Cryptocurrencies Price Prediction: Bittensor, Cardano & Solana — Asian Wrap 6 May

FXStreet Team FXStreet

Top 3 gainers Bittensor, Akash Network, Saros: AI tokens steady amid wider market consolidation

The broader cryptocurrency market is in a consolidation rut, with Bitcoin (BTC) holding above $94,000. However, select Artificial Intelligence (AI) tokens, including Bittensor, Akash Network and Saros, have remained steady in the last 24 hours. This positive outlook on AI tokens comes a day after United States (US) President Donald Trump attended the “Crypto & AI Innovators Dinner,” hosted by MAGA Inc. Bittensor (TAO), the token powering a robust decentralized network for collaborative machine learning, exchanges hands at $366 at the time of writing on Tuesday, down nearly 3% on the day but holding onto gains accrued in the past 24 hours.

Cardano Price Forecast: ADA builds bearish momentum amid on-chain weakness

Cardano (ADA) price hovers around $0.650 at the time of writing on Tuesday after falling nearly 6% over the last two days. On-chain data supports the bearish thesis, as funding rates are negative and network activity is falling. The technical outlook suggests a correction, as the momentum indicators, the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) show bearish signs.

Solana holds steady as DeFi Development Corp plans to acquire SOL validator

Solana (SOL) traded above $145 on Monday after DeFi Development Corporation revealed progress in its plan to acquire a Solana validator business for $3.5 million. The company claims that this move will allow it to self-stake all its Solana holdings and claim the staking rewards as part of its revenue.

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Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades.

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Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.

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