Crypto Price Analysis 6-2: BITCOIN: BTC, ETHEREUM: ETH, Solana: SOL, DOGECOIN: DOGE, ALGORAND: ALGO, BITTENSOR: TAO

The crypto market cap has started the week with a marginal increase despite most cryptocurrencies trading in the red. Bitcoin (BTC) slumped to a low of $103,892 over the weekend before recovering to cross $105,000 early in today’s session. However, it could not stay at this level and fell to its current level, with the price only marginally up in the past 24 hours. Meanwhile, Ethereum (ETH) continued its downward trajectory and has dipped below $2,500. The price is down over 1%, trading around $2,496. 

Ripple (XRP) is marginally up, trading around $2.17, while Solana (SOL) is marginally down, trading around $155. Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), and Litecoin (LTC) are marginally up, while Stellar (XLM), Hedera (HBAR), and Polkadot (DOT) have registered notable declines. 

South Korean Crypto Industry Wins Irrespective Of Election Results 

South Korea’s crypto industry will have an advantage irrespective of the country’s presidential election results, as both candidates have campaigned on a pro-crypto platform and have pledged to ease regulations and crypto access. South Korea goes to polls on June 3 in a snap election to replace Yoon Suk-yeol, who was impeached and removed from office after attempting to declare martial law in December 2024. Lee Jae-myung from the center-left Democratic Party is leading the polls. Lee has proposed legalizing spot crypto ETFs and wants South Korea’s $884 billion national pension fund to invest in cryptocurrency. He has also advocated for stablecoins backed by the South Korean won to modernize the South Korean financial system. 

“We need to establish a won-backed stablecoin market to prevent national wealth from leaking overseas. I will create a safe investment environment so people can build assets and plan for the future.”

Lee Jae-myung is up against conservative and People Power Party nominee Kim Moon-soo. Kim also supports legalizing spot crypto ETFs and has supported Lee’s proposal in a rare bipartisan agreement. Simon Seojoon Kim, CEO of Seoul-based venture capital firm Hashed Ventures, said with all candidates supporting pro-crypto policies, the country’s crypto sector will be the winner regardless of the outcome. 

Santander Unveils Stablecoin Strategy 

Banco Santander is evaluating a broader entry into digital assets, focusing on launching a stablecoin and expanding crypto access for retail clients through its digital arm, Openbank. Banco Santander is one of the largest financial institutions in Europe. The bank’s efforts are aligned with growing institutional interest in crypto across Europe. According to reports, Openbank has submitted license applications under the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework. 

The move would expand Santander’s involvement in blockchain infrastructure, which includes early investments in Ripple Labs and participation in Fnality International. Fnality and Santander are collaborating to use digital representations of central bank money for real-time settlement of tokenized securities and cross-border payments. 

Major European banks are embracing digital assets thanks to the clarity offered by MiCA regulations. BBVA has secured approval to offer Bitcoin and Ethereum trading in Spain, while Societe Generale has introduced a MiCA-compliant euro stablecoin on the Stellar blockchain. 

Wintermute’s New Code To Flag Verified Malicious Contracts 

Ethereum users will be warned of attacks capable of draining their wallets thanks to crypto market maker Wintermute, which claims to have created a code that injects a warning into verified malicious contracts. The code, dubbed “CrimeEnjoyor,” prints a warning within malicious Ethereum contracts designed to auto-sweep funds from wallets with leaked private keys. The warning reads that the malicious contract is “used by bad guys to automatically sweep all incoming ETH” and warns users not to send any ETH. 

The contracts have been exploiting a feature introduced in the Ethereum Pectra upgrade called the Ethereum Improvement Proposal - 7702, which allows users to temporarily delegate control of their wallets to smart contracts. According to Wintermute’s research team, over 97% of all EIP-7702 delegations were authorized to multiple contracts, using the same code. 

“These are sweepers used to automatically drain incoming ETH from compromised addresses.”

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) has stalled around the $105,000 mark as it struggles to cross the 20-day SMA. The flagship cryptocurrency has failed to regain momentum after registering a substantial decline last week, turning bearish after hitting a new all-time high on May 22. Analysts believe a bearish turn was likely after BTC’s rally as holders wanted to realize massive profits. As a result, profit-taking and buyer exhaustion took the wind out of BTC’s rally. With bearish sentiment growing, BTC could drop to $100,000 or lower as it enters another accumulation phase after a short-lived price discovery phase. The accumulation is visible on BTC’s hourly chart, showing the cryptocurrency consolidating between $103,000 and $105,000. 

