Is SOL the Next SOL? Q1 Data Is Bullish

Chart of the Day — A structural tailwind for crypto
Trade of the Day — Can SOL reclaim this key level?
Alpha Leaks — Intel teams up with Elon Musk
News Roundup — Key developments for SOL, HYPE and LINK
Degen Play — GLXY is making moves

The Great Crypto Wealth Transfer

A generational wealth transfer is on the way (or in process), but will assets funnel into crypto? That’s what Grayscale suggests in a new report, which shows–as you can see in the wealth distribution chart–that in the coming decades, around $110 trillion will be passed down to younger generations from Boomers and the Silent Generation.

Notably, around 45% of Millennial and Gen Z investors own crypto, compared to around 18% of Boomers, indicating that a greater proportion of that wealth is likely to be allocated into crypto.

However, don’t forget the elusive Gen X, whose crypto ownership is currently similar to Boomer levels, and who may not be as willing as Millennials to allocate into alternative assets.

SOL Undecided After Breaking Down

SOL broke down from a bearish wedge, but… hasn’t really followed through, indicating a lack of downwards momentum, and the potential for a climb back up.

Network fundamentals are looking good (see the News Roundup below), but price is sitting below the 50-day EMA, and RSI is only hovering around the midline, which is more neutral than bullish for now.

So, a long setup here is conditional rather than immediate. Reclaim and hold the 50-day EMA around $87.25, ideally with RSI pushing back above 50, and a long starts to look good. However, if the EMA acts as resistance instead, then a breakdown back into the high-70s looks possible.

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Solana Numbers Add Up

When crypto is grinding through bearish conditions, it’s a good time to identify the chains that have real activity going on, and in that case, the data is stacking up nicely for Solana.

Highlights from a new Q1 report from Blockworks show that Solana is:

● The leading chain for onchain spot trading, with a 41% market share of volume.

● The leading chain for RWA lending, with deposits at $1.23 billion, up 115% QoQ.

● Tokenized asset volumes (mainly equities and pre-IPOs) at a new ATH of $1.3 billion.

● Transaction counts at a new ATH of 10.1 billion.

● App revenue of $292.1 billion, which is down 5.8% QoQ (but this is during a market-wide downturn).

● ETP net inflows of $208 billion (4x more than BTC ETPs per dollar of market cap, although BTC products lead in absolute terms).

HYPE ETF Incoming

21Shares has registered a second amendment to its filing with the SEC to launch a spot HYPE ETF. The amendment reveals plans to use the ticker THYP when listing on the Nasdaq, and 21Shares plans to stake between 30% and 70% of the fund's HYPE tokens. However, there is no information about fees.

Bitwise and Grayscale also have HYPE ETF proposals in progress, and so, with this latest activity from 21Shares, it looks like a HYPE product will be coming soon.

This comes as HYPE continues to build a constructive trend on the charts, putting in higher highs and higher lows since the end of January, and more than doubling in price as it does so.

Chainlink Gets More Stock Exchanges On Board

Following on from the likes of FTSE Russell, S&P Global, and Coinbase, two major European stock exchanges–SIX Swiss Exchange and the Spanish BME Exchange, both part of the SIX group–have chosen to use Chainlink to take their data onchain.

The exchanges will utilize Chainlink’s DataLink product, and this move adds to the momentum behind RWAs and tokenized stocks, as the two exchanges have a combined market cap of $2 trillion.

Global RWA value is now at an ATH total approaching $30 billion, a number that has grown rapidly from just over $6 billion around one year ago.

Can GLXY Push Higher?

Galaxy Digital (GLXY) looks interesting here. It’s a fairly clean way to play a crypto rally through the stock market, and chart-wise, GLXY has reclaimed the 50-day EMA and is now pushing up into a multi-month resistance line.

MACD is in the bullish zone and if price delivers a breakout and holds above that trendline, a logical upside target zone is around $31 to $34, with last October’s $45 high as a longer-term target. On the other hand, invalidation comes from a loss of the 50-day EMA at around $21.84.

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