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First Mover Americas: Solana Breaks Out to New Cycle Highs
The latest price moves in crypto markets in context for November 18, 2024.
Updated Nov 18, 2024, 1:21 p.m. Published Nov 18, 2024, 1:21 p.m.
This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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Solana' SOL topped $240 for the first time in three years as bitcoin took a breather above $90,000. SOL advanced 4.3% in the past 24 hours, outperforming the broad-market benchmark CoinDesk 20 Index's 1.6% gain. Bitcoin, meanwhile, pulled back slightly to just above $90,000 before U.S. trading hours as investors digested the monster rally to records since Donald Trump's election victory. Still, the largest crypto's pause may be only temporary: BTC may potentially climb as high as $200,000, according to BCA Research analysis of fractal patterns.
JPMorgan's retail sentiment score for bitcoin and bitcoin-tied assets hit a record as crypto euphoria spread. The metric, which is designed to gauge the sentiment of retail investors toward cryptos based on activity in BTC-related products including spot ETFs, climbed to an all-time high of 4 last week, indicating investor frenzy. MicroStrategy (MSTR) options positioning also shows extreme levels of bullishness typically seen near local market peaks. "Call skew in MSTR is so wildly euphoric that it is hard to imagine we don't see a more meaningful drawdown unless bitcoin continues to move in a parabolic fashion higher," pseudonymous analyst Markets&Mayhem said.
XRP catapulted to a three-year high over the weekend to more than $1.20 with futures bets soaring to record levels. Open interest for XRP derivatives surpassed $2 billion on Sunday, betting on further volatility in the price of the sixth-largest cryptocurrency by market capitalization. The trend is fueled by optimism about easing regulatory headwinds as a crypto-friendly Trump administration may benefit tokens linked to U.S.-based companies such as Ripple Labs. Additionally, the forthcoming addition of Ripple's RLUSD stablecoin and French bank Société Générale-backed euro stablecoin to XRP Ledger could boost institutional adoption of the network.
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The solana-bitcoin (SOL/BTC) ratio’s prolonged triangular consolidation has resolved with a bullish breakout, hinting at SOL outperformance ahead.
- Omkar Godbole
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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XRP Faces Downside Risk as Social Sentiment Turns Wildly Negative
The turn in crowd mood comes after a two-month slide of roughly 31%, leaving the token vulnerable to further downside if risk appetite weakens across majors.
What to know:
- XRP's price approached the $2 mark as social sentiment around the token turned sharply negative, according to Santiment data.
- The token has experienced a 31% decline over two months, making it vulnerable to further losses if market risk appetite weakens.
- Santiment's sentiment model indicates XRP is in a 'fear zone,' where negative commentary significantly outweighs positive talk, potentially influencing market positioning.
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