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Bitcoin continues its major consolidation phase, currently trading within a tighter range of $95.7K–$100K over the past two weeks, inside the broader $90K–$110K range that has defined price action for the last two months. This prolonged stagnation has led to a lack of buying interest from both retail and institutional investors, further reducing market volatility.
Volatility at Multi-Month Lows
Volatility at Multi-Month Lows
Bitcoin's volatility has dropped to levels not seen in months. Key indicators—including trading volumes, options premiums, and ETF flows—have all retreated to levels last seen before the U.S. election. As of February 13, 37% of the top 100 U.S. companies exhibited greater 30-day volatility than BTC, a dynamic not observed since October 2023. Historically, such low-volatility periods tend to be short-lived, suggesting traders should be prepared for an impending shift in market conditions.
Despite the quiet market, sentiment remains risk-averse, with traders cautious about potential downside volatility. However, moderate leverage levels indicate that the risk of forced liquidations is relatively low. Given Bitcoin’s rangebound movement, declining activity, and subdued yields, it’s difficult to gauge a clear market direction. Until a definitive breakout occurs, it’s wise to wait rather than attempt to front-run a move.
Not all Coins are Consolidating…
Not all Coins are Consolidating…
During this consolidation period, most altcoins have struggled, with many declining in value while Bitcoin remains steady. However, a handful of projects have stood out. Mantra (OM), a Layer 1 real-world asset (RWA) protocol, continues to trend higher, while Sonic (S) has begun to show notable strength.
Over the past 24 hours, Sonic is up 20%, leading the market, and has surged over 125% in the last two weeks—an extremely bullish sign given the broader market stagnation. Since migrating from Fantom to Sonic, price action for S has been underwhelming, but on-chain performance has been exceptional.
User activity, transaction volume, and total value locked (TVL) on Sonic have been growing at record levels, even outperforming major blockchains such as Hyperliquid, Sui, Avalanche, Ton, and all Layer 2s in certain metrics over the past two months. This is precisely the kind of growth anticipated from the migration, and now, the price is finally catching up with the fundamentals. As Sonic continues expanding and overtaking competitors, it’s only a matter of time before it becomes a top 10 protocol by TVL.
Looking back at 2021, Fantom surged 664% in January, another 230% in February, and continued climbing as one of the dominant chains. Could we see a similar trajectory for Sonic in this cycle? Time will tell, but its on-chain performance and price action this month have been highly promising.
Stormrake Spotlight: Ondo Finance (ONDO) ($1.21)
Stormrake Spotlight: Ondo Finance (ONDO) ($1.21)
Ondo has continued to find support at its monthly CPR level, holding steady within its accumulation zone. The $1.15 region remains key support and should sustain any further downside. To turn bullish, Bitcoin needs to move higher, and ONDO must reclaim both the 21 and 55 EMA.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin has continued higher following its V-shaped recovery, reclaiming all key moving averages and flipping momentum back in favour of the bulls. With BTC now back above the critical $95.7K level, the stage is set for a potential retest of $100K.
BTC Total ETF Flows for 19 Feb: $ (Data not available at the time of writing).
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum has also reclaimed all key moving averages, flipping momentum back in favour of the bulls. Currently trading within its established range, ETH is poised for a potential move back toward the top of the range at $2,865.
ETH Total ETF Flows for 19 Feb: $ (Data not available at the time of writing).
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
*All prices are denominated in USD unless stated otherwise*
Written by Alexandar Artis
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