Market Signal Briefing

Mercantile Bank Corporation (MBWM) Q4 2025 Earnings Call January 20, 2026 10:00 AM EST

Company Participants

Nichole Kladder
Raymond Reitsma - President, CEO & Director
Charles Christmas - Executive VP, CFO & Treasurer

Conference Call Participants

Daniel Tamayo - CGS International
Brendan Nosal - Hovde Group, LLC, Research Division
Nathan Race - Piper Sandler & Co., Research Division
Damon Del Monte - Keefe, Bruyette, & Woods, Inc., Research Division
John Rodis - Janney Montgomery Scott LLC, Research Division

Presentation

Operator

Good morning, and welcome to the Mercantile Bank Corporation 2025 Fourth Quarter Earnings Results Conference Call. [Operator Instructions]. Please note, this event is being recorded.

I would now like to turn the conference over to Nichole Kladder, Chief Marketing Officer of Mercantile Bank. Please go ahead.

Nichole Kladder

Hello, and thank you for joining us. Today, we will cover the company's financial results for the fourth quarter of 2025. The team members joining me this morning include Ray Reitsma, President and Chief Executive Officer; as well as Chuck Christmas, Executive Vice President and Chief Financial Officer.

Our agenda will begin with prepared remarks by both Ray and Chuck and will include references to our presentation covering this quarter's results. You can access a copy of the presentation as well as the press release sent earlier today by visiting mercbank.com.

After our prepared remarks, we will then open the call to your questions. Before we begin, it is my responsibility to inform you that this call may involve certain forward-looking statements such as projections of revenue, earnings and capital structure as well as statements on the plans and objectives of the company's business.

The company's actual results could differ materially from any forward-looking statements made today due to factors described in the company's latest Securities and Exchange Commission filings. The company assumes no obligation to

Economic strength, encouraging service activities, and increased adoption and success of the work-from-home trend enable the Zacks Business - Servicesindustry players to support the demand environment.

Driven by these positives, investors interested in the industry would do well to focus on stocks like Wolters Kluwer (WTKWY - Free Report) , APi Group (APG - Free Report) and Rentokil Initial (RTO - Free Report) .

About the Industry The Zacks Business-Services industry includes companies that deliver diverse offerings, such as specialty rentals, supply chain solutions, e-commerce support, technology services, document and data management, digital audience measurement, voice and analytics services and business transformation solutions. The pandemic reshaped how these firms operate and interact with clients. In response, the industry's current emphasis is on streamlining operations through digital transformation, technology integration, data-driven strategies and stronger cybersecurity. As the economy recovers, service providers are actively refining their strategic approaches to capitalize on emerging opportunities. This involves reassessing business priorities, pinpointing growth drivers, and targeting specific end markets to remain competitive and agile in a transformed business landscape.

What's Shaping the Future of the Business Services Industry? Strong Service Activities: The sector continues to draw strength from sustained and evolving service-driven activity. In December, the Services PMI, as reported by the Institute for Supply Management, came in at 54.4%, closing out 2025 on a strong note with its 10th month of expansion and the highest reading recorded during the year.

Demand Stability: Having evolved into a mature and resilient ecosystem, the industry continues to experience consistent demand for its services. In this post-pandemic era, revenues, operating income and cash flows have not only recovered but surpassed pre-pandemic levels. This financial strength will position most industry players to sustain dividend payouts, reinforcing long-term investor confidence in a structurally sound and future-ready sector.

AI Advancement: The rapid advancement and adoption of artificial intelligence and automation technologies are reshaping how business services are delivered. While these innovations promise enhanced efficiency, cost reduction and faster turnaround times, they also pose challenges such as workforce displacement and the need for constant upskilling. Companies that effectively integrate AI while managing the human impact will likely lead the future of the industry.

Zacks Industry Rank Indicates Solid Near-Term Prospects The Business-Services industry is housed within the broader Business Services sector. It carries a Zacks Industry Rank #84, which places it in the top 34% of 244 Zacks industries.

The group’s Industry Rank, which is the average of the Zacks Rank of all the member stocks, indicates solid near-term growth prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than two to one.

Before we present a few stocks that you may want to consider for your portfolio, let’s take a look at the industry’s recent stock-market performance and current valuation.

Industry's Price Performance The Zacks Business Services industry has underperformed the broader sector and the S&P 500 over the past 12 months.

The industry has declined 14% compared with the S&P 500 composite’s growth of 17% and the broader sector’s 13% drop.

One-Year Price Performance

Industry's Current Valuation Price to Forward 12-Month P/E Ratio

Based on the forward 12-month price-to-earnings (P/E) ratio, which is commonly used for valuing business-services stocks, the industry is currently trading at 17.95X compared with the S&P 500’s 23.28X and the sector’s 20.1X.

Over the past five years, the industry has traded as high as 26.62X and as low as 17.95X, with the median being 23.36X, as the charts below show.

3 Service Stocks in Focus We have presented three stocks that are well-positioned to grow in the near term.

Wolters Kluwer: This provider of professional information, software solutions and services is benefiting from steady execution and strengthening momentum across key growth engines. The company delivered solid organic growth over the first nine months of 2025, with an acceleration in the third quarter driven by its Health, Tax & Accounting, and Corporate Performance & ESG segments. This pickup underscores resilient demand for its mission-critical solutions and the effectiveness of its product strategy.

