains are showing that traders are ignoring this meeting, or better yet, they have already priced in the effect of it. The pricing in may have happened when BTC fell from $79K to $75 yesterday. Because of this, there have been $228 million liquidations that have affected 75,000 traders.
But because of the volatility, the effect is being seen on the futures market. Here, it shows that $128 million was wiped out per Coinglass data. $103 million was long liquidations, and $115 million was short liquidations. This means that there is less risk of liquidations happening in the crypto market today.
Bitcoin Maintains Bullish Structure Ahead of FOMC
Bitcoin price today is still bullish, and this is because of a rising channel. Since February, BTC has not escaped it, meaning that even with fluctuations, bulls have a good grip. But it still needs to go above the upper line if there is to be any confirmation that the journey upwards is going to continue.
The CMF and the RSI give a hint of where this is headed. The two are rising, and this is very bullish. They show that there is a lot happening with buyers. Because buyers are not yet tired, they may keep buying more Bitcoin, and this will be a positive thing.
As to where BTC is headed next, a recent Bitcoin price analysis by CoinGape answers this question. It said that the price could get to $90,000, and this is because of two bottoms that are a good sign for bulls.
Ethereum Leads Crypto Market Gains Today as Funding Rates Shift
Ethereum is doing better than Bitcoin in the crypto market today. With an over 2% intraday gain, it is clear that something might be happening behind the scenes. This can be seen in the futures market.
On Coinglass, Ethereum funding rates increased to the highest in three weeks. This is a good sign for one reason. A positive funding rate is because of traders opening longs. What this means is that more are expecting ETH will go up and not down.
From what is going on with this funding rate, it means that there is a chance of a bullish long-term Ethereum price prediction. CoinGape hinted at this happening because Ethereum is repeating a 2025 trend. The last time this happened, ETH got to $4,900 shortly after.
Analyst Says Solana Will Drop Despite RWA ATH
Solana has not been having an easy time lately, and the relief in the crypto market today is not easing things. It has failed to go past $100 even with several attempts. And now, an analyst dubbed Ali Charts on X says the worst is not over, and it might just go lower to $77.
Ali comes to this conclusion because of a symmetrical triangle. He says that it might just break the line below, which will make it fall to $77.
His analysis comes even when the RWA ecosystem on Solana is on a roll. It has hit $2.5 billion in total value. This is good because it means it is one area where SOL is getting a lot of interest, and it might be the catalyst that is much needed.
Solana was also in the spotlight after Western Union revealed a stablecoin launch. This is because it will be created on Solana.
To sum up, the crypto market today is in a tight place because of FOMC. Bitcoin, Ethereum, and Solana might be up, but with Powell about to give his last speech, the prices may sway depending on what he will say about inflation.
