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Global stock markets made a strong comeback over the past week, led by the Nasdaq Composite, which gained 7.5%. The S&P 500 registered its second-best week of the year, indicating a modest relief across risk assets. This broad-based recovery was followed by a consumer sentiment reading which shows a slight easing of inflation expectations.

Coinciding with the equity markets, cryptocurrencies have also attempted a relief rally. In the last seven days, BTC made a modest recovery, gaining more than 3% to bring its market capitalization back to $400 billion. Meanwhile, some altcoins have risen sharply within the same period, with ETH rising more than 8% to $1,200.

 market is changing hands at $21,212, down by over 1.0% from the previous day. 

After recovering nearly 20% from the lows of June 18, BTC has held up firmly at the $21k level through the weekend. However, the bellwether cryptocurrency could face significant resistance to stay above the reconquered $21k level as the bulls seem to be progressively losing momentum. 

If this upward momentum continues, we may see an increase towards the $25k resistance level. Conversely, a break below the $20k level could trigger a volatility induced sell-off as investors' sentiment remains proportionally divided.

In any case, BTC is on track to end the month of June with a loss of over 33%, establishing its worst month since the crash of May 2021.

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Solana (SOL), a high-performance blockchain with thousands of projects spanning the DeFi to NFT sector, has made headlines this week after Solana Labs introduced Saga, a flagship Android mobile phone with functionality and features integrated with the Solana blockchain. 

With this new development, users will be able to transact in web3 more easily and securely and manage digital assets, such as tokens and NFTs more effectively. This marks one of the industry’s most ambitious attempts to grow web3 technology beyond the app layer.

With renewed investor confidence, SOL has paced above the 20-day moving average dynamic resistance zone, rallying by over 50% in less than two weeks — a remarkable feat for a large-cap cryptocurrency. Despite the recent surge, SOL is not yet out of the woods. Technical indicators still indicate a bearish bias, especially since its key moving average indicators are still pointing downwards, while SOL continues to trade substantially below its 50-day and 200-day moving averages.

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Coinciding with the equity markets, cryptocurrencies have attempted a relief rally. Find out more here on Futures Weekly.

Crypto Market Halts Losses — Can BTC Hold $20K?

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