Continued investment in cloud-native, integrated platforms positions WTKWY well for scalable, long-term growth, while the launch of advanced AI enhancements reinforces its leadership in intelligent workflow solutions. Additionally, recent partnerships and acquisitions are progressing well, expanding capabilities and market reach. Management’s confidence, reflected in the reaffirmation of full-year guidance, further signals operational stability and clear visibility into ongoing growth trends.

The Zacks Consensus Estimate for 2025 bottom line has increased nearly 1% to $6.85 in the past 60 days. APG shares have gained 36% in the past year.

WTKWY currently sports a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

APi Group: This provider of safety and specialty services worldwide expects strong momentum across its global platform in 2026, reflecting the durability and scalability of its operating model.

The company is accelerating organic growth while expanding adjusted EBITDA margins, signaling improving operating leverage. Growth in recurring inspection, service, and monitoring revenues enhances earnings visibility and business stability, while a record backlog provides a solid runway for future growth. Improving free cash flow generation further strengthens financial flexibility and supports disciplined capital allocation. APi’s inspection and service-first strategy, combined with purpose-driven leadership, positions the company for sustained organic growth and margin expansion. Management’s confidence in achieving its new 10/16/60+ financial targets underscores execution strength and reinforces APi Group’s long-term value creation potential for shareholders.

APG currently sports a Zacks Rank #2. The Zacks Consensus Estimate for 2025 bottom line has increased marginally to $1.44 in the past 60 days.

Rentokil: This essential hygiene, pest control, and workplace services provider is executing steadily and continues to progress across its key markets. The company benefited from ongoing improvements in sales execution and an evolving digital marketing strategy, which have driven stronger lead generation and overall sales momentum in North America.

Its satellite branch expansion remains on schedule, while the gradual integration of commercial branches and ongoing cost efficiency initiatives underline disciplined management. Together, these actions demonstrate Rentokil’s ability to strengthen its competitive position, enhance operational effectiveness and sustain growth momentum across both its North American and international businesses.

RTO carries a Zacks Rank #2. The Zacks Consensus Estimate for 2025 EPS has increased 1.4% to $1.44 in the past 60 days.

Key Takeaways HBAN is set to report Q4 results Jan. 22, with revenues and earnings expected to rise year over year.Higher expenses and a sequential decline in total non-interest income may weigh down HBAN's results.HBAN expects the Veritex integration to add nearly $20M in core pre-provision net revenue in Q4 2025. Huntington Bancshares Incorporated (HBAN - Free Report) is slated to report fourth-quarter and full-year 2025 results on Jan. 22, before the opening bell. The company’s quarterly revenues and earnings are expected to have increased year over year.

In the last reported quarter, the bank’s results reflected improvements in net interest income (NII) and fee income. Also, an increase in average loan and deposit balances supported the results. However, an increase in non-interest expenses acted as a headwind.

HBAN has an impressive earnings surprise history. Its earnings surpassed the Zacks Consensus Estimate in three of the trailing four quarters and matched once, the average beat being 6.2%.

HBAN’s Recent DevelopmentsEarlier this month, Huntington Bancshares received shareholder approvals for its $7.4 billion all-stock acquisition of Cadence Bank, which is expected to close on Feb. 1, 2026, subject to customary closing conditions. The transaction will further expand HBAN’s footprint across the southern United States and enhance its scale in several high-growth metropolitan areas, including Austin, Atlanta, Nashville, Orlando and Tampa.

In October 2025, the company completed its previously announced $1.9 billion all-stock merger with Veritex Holdings, significantly strengthening its presence in high-growth Texas markets, including Dallas–Fort Worth and Houston. Management expects the Veritex integration to contribute about $20 million in core pre-provision net revenue in the fourth quarter of 2025. Following the acquisition, the company also raised its 2025 net interest income growth outlook to 10%–11% from the previously stated guidance of 8%–9%, supported by stronger loan and deposit growth, particularly in Texas.

Now, let us discuss the factors that are likely to have influenced Huntington Bancshares’ fourth-quarter performance.

Key Factors & Estimates for HBAN’s Q4 PerformanceLoans & NII: The Federal Reserve lowered interest rates twice during the fourth quarter of 2025, including a 25-basis point cut late in the quarter. While asset yields likely remained relatively elevated for most of the period, stabilizing funding and deposit costs are expected to have supported HBAN’s NII.

The Zacks Consensus Estimate for NII is pegged at $1.61 billion, indicating an 8.6% increase from the prior-quarter reported level.

Per the Fed’s latest data, demand for commercial and industrial and consumer loans remained solid during the fourth quarter of 2025. This is expected to have supported Huntington Bancshares’ average interest-earning asset growth. The Zacks Consensus Estimate for average total earnings assets of $203.1 billion for the to-be-reported quarter indicates a 5.4% rise from the prior quarter’s reported level.

Non-Interest Income: Despite a decline in mortgage rates during the fourth quarter of 2025 from early-year levels, refinancing and origination activity did not witness significantly. As a result, HBAN’s mortgage revenue is expected to have remained under pressure in the quarter to be reported.

The Zacks Consensus Estimate for mortgage banking income is pegged at $35.5 million, suggesting a 17.4% fall from the prior quarter’s reported figure.

Global mergers and acquisitions (M&As) activity strengthened in the fourth quarter of 2025, rebounding from the lows witnessed in April and May following the announcement of “Liberation Day” tariff plans. As corporates adjusted to the evolving geopolitical and macroeconomic environment, deal-making activity picked up. Consequently, the company’s capital markets and advisory fees are expected to have increased during the quarter.

The Zacks Consensus Estimate for capital markets and advisory fees is pegged at $104.3 million, indicating a 10.9% rise on a sequential basis.

