As soon as investors thought that all pre-halving corrections and retraces were over, Bitcoin, Solana, and other top altcoins entered another correction phase. Bitcoin lost 4% today, while Solana shed 6%, and other leading altcoins also saw losses of 5% or more. However, is this cause for concern? Let’s examine the situation more closely.
Meanwhile, the AI narrative in the crypto space remains hot, and one new project in this sector, Borroe Finance, is currently in its presale phase, having raised over $3.5 million so far.
Bitcoin and Crypto Community Confidence Remains Strong, According to Santiment
Bitcoin went all the way down to $66.4k from the $70k area today but consolidated around the $67k level at the time of writing. Solana was trying to break the $200 resistance level throughout the previous week but instead pulled back to the $185 level amid this market correction.
Santiment, an on-chain analytics tool, reported that despite the recent price drop, the crowd is staying quite strong and showing confidence toward the prospects of a quick rebound. The frequency of words like “buy,” “buying,” “bought,” and “bullish” is being used at about double the frequency of words like “sell,” “selling,” “sold,” or “bearish.”
Historically, the best opportunities to “buy the dip” occur when the crowd consensus is showing a bit of fear toward a further drop. This usually results in small wallets dropping their bags for whales and sharks to scoop them up.
Santiment suggests tracking their chart to see when the red bars (representing negative sentiment) begin catching up with the blue bars (representing positive sentiment), as there will likely be a precise moment when this buying opportunity presents itself.
Additionally, the Fear & Greed Index is now at 79, indicating a state of extreme greed in the market. This suggests that traders should look for entry points, and these types of days seem interesting, as Bitcoin halvings have always led to massive bull runs afterward.
Borroe Finance (ROE): A New DeFi Project Leveraging AI and NFTs
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Author: AMBCrypto Team
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