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Solana, The Sandbox, Perpetual Protocol, KAVA Notch Fresh Record Highs As Bitcoin Holds Support Near $48K

Solana

Bitcoin price is currently consolidating around the $48,000 mark after two run-up attempts on Aug 28 and 29 failed beneath the $49,700 level. The prior week marked a modest recovery in Bitcoin price, as it rose from lows of $46,315 to reach highs of $49,667 on Aug. 29 amid a string of positive developments.

For instance, in the previous week, United Wholesale Mortgage, the second-largest mortgage lender in the U.S announced it was planning to accept Bitcoin for home loans in Q3 21 and is evaluating accepting other cryptocurrencies like Ethereum. Bitcoin’s consolidation below the $50,000 mark attracted buying in selected Altcoins such as Solana (SOL), The Sandbox (SAND), Perpetual protocol (PERP), Kava.io (KAVA), causing them to attain new record highs.

Solana climbed to a new record high of $102 on Aug. 30 following an intraday rally. SOL revved up its bullish momentum on Aug. 27 after Solana introduced “Ignition” slated for August 31st (as seen on the official Twitter handle). However, the team provided little details about the tool but prompted the community to guess that it would be about burning SOL tokens.

The Sandbox (SAND) is a top, blockchain-based game that lets users play and enjoy a customized user experience with the added utility of creating and earning on the marketplace. Sandbox is enjoying steady growth as a result of community participation in its development.

SAND rose to fresh all-time highs of $1.20 on Aug. 30 amid recent integrations while making an entry into the top 100 crypto assets by market capitalization, ranking 97th as of press time. SandBox recently partnered with Skybound Entertainment to bring its popular Walking Dead show to their virtual metaverse.

KAVA, the native crypto asset of Kava.io notched fresh all-time highs of $9.30 on Aug. 30 amid bullish expectations surrounding the kava 8 mainnet launch. The mainnet launch of Kava Swap, a liquidity hub bridging DeFi, blockchains, and financial services is set to go live on August 30 at 14:00 UTC.

Perpetual protocol (PERP) seeks to provide decentralized perpetual contracts for every asset. The ongoing community excitement for the v2 markets borders the asset’s recent climb to highs of $21.63 on Aug. 30. At the time of post, the cryptocurrency market was paring slight gains as Bitcoin grapples with the support near the $48k. However, tokens such as Revain (REV, +45.64%), Fantom (FTM, +35.53%), Flow (FLOW, +17.16%), Gnosis (GNO, +10.98%), aelf (ELF, +11.39%) were notably up in the last 24 hours despite market dip.

Are Bitcoin Bulls Consolidating Attacks?

A series of new all-time highs from Altcoins and a drop in the Bitcoin dominance metric has many analysts convinced that an Altseason has started. At the time of post, the Bitcoin dominance metric was 43.5%.

Bitcoin’s uncertainty near the $50,000 mark has analysts divided about its near-term directional move. One analyst believes the current consolidation in Bitcoin is similar to the one seen below $24,000 before the breakout in December 2020, thereby resulting in further upside moves.

However, some analysts believe more downside pressure may be in the offing for Bitcoin in September while pointing to the range of $42,000 (in lower retests) to $47,000 as support in the near term.

“BTC is still trying to hold this red area as support, producing increasingly volatile downside wicks below it,” a cryptocurrency trader and analyst Rekt Capital spoke on the BTC daily chart.

Image Credit: Shutterstock

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