The Zacks Consensus Estimate for wealth and asset management revenues is pegged at $105.4 million, suggesting a 1.5% rally from the prior quarter's reported figure.

The consensus estimate for customer deposit and loan fees for the fourth quarter is pegged at $105.4 million, indicating 3.3% sequential growth.

The consensus mark for insurance income of $19.7 million implies a 1.6% decline from the prior quarter's reported figure.

The consensus estimate for total non-interest income is pegged at $601.8 million, indicating a 4.2% decline from the prior quarter’s reported level.

Expenses: Huntington Bancshares’ higher expenses from outside data processing and other services, along with deposit and marketing expenses, are anticipated to have raised its costs in the fourth quarter. Additionally, the bank’s ongoing efforts to expand its commercial banking capabilities in high-growth markets by adding more branches are expected to have increased expenses.

While efficiency initiatives are expected to have reduced expenses to some extent, long-term investments in key growth initiatives, along with acquisition-related expenses, are likely to have kept the company’s expense base higher.

Asset Quality: HBAN is likely to have set aside higher reserves, particularly within its commercial loan portfolio, amid a slowdown in job growth that could weigh on consumer demand and lead to higher delinquencies.

The Zacks Consensus Estimate for total non-accrual loans of $896 million indicates a 10.9% increase from the prior quarter's reported figure. The Zacks Consensus Estimate for total non-performing assets is pegged at $821 million,unchanged from the prior quarter’s reported level.

What Does Our Model Unveil for HBAN?Our proven model does not predict an earnings beat for Huntington Bancshares this time. The combination of a positive Earnings ESP and Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the odds of an earnings beat. That is not the case here, as you can see below.

You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.

Earnings ESP: Huntington Bancshares has an Earnings ESP of -0.76%.

Zacks Rank: HBAN currently carries a Zacks Rank of 3.

The Zacks Consensus Estimate for Huntington Bancshares’ fourth-quarter earnings of 39 cents per share has been unchanged over the past seven days. The figure suggests a 14.7% rise from the year-ago reported number.

The consensus estimate for revenues is pegged at $2.2 billion, indicating a year-over-year rally of 12.3%.

HBAN’s 2025 OutlookHuntington Bancshares expects average loans to grow 8% on a standalone basis and 9%–9.5% including Veritex in 2025, from the $124.5 billion reported in 2024.

Average deposits are projected to increase 5.5% on a standalone basis and 6.5%–7% including Veritex, from the $155.1 billion reported in 2024.

NII is anticipated to rise 10%–11% year over year from $5.34 billion reported in 2024.

Adjusted non-interest income, excluding notable items, is expected to grow 7% year over year from $2.08 billion reported in 2024.

For 2025, adjusted non-interest expenses, excluding notable items, are projected to increase 6.5% year over year from $4.51 billion reported in 2024.

Net charge-offs are estimated to be in the range of 20–30 basis points.

Stocks to ConsiderHere are a couple of other bank stocks that you may want to consider, as our model shows that these also have the right combination of elements to post an earnings beat this time around.

The Earnings ESP for East West Bancorp (EWBC - Free Report) is +0.15%, and it carries a Zacks Rank #3 at present. The company is slated to report fourth-quarter and full-year 2025 results on Jan. 22. You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past seven days, the Zacks Consensus Estimate for EWBC’s quarterly earnings has been unchanged at $2.48 per share.

Truist Financial (TFC - Free Report) is scheduled to report fourth-quarter and full-year 2025 results on Jan. 21, 2026, before the opening bell. The company has an Earnings ESP of +0.88% and a Zacks Rank #3 at present.

Quarterly earnings estimates for TFC have been unchanged at $1.09 per share over the past week.

Key Takeaways OWLT is expanding beyond a single device by pairing wearables and cameras to create a more connected nursery. Owlet launched the Dream Sight camera in Q3 2025, a third-generation monitor with enhanced security. OWLT is using Dream Sock and camera bundles to drive multi-device adoption and incremental sales. Owlet, Inc. (OWLT - Free Report) is broadening its product ecosystem as part of a strategy to move beyond a single-device offering and address a wider set of infant monitoring needs. The company is expanding its hardware lineup to create a more connected nursery experience, aiming to support adoption across multiple stages of early childhood.

Owlet’s ecosystem centers on pairing wearable and camera-based devices to deliver a more holistic view of infant wellness. The company continues to build around its core Dream Sock platform while introducing complementary products designed to increase engagement within the home. This approach allows Owlet to serve parents seeking both biometric tracking and visual monitoring, rather than relying on one category alone.

In the third quarter of 2025, the company highlighted the launch of the new Dream Sight camera, its third-generation video baby monitor. The device is positioned as a more advanced and reliable offering, featuring enhanced security and onboard capabilities intended to support future feature expansion. The launch contributed to broader ecosystem momentum, alongside continued strength in the Dream Sock franchise.

Owlet also emphasized the role of bundled offerings, such as combining the Dream Sock with camera products, to encourage multi-device adoption. This strategy opens incremental sales opportunities while reinforcing the value of Owlet’s platform approach. In addition, the company pointed to strong consumer interest across retail channels, supported by new product introductions and expanded distribution.

Looking ahead, Owlet’s ability to drive growth through new devices will depend on execution, product differentiation and sustained demand. If adoption continues to broaden across its ecosystem, hardware expansion could remain an important contributor to overall growth.

Owlet’s Competitive LandscapeCompetition in connected infant monitoring and digital health remains intense, with companies such as Masimo (MASI - Free Report) and iRhythm Technologies (IRTC - Free Report) shaping adjacent parts of the broader monitoring market.