One pseudo-anonymous analyst explained BTC’s price action over the past few weeks, stating that the flagship cryptocurrency has exhibited a textbook accumulation phase, partly responsible for pushing BTC to a new all-time high. The analyst revealed that BTC was experiencing more compression as it moved higher, reaching higher lows while resistance remained flat. Simultaneously, selling pressure had waned, putting buyers in control of the price action. 

Analysts believe recent price action supports a decline to $100,000 or lower. However, if this happens, it could be an ideal opportunity to buy, as the area below $100,000 could attract liquidity, helping BTC bounce and start another rally. 

“This potential pullback should not be viewed solely as a sign of weakness. In many bull cycles, such corrections and shakeouts serve to flush out over-leveraged positions and reset sentiment, ultimately laying the groundwork for renewed upward momentum.”

BTC registered a dramatic plunge on Friday, losing momentum after reaching a new all-time high a day prior. The flagship cryptocurrency fell nearly 4% to $107,356. Despite the overwhelming selling pressure, BTC recovered over the weekend, rising 0.46% on Saturday and 1.16% on Sunday to cross $109,000 and settle at $109,103. The price registered a marginal increase on Monday but was back in the red on Tuesday, falling 0.46% to $108,954. Sellers retained control on Wednesday as BTC fell 1.03% to $107,834. Bearish sentiment intensified on Thursday as the price dropped over 2%, slipping below the 20-day SMA and settling at 105,662.

Source: TradingView

Price action remained bearish on Friday as BTC fell 1.51%, slipping below $105,000 and settling at $104,067. Despite the overwhelming selling pressure, BTC recovered on Saturday, rising 0.69% to settle at $104,784. Bullish sentiment intensified on Sunday as BTC rose almost 1% to reclaim $105,000 and settle at $105,775. However, the price lost momentum during the ongoing session as it struggled to build momentum and cross the 20-day SMA. BTC could slip to $100,000 or lower if the current bearish sentiment persists.

Ethereum (ETH) Price Analysis

Ethereum (ETH) was rejected from the $2,800 level on Thursday. As a result, the world’s second-largest cryptocurrency plunged almost 4% on Friday and has struggled to reclaim key levels. The price briefly dipped below the crucial $2,500 level but has found support at this level, with buyers attempting to reclaim $2,500 and push higher. ETH is now entering a consolidating phase, forming a low at around $2,450 and $2,500. If positive momentum returns, ETH faces resistance around $2,550-$2,600. A break above these levels could see the price retest the $2,800 level. On the other hand, a dip could cause the price to fall to $2,450 or lower.

ETH registered a sharp drop on Friday (May 23), falling over 5% to $2,527. The drop came after a substantial rally that took the price past $2,600 a day prior. Despite the drop, ETH recovered over the weekend, registering a marginal increase on Saturday and increasing almost 1% on Sunday to settle at $2,551. The price continued pushing higher on Monday, rising 0.49% to $2,564. Bullish sentiment intensified on Tuesday as ETH rose nearly 4% to reclaim $2,600 and settle at $2,662.

Source: TradingView

ETH continued pushing higher on Wednesday, rising nearly 1% and settling at $2,683. The price raced to an intraday high of $2,791 on Thursday as buyers attempted a move past $2,800. However, it lost momentum after reaching this level and fell nearly 2% to $2,633. Bearish sentiment intensified on Friday as ETH fell almost 4%, slipping below the 20-day SMA and settling at $2,532. The price registered a marginal decline on Saturday but recovered on Sunday, rising 0.44% to $2,539. The current session sees ETH down almost 2%, having slipped below $2,500 and struggling to regain momentum.

Solana (SOL) Price Analysis

Solana (SOL) could face further selling pressure after the Securities and Exchange Commission (SEC) raised questions about proposed Solana and Ethereum ETFs. The market regulator raised concerns about whether the ETFs qualify under the Investment Company Act of 1940. With the crypto markets turning bearish, SOL investors are beginning to doubt optimistic price predictions, with on-chain metrics showing many whales are liquidating SOL and moving to more stable investments.

SOL had raced to an intraday high of $187 on Friday (May 23). However, it lost momentum after reaching this level and dropped over 3% to $173. The price recovered on Saturday, rising 1.09% to $175, but fell back on Sunday, dropping to a low of $169 before moving back to $175, ultimately registering a marginal decline. SOL remained bearish on Monday, dropping 0.46%, but recovered on Tuesday, rising 1.03% and moving to $176. Selling pressure returned Wednesday as SOL fell over 2.50%, slipping below the 20-day SMA and settling at $172.

