Crypto Price Analysis 2-18: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, CHAINLINK: LINK, INTERNET COMPUTER: ICP, BITTENSOR: TAO, RIPPLE: XRP

Bitcoin (BTC) registered a drop late on Monday, falling from $97,000 to $95,243 before rebounding and settling just above $96,000. The flagship cryptocurrency registered another slump during the current session, falling to a low of $95,189 before recovering and moving to its current level. BTC is down 0.62% and is trading around $95,600.

The crypto market began Tuesday in the red, with altcoins registering substantial drops. Ethereum (ETH) is down over 1% and trading just below the $2,700 price level. Meanwhile, Ripple (XRP) is down over 3%, and Solana (SOL) is down over 8%, trading at $168. Dogecoin (DOGE) is down nearly 5%, and Cardano (ADA) is trading 2% lower at $0.780. Chainlink (LINK), Litecoin (LTC) , Toncoin (TON), Stellar (XLM) , and Polkadot (DOT) also registered substantial declines. The crypto market cap is down 1.49%, trading at $3.15 trillion. 

Crypto ETF Filings Register Sharp Increase 

There has been a significant surge in ETF filings after Donald Trump assumed office. According to a report by Binance, there are 47 active filings in the US. The filings belong to 16 distinct virtual digital assets (VDA) categories, including meme coins. The growing interest in meme coins has led to the creation of over 37 million tokens, expected to rise to 100 million by the end of the year. However, the jump in token numbers has not led to significant valuations, with the report stating that the growth has fragmented capital, making it difficult for tokens to maintain stable prices and achieve significant valuations. 

“The influx of new tokens fuels speculation, reduces attention spans, and discourages long-term holding.”

Milei Denies Promoting LIBRA Token 

Argentinian President Javier Miiei has rejected claims that he promoted the controversial LIBRA token. The token tanked in value shortly after Milei’s endorsement, leading to the politician facing multiple fraud suits and impeachment calls. Milei stated in an interview that he did not promote the token and only spread the word about it. The interview was his first public statement about the raging controversy. Milei added that he acted in good faith, acknowledging he had a lot to learn from the experience and needed to “start setting filters” on what conduct is appropriate and what isn’t. 

Meanwhile, traders are positioning themselves for a drawdown in Solana’s native token as sentiment around SOL dips after multiple meme coin scandals on the network. According to data from Coinalyze, the ratio of long to short SOL positions on cryptocurrency futures exchanges dropped from 4 to 2.5, indicating a bearish tilt. Application revenues on Solana have jumped over 200% since Q4 2024, primarily due to meme coin speculation. However, insider selling and significant losses for retail traders have impacted sentiment in Solana’s meme coin ecosystem. 

Critics Complain When Left Out Of Insider Deals: LIBRA Founder 

Davis, the founder of the controversial LIBRA meme coin project, claimed complaints about meme coin trading are mostly from investors upset about not being a part of insider deals. Davis made the comments during an interview with YouTube investigator Coffeezilla. The project founder defended the token’s collapse as a failure rather than a scam. 

“The vast majority of people betting on meme coins, especially at the beginning — and I think there’s a separate conversation — like, that is the game for everyone. And people that get mad are the people that aren’t insiders.”

When questioned about the ethics of insider trading and its advantages, Davis stated, 

“So what do you do then? You don’t launch the project? How do you make money then?”

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) has been trading in a narrow range in recent sessions, leaving market watchers and traders uncertain about its next move. BTC has faced resistance at upper levels since dropping below $100,000 and has been unable to reclaim key levels. The flagship cryptocurrency has support at $92,000, and buyers have stepped in to keep the price above this level. However, investors are worried about a deeper correction that could drag BTC below $80,000. 

Analysts believe BTC will have a further upside once its consolidation phase ends. A key factor behind this conviction is that BTC has held above key support levels. One analyst believes this could be the flagship currency’s last pullback before a surge past $250,000, backing up his analysis with a number of points covering market trends, historical data, and technical signals. 