Masimo is a leader in medical-grade pulse oximetry and patient monitoring, with a strong presence in hospitals and deep expertise in hardware reliability. While Masimo operates primarily in clinical settings, its scale highlights the technical complexity and investment required to develop high-quality monitoring devices.

iRhythm Technologies operates in remote cardiac monitoring and offers a useful comparison from a product ecosystem perspective. The company combines proprietary devices with long-term monitoring services, illustrating how expanding device use cases can support sustained engagement over time.

Against these peers, Owlet remains more narrowly focused on infant monitoring, but its strategy of pairing wearable and camera-based devices targets a specific and growing niche. If execution remains strong, a broader device ecosystem could help Owlet deepen household adoption and compete effectively within its segment.

OWLT’s Price Performance & EstimatesShares of Owlet have surged 77.1% in the past six months, outperforming the Zacks Electronics - Miscellaneous Products industry’s 30.1% growth and the Zacks Computer and Technology sector’s 15.9% rise.
 

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for OWLT’s 2026 loss has narrowed to 25 cents from 48 cents in the past 30 days. The company is expected to report 12 cents loss per share in 2025.

Image Source: Zacks Investment Research

OWLT currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

DKS posts another strong quarter with 5.7% comps growth in Q3, expanding experiential stores and entering the holiday season with raised guidance.

Key Takeaways FAST reported Q4 EPS of $0.26 and $2.03B in sales, matching estimates and rising over 11% year over year.Growth was fueled by contract customers, fastener expansion, and strength in manufacturing end markets.Gross margin fell 50 bps to 44.3% due to pricing headwinds, but operating margin edged up to 19.0%. Fastenal Company (FAST - Free Report) reported fourth-quarter 2025 results that came in line with the Zacks Consensus Estimate for both earnings and revenues, supported by steady contract customer momentum and improved operating leverage. Still, margin pressures and cautious investor sentiment weighed on the stock, with shares down 5.4% in pre-market trading on Tuesday following the announcement.

FAST’s Q4 Revenues & Earnings PerformanceFastenal reported earnings per share (EPS) of 26 cents, in line with the Zacks Consensus Estimate, but up 12.2% year over year from 23 cents in the prior-year quarter. Net income increased to $294.1 million from $262.1 million a year ago.

Quarterly net sales came in at $2.03 billion, meeting the Zacks Consensus Estimate but climbing 11.1% year over year. Average daily sales rose 11.1% year over year to $32.2 million, driven by higher unit volumes, continued growth in customer sites spending more than $10,000 per month, and a favorable pricing contribution of roughly 310–340 basis points (bps). Foreign exchange added about 20 bps to sales growth during the quarter.

Margin Trends: Mixed but StableGross profit totaled $898.7 million, up 9.8% year over year, while gross margin declined 50 bps to 44.3%. The contraction reflected timing-related cost of goods sold, lower supplier rebate timing, and a slight price-cost headwind. These pressures were partially offset by benefits from the fastener expansion project and supplier-focused initiatives.

Selling, general and administrative expenses improved to 25.4% of sales from 25.9% a year ago. As a result, operating profit rose to $384.3 million, with operating margin expanding modestly to 19% from 18.9% last year.

Segment & Customer HighlightsDuring the fourth quarter of 2025, Fastenal reported broad-based growth across product categories, supported by strength in manufacturing customers and benefits from the fastener expansion project. Direct products, which include fasteners, cutting tools and other production-related items, recorded daily sales growth of 13.1% year over year and accounted for 38.4% of net sales, up from 37.8% in the year-ago quarter. Growth was led by direct fasteners and hardware, which rose 12.1% year over year and represented 20.4% of sales. Indirect products, comprising safety supplies and other MRO-related items, posted daily sales growth of 10.1% and made up 61.6% of net sales, slightly lower than last year.

From an end-market perspective, manufacturing remained the primary growth driver. The daily sales rate of heavy manufacturing increased 12.6% year over year, accounting for 42.9% of total sales, while other manufacturing grew 13.0%, representing 32.5% of sales. Combined manufacturing end markets contributed 75.4% of net sales, up from 74.3% a year ago. Non-residential construction daily sales rose 9.9% year over year, while other end markets grew 4.6%, reflecting continued softness among reseller customers partially offset by strength in transportation and data center demand.

Fastenal’s digital channels continued to gain scale in the quarter. Sales through FMI technology increased 16.6% year over year, representing 46.1% of net sales, driven by higher FASTBin and FASTVend activity and ongoing customer migrations to digital stocking solutions. eBusiness sales grew 6.3% year over year, accounting for 29.6% of total sales. Overall, Digital Footprint sales rose to 62.1% of net sales, remaining relatively stable compared with the year-ago period and underscoring the company’s continued shift toward technology-enabled distribution.

2025 HighlightsIn 2025, Fastenal delivered steady revenue and earnings growth despite a sluggish industrial environment. Net sales rose 8.7% year over year to $8.20 billion, supported by higher unit volumes, pricing actions and continued strength in contract customers, with average daily sales up 9.1%.

On the bottom line, EPS increased 9.2% to $1.09, reflecting operating leverage and cost discipline. Gross margin slipped slightly to 45.0%, while operating margin improved to 20.2% on better SG&A leverage. Overall, results underscore Fastenal’s ability to drive earnings growth and sustain healthy margins while expanding its digital and FMI platforms.

