Weekly market recap(from July 28th to August 9nd)

Sypool Protocol
4 min readAug 11, 2022


Last Friday, NFP was released at 52.8, an astonishing number. We’re not going to discuss why it’s double the market forecast, it may be based on the Democratic Party’s specific formula. However, after this number was announced, some traditional markets like interest rate swap, DXY, gold and bond markets began to price in +75bp in September, and there was even talk of a temporary FOMC in the August. Hawkish atmosphere intensified. However, risky assets such as U.S. stocks and BTC did not show a major decline, but fluctuated at a high level. In the crypto-market, some altcoins have made new highs of nearly two months. That’s a magical phenomenon. This Wednesday, July’s CPI will be released, which is very important for the trend of the following month.



BTC is consistent with our judgment. After the decline at the beginning of last week, the bulls started a new round of attacking, and soon the price was close to the previous high again. If you have been paying attention to the tradingview of crypto-tokens in the past few months, you will find that the trading volume of tokens will be very low during the weekend. Because of the correlation with U.S. stocks, the major capitals dislike betting on the uncertainty of the weekend. This is also the basis for our following discussion. If you cover the weekend on the chart, you will find that while the price rose in high volume on Friday, it still maintained the strength of the bulls on Monday, and the current price is close to the given resistance level. This is a positive sign. It might transform BTC from a rising follower to a leader.

Conclusion: There is a high possibility that the rebound has not ended. After excluding weekend performance, the bulls are still strong in the near term and the bullish channel (yellow area) is supporting. So we come to this conclusion. We hold the support level at 20800 and move up the resistance level to 27000.



ETH is in line with our judgment. It maintained the strength of previous weeks, was affected by bears at the beginning of last week, fluctuated widely under resistance, and rose on high volume last Friday, reaching its previous high, and after a boring weekend, it rose again on Monday, finally standing above the resistance level. Take out the boring weekend and you’ll find that it maintained the bulls’ strength on Friday and Monday which like BTC.

Conclusion: There is a high possibility that the rebound has not ended. We still believe that this is a rebound because the rate of rise slowed down and confirmation has not yet occurred on the weekly. Currently the bulls remain strong and a bullish channel provides support. We left the support level at 1420 unchanged and raised the resistance level to 2000. Although this target price is 12% away from the current price, ETH has all the conditions to hit this target.



SOL has stuck in mud. Even with other altcoins making a new one-month high catalyzed by the ETH merger, SOL has maintained its character, staying within our given range. Indeed,the problem of Slope affected SOL’s gains. Price was unchanged last week. Instead of rising with high volume during the week, last Wednesday’s red candle did. Yesterday’s green candle was also not accompanied by strong performances such as BTC and ETH.

Conclusion: Mostly fluctuation. Neither good nor bad. The strength of the bulls and bears remains close and it is difficult to breakthrough in the near term. We remained the original support at 32 and resistance at 47.

Disclaimer: Nothing in the article constitutes investment advice. The article objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.

Any decisions made based on the information contained in the article are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.

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