Despite bullish predictions, BTC’s price action remains muted, dipping below the key $96,000 level. BTC ended the previous weekend on a bearish note, registering a marginal decline after hitting an intraday low of $94,836. However, it recovered on Monday, registering an increase of 0.98% to reach an intraday high of $98,393 before settling at $97,468. BTC attempted a move past the 50-day SMA on Tuesday as it reached an intraday high of $98,497. However, it lost momentum after reaching this level and dropped nearly 2% to $95,800. BTC fell to an intraday low of $94,118 on Wednesday as selling pressure intensified. It rebounded from this level to register an increase of 2.17% and settled at $97,881.

Source: TradingView

Sellers returned to the market on Thursday as BTC fell 1.24% to $96,663. Buyers attempted another move past the 50-day SMA on Friday as BTC reached an intraday high of $98,929 before losing momentum and settling at $97,566. Buyers retained control on Saturday, and BTC registered a marginal increase to settle at $97,705. However, bearish sentiment returned on Sunday, and BTC dropped 1.51% to $96,225. Sellers retained control on Monday as BTC registered a drop of 0.48% and settled at $95,767. The current session sees BTC marginally up as buyers and sellers struggle to establish control.

BTC must reclaim $100,000 for bullish sentiment to return. However, it must move past the 20 and 50-day SMAs before that. On the other hand, if sellers continue to exert control, BTC could drop to $90,000. A break below this level could drive the price to $80,000 or lower.

Ethereum (ETH) Price Analysis

Ethereum (ETH) has been in a consolidation phase since the first week of February as it struggles to reclaim key levels. Price action has remained muted as ETH struggles to move above $2,700. The world’s second-largest cryptocurrency must reclaim $2,700 and move past the 20-day SMA for bearish sentiment to return. ETH started the previous week positively, rising 1.30% on Monday and moving to $2,663. However, the price fell back in the red on Tuesday, dropping 2.25% and settling at $2,603. Buyers returned to the market on Wednesday as ETH registered an increase of over 5% and settled at $2,739. ETH’s see-saw price action continued on Thursday as it dropped 2.26% and settled at $2,677.

Source: TradingView

ETH reached an intraday high of $2,791 on Friday as buyers returned to the market. However, it could not stay at this level and ultimately settled at $2,725 after an increase of nearly 2%. Bearish sentiment returned over the weekend as ETH dropped 1.16% on Saturday, slipping below $2,700 and settling at $2,693. The price continued to drop on Sunday, falling 1.17% to $2,661. ETH surged to an intraday high of $2,850 on Monday, briefly moving past the 20-day SMA. However, it could not stay at this level and ultimately settled at $2,745 after an increase of just over 3%. The current session sees ETH down nearly 2% as sellers look to keep the price below $2,700. The RIS is still well below the neutral zone, indicating sellers have the upper hand. However, the MACD flipped to bullish towards the end of last week, which means ETH could begin an uptrend in the next few sessions.

Solana (SOL) Price Analysis

Sentiment around Solana (SOL) has taken a bearish turn thanks to growing meme coin scandals, the latest being LIBRA. Data from Coinalyze has shown that the ratio of long to short SOL positions on cryptocurrency futures exchanges has fallen from 4 to 2.5 on February 17, indicating growing bearish sentiment around SOL. Solana has seen a significant jump in revenue due to meme coin speculation, according to a report by Messari. However, insider trading and losses for retail traders have soured sentiment around the token. This is reflected in SOL’s recent price action, with the Ethereum-killer trading primarily in the red.

SOL started the previous week in the red, registering a marginal decline despite reaching an intraday high of $209. Bearish sentiment persisted on Tuesday as SOL fell 1.24% to go below $200 and settle at $198. SOL dropped to an intraday low of $188 on Wednesday before recouping some of its losses and settling at $196. Sellers retained control on Thursday, and SOL dropped 1.26% to $194. Despite the overwhelmingly bearish sentiment, SOL recovered on Friday, reaching an intraday high of $205 before settling at $199.

Source: TradingView

However, bearish sentiment returned over the weekend as SOL dropped 2.48% on Saturday and just over 3% on Sunday, slipping below $190 and settling at $188. Bearish sentiment intensified on Monday as SOL slipped below the 200-day SMA and $180 to settle at $177. The current session sees sellers retain control, with the price down nearly 5% and trading at $168. If sellers continue to control the session, SOL could slip to $160 before rebounding. The MACD and RSI indicate a significant increase in bearish sentiment around SOL.