Balance Sheet & Capital AllocationFastenal ended 2025 with $276.8 million in cash and cash equivalents versus $255.8 million at 2024-end. Long-term debt stood at $100 million, down from $125 million a year earlier, reflecting continued balance-sheet discipline. Total liquidity remained solid, supported by strong operating cash flow of $368.1 million in the quarter (up from $282.8 million a year ago) and $1.3 billion (up from $1.2 billion in 2024).

The company returned $252.6 million to shareholders via dividends during the quarter. No share repurchases were made in 2025.

FAST’s Outlook & CommentaryManagement reiterated confidence in long-term growth drivers, including contract customer wins, FMI adoption, and digital expansion. For 2026, Fastenal expects higher capital spending to support distribution capacity, technology investments, and logistics efficiency, while continuing to navigate a sluggish industrial production backdrop.

FAST’s Zacks RankFastenal currently carries a Zacks Rank #3 (Hold).

Key PicksSome better-ranked stocks from the Industrial Products sector are Core & Main, Inc. (CNM - Free Report) , Kennametal Inc. (KMT - Free Report) and Alcoa Corporation (AA - Free Report) .

Core & Main currently sports a Zacks Rank #1 (Strong Buy). The company’s revenues and EPS are expected to grow 3% and 8.8% for fiscal 2026, respectively. You can see the complete list of today’s Zacks #1 Rank stocks here.

Kennametal currently carries a Zacks Rank #1. The company’s revenues and EPS are expected to grow 5.6% and 19.4% for fiscal 2026, respectively.

Alcoa currently carries a Zacks Rank #1. The company’s revenues and EPS are expected to grow 8.5% and 36.2% for 2026, respectively.

Tether and Laos-based exchange Bitqik have launched a joint initiative to promote education around bitcoin and stablecoins. The program aims to reach more than 10,000 people across Laos through events and online learning in 2026.

MSTR stock price dropped by over 7.3% on Tuesday after Strategy revealed its latest Bitcoin purchase.

Summary

MSTR stock price crashed by over 7% on Tuesday. Strategy announced that it bought over 22,000 coins worth over $2.13 billion. Bitcoin price dropped below the important support level at $90,000. Strategy shares tumbled to $161, a few points above the key support level at $149.75, its lowest level this year. It has now dropped by over 70% from its all-time high.

In a statement, Michael Saylor said that the company accumulated 22,305 Bitcoins (BTC) last week. It spent $2.13 billion to fund this purchase, raising the money by selling its common shares. 

Strategy now holds 709,715 coins valued at over $64 billion, and management expects the accumulation to continue. According to the SEC filing, Strategy has room to purchase more Bitcoin due to its large pool of approved shares.

Therefore, the MSTR stock price dropped because of the ongoing Bitcoin price crash, which pushed it below the key support level at $90,000 for the first time in weeks.

Bitcoin dropped amid ongoing geopolitical issues, including President Donald Trump’s threat to impose huge tariffs on European goods. While European officials have sought to de-escalate the issue, they have also warned that they will retaliate, including by triggering the anti-coercion instrument.

Bitcoin’s price also dived due to events in Japan, where government bond yields surged to the highest level in decades. There are signs that the Bank of Japan will continue hiking interest rates to combat inflation and the falling value of the Japanese yen.

These worries explain why the US stock market continued to fall, with the Dow Jones Industrial Average falling by over 550 points and the Nasdaq 100 diving by over 320 points.

The MSTR stock has also cratered as its premium continued falling. Data show that the market capitalization-based net asset value dropped to 0.721, while the enterprise value-based net asset value fell to 0.95.

MSTR stock price technical analysis  Strategy stock chart | Source: crypto.news The daily timeframe chart shows that the Strategy stock price has pulled back in the past few months, moving from a high of $456 in July to the current $160.

It has remained below all moving averages, while the Supertrend indicator has remained in the red. 

The stock has also formed a bearish flag pattern, a common continuation sign in technical analysis. 

Therefore, a drop below the key support level at $149 will confirm the bearish outlook and possibly get to the support at $100.

2 mins mins

Key Insights:

Strategy bought 22,305 BTC with ATM stock proceeds, paying an average of $95,284 per coin. Total bitcoin holdings now reach 709,715 BTC, acquired for $53.92B at $75,979 average price. Common and preferred stock sales raised over $2.1B to support the recent bitcoin purchase. Strategy Buys $2.1B in Bitcoin, Holdings Now 709K BTC Strategy Inc has reported the purchase of 22,305 bitcoin between January 12 and January 19, 2026. The company paid around $2.13 billion in total, with the average price per bitcoin listed at $95,284. These figures include all related costs and fees.

The purchase was disclosed in a regulatory filing dated January 20, 2026. Funds for the bitcoin were raised through the company’s active at-the-market equity offering.

Total Holdings Reach 709,715 Bitcoin Following this latest acquisition, Strategy now holds 709,715 bitcoin. The total cost of the company’s bitcoin reserve is approximately $53.92 billion, bringing the average price across all purchases to $75,979 per bitcoin.

This data was published in the company’s Form 8-K filed with the U.S. Securities and Exchange Commission. Bitcoin purchases are tracked and updated through regular filings and public channels maintained by the company.

Stock Sales Support Bitcoin Strategy In the same period, Strategy sold shares under its ATM program to fund ongoing investments. This included the sale of 10.4 million shares of Class A common stock, generating $1.83 billion in net proceeds. Additional preferred shares were sold, including 2.94 million shares of STRC stock, adding $294.3 million.

Figures in the filing reflect gross notional values and net proceeds after commissions.

