tl;dr
Glassnode co-founders Jan Happel and Yann Alleman, operating under the pseudonym Negentropic, suggest the crypto market is in a "bottoming phase" with potential for a bull market resurgence. They highlight that on-chain data indicates the fundamentals of major blockchains like Ethereum and Solana ...
**Crypto’s Battle Ground: Are Bulls Preparing for a Comeback?**
The crypto market is no stranger to turbulence, but recent whispers from the trenches of market intelligence firm Glassnode suggest a familiar playbook is unfolding: a tug-of-war between bears and bulls, with the latter inching closer to a potential resurgence. Jan Happel and Yann Alleman, the co-founders of Glassnode who operate under the pseudonym Negentropic, are watching the chaos with a mix of caution and calculated optimism. Their 63,600 followers on X (formerly Twitter) have been treated to a masterclass in navigating crypto’s rollercoaster, as the duo argues the market is in a “bottoming phase” where patience and strategy could pay off.
**The Fundamentals Still Stand**
Despite the recent 2% drop in Ethereum’s price to $4,313 and Solana’s (SOL) fluctuation around $201, Happel and Alleman see glimmers of hope. “On-chain flows are showing that fundamentals are still intact,” they note, pointing to data that suggests the core infrastructure of major blockchains like Ethereum and Solana remains robust. For Ethereum, the key battleground is the $4,100–$4,200 range. If the price holds here, it could signal a shift in momentum. But if it breaks below, the pair warns of a possible retreat to $3,800–$3,900—a level they describe as a “cost-averaging opportunity” for those willing to ride the volatility.
**The Art of the Long Game**
Negentropic’s advice is refreshingly pragmatic. They urge investors to avoid the siren call of leverage, which can amplify losses during sharp downturns. Instead, they advocate for setting “deeper limit orders” to catch price “wicks” (those sharp, temporary dips in a volatile market). “The longer the consolidation, the stronger the move,” they argue, echoing the age-old adage that patience is a virtue in investing.
This isn’t just theory—it’s a strategy born from years of watching crypto’s cycles. Happel and Alleman compare the current phase to a boxer circling their opponent, waiting for the right moment to strike. “This market is for setting deeper limit orders to lower the cost average and be ready when the momentum turns,” they write, framing the downturn as a setup for a potential rebound.
**Volatility vs. Vision**
While the short-term outlook is fraught with uncertainty, the long-term picture remains compelling. The duo insists the crypto market is still in a “structural macro bull market,” a term that hints at a broader, underlying upward trend despite the noise. They acknowledge that volatility is inevitable, but they see it as a temporary hurdle rather than a death knell.
For investors, the challenge lies in balancing the urge to act with the discipline to wait. “Brace for short-term volatility,” they advise, “but the long-term setup is strong.”
**What’s Next?**
As Ethereum hovers near key support levels and Solana’s price fluctuates, the question on everyone’s mind is: Will the bulls finally break through? Happel and Alleman’s analysis offers a roadmap—stay alert, avoid overreaching, and let the data guide your moves. After all, in a market as unpredictable as crypto, the difference between a stumble and a comeback often comes down to one thing: liquidity.
So, are you ready to ride the next wave—or will you wait for the perfect moment to jump in?