Chainlink (LINK) Price Analysis

Chainlink (LINK) has been unable to move past $20 since dropping below it on February 4. The price has been oscillating between $18 and $20 since, with buyers unable to build momentum and retake key levels. Price action has been mixed, with neither buyers nor sellers able to influence the market decisively. LINK started the previous week with an increase of nearly 3% and settled at $18.80. The price surged to an intraday high of $19.79 on Tuesday but could not stay at this level and dropped to $18.66, ultimately registering a marginal decline. LINK fell to an intraday low of $17.68 on Wednesday as bearish sentiment intensified. However, it recovered from this level to register an increase of nearly 3% and settle at $19.20. Sellers returned to the market on Thursday as LINK fell 3.48% to $18.54.

Source: TradingView

The price recovered on Friday, registering an increase of 4.53% and settling at $19.38. LINK was back in the red over the weekend, registering a drop of 1.99% on Saturday and 1.54% on Sunday to settle at $18.70. Buyers attempted to move past $20 on Monday as LINK surged to an intraday high of $19.79. However, it lost momentum after reaching this level and ultimately settled at $19.11, an increase of just over 2%. Bearish sentiment has intensified during the current session, with LINK down nearly 6% as sellers look to drive it below $18.

Internet Computer (ICP) Price Analysis

Internet Computer (ICP) is trading between $6.50 and $7.50, consolidating within a narrow range. ICP registered a marginal increase last Monday before rising to an intraday high of $7.43 on Tuesday. It could not stay at this level and settled at $7.10, an increase of 1.43%. Bullish sentiment intensified on Wednesday as ICP registered an increase of over 4% and settled at $7.39. However, with sellers active around this level, buyers lost momentum, and the price dropped on Thursday, falling 3.52% to $7.13.

Source: TradingView

Buyers returned to the market on Friday as ICP registered an increase of 1.40% and moved to $7.23. However, it fell back over the weekend, dropping nearly 2% on Saturday and 1.13% on Sunday to settle at $7.02. ICP registered a marginal increase on Monday and settled at $7.04. The price is back in the red during the current session, having slipped below $7 and trading around $6.78.

Bittensor (TAO) Price Analysis

Bittensor (TAO) surged to an intraday high of $437 last Tuesday as it moved past the 20-day SMA and key resistance levels before ultimately settling at $413. However, price action turned bearish the following day as TAO plummeted to an intraday low of $372 before recovering to reclaim $400 and settle at $402. Bearish sentiment intensified on Thursday as TAO fell below the 20-day SMA after a drop of nearly 5% and settled at $383. TAO recovered on Friday, rising to an intraday high of $406. However, it could not stay at this level and ultimately settled at $391, just below the 20-day SMA.

Source: TradingView

TAO was back in bearish territory over the weekend as it fell over 4% on Saturday and settled at $374. The price continued to drop on Sunday, falling 3.67% to $361. TAO encountered volatility on Monday as buyers and sellers struggled to establish control. As a result, TAO reached an intraday high of $378 and fell to an intraday low of $346 before settling at $360. The current session sees TAO up 1.50% and trading at $366.

Ripple (XRP) Price Analysis

Ripple (XRP) has captured the market’s attention with wild price swings and major regulatory developments. The price has been on a significant uptrend in recent weeks despite the flash crash experienced by the market a couple of weeks ago. However, the altcoin must reclaim key resistance levels for bullish sentiment to continue.

XRP was quite bullish last week despite starting it positively, rising 1.22% on Monday but registering a marginal decline on Tuesday. The price dropped to an intraday low of $2.32 on Wednesday before recovering and settling at $2.47. Buyers retained control on Thursday, and XRP rose 3.48% to $2.55. Bullish sentiment intensified on Friday as XRP surged over 7% to move past the 20 and 50-day SMAs to settle at $2.73 after reaching an intraday high of $2.73. XRP continued to push higher on Saturday, registering an increase of nearly 1% and settling at $2.76.

Source: TradingView

However, bearish sentiment returned on Sunday as buyers lost momentum. As a result, XRP fell 1.26% to $2.72. The price continued to drop on Monday, slipping below the 50-day SMA after a drop of 2.49% and settling at $2.66. The current session sees XRP continue its decline, with the price down 1.58% and trading just above the 20-day SMA at $2.61. The RSI had briefly moved above the neutral zone but is currently at 47, indicating a rise in bearish sentiment.

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.