Information Available via Company Dashboard Strategy confirmed that its website dashboard remains active as a public channel for updates. This includes real-time information on bitcoin holdings, stock activity, and other key metrics. The company noted that “investors and others are encouraged to regularly review the information” posted there.

The website is used to support open access to current information and is one of several methods Strategy uses to meet its disclosure responsibilities.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Rate this post

Funded by Solayer Labs and Solayer Foundation, the effort targets onchain apps with revenue and high usage potential.

Bitcoin, Ethereum, and XRP have all moved lower over the past few weeks as the broader crypto market cooled after a strong start to the year. Bitcoin slipped back from highs near $98,000, Ethereum fell below $3,100, and XRP retreated from above $2.10 to around the $1.95 level.

The pullback shows a weaker risk appetite, profit-taking after January gains, and a broader slowdown across digital assets rather than problems specific to any one token.

XRP Still Holds Up Better Than Many PeersDespite the recent decline, XRP has remained relatively resilient compared with other large cryptocurrencies. The token rose more than 20% earlier in January and briefly overtook BNB to become the third-largest cryptocurrency by market value, excluding stablecoins.

While prices have since pulled back, analysts say that XRP has been a quieter outperformer over recent months, with steadier investor flows during periods when Bitcoin and Ethereum funds saw outflows.

Why XRP Is Being Watched CloselyXRP’s use case is focused on payments, particularly cross-border settlement. Ripple designed the token to act as a bridge between currencies, allowing funds to move between countries in seconds rather than days.

This sets XRP apart from Bitcoin’s store-of-value narrative and from stablecoins, which are tied directly to fiat currencies. Supporters argue that XRP targets financial infrastructure rather than speculative trading.

Regulatory Pressure Has EasedA change for XRP came in August 2025, when the long-running legal case between Ripple and the U.S. Securities and Exchange Commission formally ended. The closure removed a major source of uncertainty that had weighed on the token for years.

Since then, Ripple has expanded licensing across dozens of jurisdictions, making it easier for banks and payment firms to work with its network.

Breaking Down the Current Market AnalysisShort-term trend: All major cryptocurrencies are under pressure as risk sentiment weakens. XRP’s drop below $2 has come alongside falling trading volume, suggesting reduced short-term momentum.

Medium-term structure: XRP is stabilizing after recent selling, with buyers defending key support levels. They argue that XRP may begin moving more independently from Bitcoin if institutional demand remains steady.

Long-term view: Others point to XRP’s long accumulation phase and gradual adoption by financial institutions. From this perspective, XRP’s slower growth is seen as maturity rather than weakness.

Risks That RemainXRP still faces challenges. Ripple controls a large share of the token supply through escrow, raising concerns about centralization. Regulatory risk has declined but has not disappeared, and future policy changes could still affect the market.

Like the rest of crypto, XRP also remains sensitive to global macro conditions, including interest rates, trade tensions, and investor appetite for risk.

The Question Heading Into 2026With Bitcoin, Ethereum, and XRP all under pressure in recent weeks, markets are looking for signs of which assets can recover first. XRP’s supporters believe its payments-focused design and improved regulatory standing give it an edge.

Whether that is enough to make XRP the standout trade of 2026 will depend on whether real-world adoption continues to grow as speculative activity fades.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

Sponsored and Advertisements:Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.

Trend Research has increased its ETH holdings to 636,815 ETH, valued at $1.98 billion at current prices. Onchain data shows that the firm bought 9,939 ETH for $30.85 million and sent it to Aave V3 before borrowing an additional $20 million in USDT to buy more Ethereum.

Hong Kong-based investment Trend Research has bought more Ethereum, according to onchain data from blockchain explorer and blockchain analytics platform Arkham Intelligence. The firm borrowed $30 million in USDT from Aave, a DeFi lending and borrowing platform, and bought 9,939 ETH for about $30.85 million from Binance.

Trend Research and BitMine buy more Ethereum as the crypto market dips  Trend Research has bought 9,939 $ETH worth $30.85M from #Binance and supplied it into #Aave V3 and borrowed $20M $USDT to buy more $ETH.

They now hold 636,815 $ETH, valued at $1.98Bhttps://t.co/xvp499tawt pic.twitter.com/AM8HL1CiW0

— Onchain Lens (@OnchainLens) January 20, 2026

Trend Research transferred the newly bought 9,939 ETH to Aave and then borrowed an additional $20 million in USDT to buy more ETH. The firm now has 636,815 ETH in its books, valued at $1.98 billion at current ETH prices.

Trend’s founder, Jack Yi, said last year that he was optimistic about crypto’s performance in the first half of 2026 and pledged to continue purchasing Ethereum until the bull market arrives.

On December 12, Trend Research wrote on X that it was staying bullish on ETH after the 1011 market crash and “remain optimistic about the future” due to the increased integration of crypto assets into traditional finance.

Bitmine Immersions Technologies also announced it bought more Ethereum. A press release dated January 20 detailed that the crypto company had bought an additional 35,268 ETH in the last week. According to Thomas Lee, Chairman of Bitmine, Ethereum’s price ratio to Bitcoin has been rising since mid-October, indicating that investors have recognized tokenization and other use cases being developed by Wall Street on the Ethereum network. 

Lee also emphasized that BitMine “has staked more ETH than other entities in the world” and added that the company’s “ETH staking fee is $374 million annually,” exceeding $1 million per day. 

