Crypto News: Visa and Casio Go Digital with Solana and Polygon

Key Insights:

• Solana gained 3.84% on the Visa announcement of integrating with its blockchain for settlements.
• Casio ventures into the NFT world with its G-SHOCK project tied with the Polygon blockchain.
• Ripple and a $14.9M legal battle with GCC Exchange UK Ltd draw interest.

The Tuesday Overview

Solana (SOL) and Visa (V): Solana (SOL) gained 3.84% to end the Tuesday session at $20.27. News of Visa (V) expanding stablecoin settlement capabilities to the Solana blockchain provided price support. Solana shared the announcement on X (formerly Twitter), saying that Visa is scaling their USDC settlement pilot to include the Solana blockchain, enabling enterprise-grade throughput at virtually no cost for Visa users and merchant acquirers on Solana.

Grayscale Flexes: On Tuesday, Grayscale attorneys sent a letter to the SEC requesting a meeting to discuss the way forward. Grayscale looks eager to become the first to receive approval for a BTC-Spot ETF.

Ripple Back in Court: According to Law360, Ripple is suing a UK currency exchange for $14.9 million. The Court file shows Ripple alleging that GCC Exchange UK Ltd. has not paid for more than 40,000 units of Ripple’s XRP token that it withdrew under a supply deal. Ripple filed the claim on August 11, shortly after the Judge Torres ruling on Programmatic sales of XRP.

Casio and Polygon Join Forces for G-Shock NFT Launch: On Tuesday, Casio announced the launch of the VIRTUAL G-SHOCK project. According to the announcement, Casio will issue 15,000 limited G-SHOCK CREATOR PASS NFTs, which allow the holder to participate in events held in the VIRTUAL G-SHOCK community. Casio will distribute the NFTs for free via the Polygon blockchain. MATIC gained 0.69% on Tuesday.

Technical Analysis

Bitcoin Analysis

BTC tested support at the trend line on Tuesday. Market angst over the delay to BTC-Spot ETF approvals continued to peg BTC back from a return to $27,000. However, BTC remains below the 50-day and 200-day EMAs, sending bearish price signals.

A break below the trend line would give the bears a run at the $25,506 support band and sub-$25,000. However, favorable Spot-ETF news would support a breakout from the trend line to target the $26,755 resistance band.

Other influential news events include SEC v Ripple and Coinbase (COIN) case-related news.

The 14-Daily RSI reading of 35.84 should allow a BTC slide through the trend line to test the $25,506 support level before entering oversold territory.

Ethereum Analysis

ETH held above the $1,626 support level this morning. However, failure to return to $1,650 would continue to leave ETH under pressure.

A fall through the $1,626 support level would bring $1,600 and the $1,502 support level into play. With the SEC labeling ETH a security, ETH remains sensitive to SEC activity across the digital asset space.

Positive updates from the ongoing SEC cases against Ripple and Coinbase should provide support. A return to $1,650 would give the bulls a run at the 50-day EMA and the $1,746 resistance level.

However, investors are looking toward the Spot ETF market for further investor inflows. Delays to the BTC-Spot ETF market would further delay the chances of an ETH-Spot ETF market.

Looking at the 14-Daily RSI, 36.95 supports a return to sub-$1,600 before entering oversold territory.