Source: TradingView

Sellers retained control on Thursday as the price fell over 3%, slipping below $170 and settling at $166. Bearish sentiment intensified on Friday as SOL plunged over 6%, falling below $160 and settling at $156. The price faced volatility on Saturday but recovered to register a marginal increase. SOL plunged to an intraday low of $150 on Sunday as selling pressure intensified. However, it rebounded from this level to register an increase of nearly 1% and settle at $157. SOL is back in the red during the ongoing session, with the price down over 2%, slipping below the 50-day SMA and trading around $154. SOL could slip below $150 if sellers retain control.

Dogecoin (DOGE) Price Analysis

Dogecoin (DOGE) began the previous weekend in the red, dropping nearly 8% on Friday and settling at $0.225. The price registered a marginal decline on Saturday and fell to an intraday low of $0.214 before rebounding to reclaim $0.225. Selling pressure persisted on Monday, with DOGE registering a marginal decline. The price recovered on Tuesday, rising 0.76% despite facing volatility and selling pressure and settling at $0.226. However, it was back in the red on Wednesday, falling 2.38% to $0.221.

Source: TradingView

DOGE rose to an intraday high of $0.228 on Thursday. However, it lost momentum after reaching this level and dropped over 3% to $0.214. Selling pressure intensified on Friday as the price plunged almost 10%, slipping below $0.20 and settling at $0.193. Price action remained bearish on Saturday as DOGE registered a marginal drop and settled at $0.192. Despite the overwhelming selling pressure, DOGE recovered on Sunday, rising 0.99% and settling at $0.194. The current session sees DOGE down nearly 3%, trading around $0.189.

Algorand (ALGO) Price Analysis

Algorand (ALGO) has traded downwards since May 12, when it lost momentum after reaching an intraday high of $0.258. Price action followed a similar trajectory at the beginning of last weekend as ALGO plunged nearly 7% on Friday, slipping below the 20-day SMA and settling at $0.223. ALGO continued declining on Saturday, dropping 1.60%, and fell to an intraday low of $0.211 on Sunday as selling pressure intensified. However, it recovered from this level to register an increase of almost 1% and settle at $0.222. ALGO registered a drop of 1.50% on Monday, falling to $0.218. Despite the negative start to the week, the price recovered on Tuesday, rising over 1% and settling at $0.221.

Source: TradingView

ALGO was back in the red on Wednesday, dropping over 2% and settling at $0.216. Sellers retained control on Thursday as the price fell 3.31%, slipping below the 50-day SMA and settling at $0.209. Bearish sentiment intensified on Friday as ALGO plunged nearly 9%, falling below $0.20 and settling at $0.191. Despite the overwhelming selling pressure, ALGO recovered over the weekend, rising 1.76% on Saturday and 0.38% on Sunday to settle at $0.195. The current session sees the price down over 2%, trading around $0.191. Buyers will look to regain control and push the price back above $0.20. However, the MACD suggests sellers have the upper hand.

Bittensor (TAO) Price Analysis

Bittensor (TAO) dropped 10% on Friday (May 23), slipping below the 20-day SMA and settling at $419. The price recovered on Saturday, rising 2.45% to $430, and registered a marginal increase on Sunday to end the weekend at $431. TAO raced to an intraday high of $464 on Monday. However, it could not stay at this level and ultimately settled at $434, registering a marginal increase. Bullish sentiment intensified on Tuesday as TAO rose over 3% to cross the 20-day SMA and settle at $448.

Source: TradingView

TAO was back in bearish territory on Wednesday, falling over 3%, slipping below the 20-day SMA, and settling at $434. Sellers retained control on Thursday as the price fell over 4% to $416. Selling pressure intensified on Friday as TAO fell nearly 10%, slipping below $400 and the 200-day SMA settling at $376. Despite the selling pressure, TAO recovered on Saturday, surging over 14% to reclaim $400 and settle at $430. However, it lost momentum after failing to cross the 20-day SMA and fell nearly 4% on Sunday, ultimately settling at $413. The current session sees the price down over 1%, trading around $400. Sellers will look to retain control and drive TAO below $400. On the other hand, buyers will look to regain control and push the price above the 20-day SMA towards $500.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.