A recent Cryptopolitan report dated January 20 highlighted that BitMine recently staked about 86,848 ETH, bringing its total staked ETH to 1.77 million ETH worth roughly $5.66 billion. The publication also noted that Ethereum supply on exchanges has declined and reported that the growing institutional demand for Ethereum from ETFs and public companies such as BitMine is the root cause of the supply squeeze.

According to Coingecko, a crypto data platform, BitMine Immersions leads all publicly listed companies in Ethereum holdings. The company has 4,203,036 ETH valued at $12.73 billion at current prices, and its ETH holdings represent 3.48% of Ethereum’s total supply. 

The data also shows that BitMine has added 235,826 ETH to its books in the last 30 days. According to data from Bitcoin Treasuries, BitMine holds 192 Bitcoins, valued at $17.39 million, and ranks 86th among the world’s largest corporate Bitcoin holders.

Spot Ethereum ETFs buy $584M worth of ETH as ETH prices dip U.S.-listed spot Ethereum exchange-traded funds have also added more Ethereum. The funds have accumulated $479.04 million in ETH in the last five days, according to data from the ETF tracking website SosoValue.

The data also shows that the ETFs received $584.91 million in inflows in January alone, with the month’s highest inflow of $175 million recorded on January 14. The funds hold $20.43 billion in Ethereum, representing about 5.14% of the crypto asset’s market capitalization.

Despite institutions’ massive buying activity, Ethereum has declined by 6.05% over the last 24 hours, bringing its seven-day decline to 4.46%.

Data from CoinGecko shows that the crypto asset is currently trading at $3,019 and is up 2.13% year-to-date at the time of this publication.

Sharpen your strategy with mentorship + daily ideas - 30 days free access to our trading program

BitMine Immersion Technologies Inc. (NYSE:BMNR) on Tuesday dropped 7% despite revealing it now owns 4.203 million Ethereum (CRYPTO: ETH), representing 3.48% of all ETH in existence.

BitMine Now Owns 3.48% Of All EthereumBitMine disclosed total crypto and cash holdings of $14.5 billion as of January 19, comprised of 4.203 million ETH at $3,211 per token, 193 Bitcoin (CRYPTO: BTC), $22 million in Eightco Holdings (NASDAQ:ORBS), and $979 million in cash.

The company acquired 35,268 ETH in the past week alone, maintaining aggressive accumulation despite the stock’s 80% collapse from June’s $140 peak.

BitMine now controls 3.48% of Ethereum’s total supply of 120.7 million tokens—nearly 70% of the way to chairman Thomas “Tom” Lee’s stated goal of acquiring 5% of all ETH.

Shareholders Approve Share Increase Despite Stock CollapseDespite the stock trading near lows, BitMine stockholders voted overwhelmingly to support management’s plans at the January 15 annual meeting.

A critical vote to increase authorized shares passed with 81% approval, representing 52.2% of all outstanding shares voting in favor.

“We view the fact that 81% of votes cast favored increasing authorized shares as a message from BitMine stockholders that they understand our accretive ETH accumulation strategy,” Lee said.

The company has now over 500,000 individual stockholders and emphasized it has not sold shares below modified net asset value (mNAV), a key metric for treasury companies.

$200M Beast Industries Investment Adds Creator Economy ExposureBeyond crypto accumulation, BitMine invested $200 million into Beast Industries on January 15, targeting the creator economy through MrBeast, whose bi-monthly videos average 250 million views—matching Super Bowl audiences.

Lee noted MrBeast’s content scores 13.1 in usage metrics versus Disney’s 9.7 and Netflix’s 8.7. 

“His audience is 35% larger than all of Disney’s media and 50% larger than Netflix,” Lee said.

Staking Revenue Could Hit $374M AnnuallyBitMine has staked 1.838 million ETH worth $5.9 billion, up 581,920 ETH in the past week.

Once all 4.2 million ETH gets staked through MAVAN (Made in America Validator Network) launching Q1, the company projects annual staking revenue of $374 million—over $1 million per day.

Why ETH Over BitcoinLee explained the Ethereum bet centers on Wall Street’s adoption of tokenization and institutional use cases being built on Ethereum’s blockchain.

“Ethereum’s price ratio to Bitcoin, or ETHBTC, has been steadily climbing since mid-October,” Lee said. 

“This reflects investors recognizing tokenization and other use cases being developed by Wall Street are being built on Ethereum,” he added.

The Ethereum Foundation listed 35 examples of major financial institutions building on Ethereum recently.

Stock Breaks Triangle Support Despite Bullish Holdings Data

Despite the positive announcements, BMNR dropped around 7% and broke below $31 support that held since December.

The stock formed a descending triangle between $28-34. Today’s breakdown confirms bearish continuation, projecting targets toward $24-26.

BMNR trades below all moving averages: 20-day at $31.04, 50-day at $33.95, 100-day at $36.24, and 200-day at $33.18.

Critical levels for BMNR Ahead Immediate support: $28.99 Major support: $24.43 (December low) Breakdown risk: $20 if $24 fails First resistance: $31.04 (must reclaim immediately) Major resistance: $34.74, then $36.37 The stock needs to reclaim $31 immediately to invalidate today’s breakdown. Loss of $28.99 opens a direct path to retest $24.43.

Image: Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

TLDR: Pendle achieved $5.7 billion average TVL in 2025, up 76% year-over-year with peak of $13.4 billion New sPENDLE token features protocol revenue buybacks and 14-day withdrawals or instant 5% fee option Platform generated $44.6 million in total fees during 2025, marking 134% increase from previous year Boros rates trading venue reached $6.9 billion open interest just four months after official launch Pendle has introduced sPENDLE, a major upgrade to its native token designed to enhance liquidity and diversify revenue streams.

The world’s largest crypto yield trading platform achieved $5.7 billion in average total value locked during 2025, marking a 76% year-over-year increase. 

This development positions Pendle alongside leading DeFi protocols while expanding its capabilities in onchain yield and rates trading.

Platform Achieves Record Growth Across Key Metrics Pendle recorded substantial growth throughout 2025, reaching a peak total value locked of $13.4 billion. 

The platform generated approximately $44.6 million in total fees, representing a 134% increase from the previous year. Holders’ revenue climbed to $34.9 million during this period.

Monthly notional trading volume averaged $54 billion over a 90-day trailing period. Daily volumes frequently reached nine-figure amounts, demonstrating consistent demand for fixed yield products. 

These metrics place Pendle among major DeFi protocols including Uniswap, Aave, and Hyperliquid in terms of market presence.

The platform has established itself as a primary venue for tokenized yield trading. Reported realized fees and liquidity depth surpassed several comparable platforms operating in the fixed income sector. 

This performance reflects growing institutional and retail interest in structured yield products within decentralized finance.

TN Lee, co-founder and CEO of Pendle, emphasized the strategic importance of the upgrade. “This upgrade is a structural improvement as we scale both Pendle and Boros,” Lee stated. 

He added that the goal has always been to bring the efficiency and scale of traditional fixed income markets into DeFi, making Pendle a more robust and institution-ready yield infrastructure.

Token Architecture Introduces Enhanced Flexibility The sPENDLE upgrade implements several operational changes to improve user experience and capital efficiency. Protocol revenue will fund PENDLE token buybacks, with distributions directed to active sPENDLE holders. 

This mechanism creates a direct value flow between platform performance and token holder benefits.

The new liquidity model features a 14-day withdrawal period for standard redemptions. Alternatively, users can access instant redemption by accepting a 5% fee. This dual-option structure balances liquidity needs with protocol stability requirements.

The upgraded token functions as a composable and fungible asset compatible with any decentralized application. 

This design eliminates previous trade-offs between ecosystem participation and liquidity access. Users maintain flexibility regardless of their investment time horizon.

An algorithmic emission model will replace the manual voting system currently in place. This change targets a 20-30% reduction in PENDLE emissions while improving allocation efficiency. 

Existing vePENDLE locks will pause on January 29th, with current holders receiving multipliers up to 4x based on remaining lock duration.

Boros, Pendle’s onchain rates trading venue, has achieved $6.9 billion in open interest four months post-launch. 

The platform generated $301,000 in fees while accumulating $6.8 million in deposits by year-end 2025. 

Boros tokenizes perpetual funding rates, converting previously untradable yield streams into tradable instruments. 

The venue recently listed NVDAUSDC-Hyperliquid, enabling speculation on funding rates for equity perpetual markets.

Journalist

Posted: January 20, 2026

Tether and Circle minted a combined $1.5 billion in stablecoins over two hours, signaling a notable expansion in on-chain dollar liquidity following recent market volatility.

On-chain data shows that Tether issued $1 billion USDT, primarily on the Tron network. Also, Circle minted roughly $500 million USDC, including fresh supply on Solana. 

The issuance comes after a sharp crypto market pullback that briefly pushed Bitcoin below $93,000 and triggered widespread liquidations.

Stablecoin mints signal liquidity positioning, not Immediate buying Large stablecoin mints are often misunderstood as instant bullish signals. In practice, newly issued USDT and USDC are typically sent to treasury or intermediary wallets before being deployed. 

These funds may later flow to exchanges, market makers, or institutional desks, depending on market conditions.

As a result, stablecoin issuance usually reflects liquidity positioning rather than immediate risk-on behavior.

Minting follows period of market stress The timing of the $1.5 billion mint aligns with a broader risk-off move across crypto markets. 

Over the past week, heightened volatility and macro uncertainty led to sharp drawdowns across major assets, with total market capitalization falling and leveraged positions unwinding.

During such periods, stablecoins often serve as a liquidity buffer, allowing traders and institutions to park capital while waiting for clearer market direction.

USDT and USDC continue to dominate stablecoin supply On Ethereum, USDT and USDC account for nearly 90% of the circulating stablecoin supply, according to Dune Analytics data. This reinforces their role as the primary dollar rails for crypto trading and settlement. 

Tether remains the largest stablecoin issuer by market capitalization with 60%, while Circle’s USDC maintains its position as the second-largest with 30%.

Source: Dune Analytics

The latest minting activity further strengthens their dominance across major blockchains, including Tron, Ethereum, and Solana.

What comes next depends on deployment Whether the newly minted stablecoins translate into renewed buying pressure will depend on follow-through indicators, such as inflows to centralized exchanges or increased spot market demand.

Historically, sustained price recoveries tend to follow stablecoin deployment, not issuance alone. Without clear evidence of capital moving onto exchanges, large mints should be viewed as capital readiness, not confirmation of a market reversal.

For now, the surge in stablecoin supply suggests that liquidity remains engaged with the crypto ecosystem, even as traders remain cautious amid ongoing macro and market uncertainty.

Final Thoughts The $1.5 billion stablecoin mint suggests liquidity is being positioned on-chain. Still, it does not yet confirm renewed risk appetite across the market. Whether this capital translates into upside will depend on broader macro conditions and follow-through in spot and derivatives demand.

Chainlink said on Monday it has launched new data feeds that allow blockchain-based platforms to access U.S. stock and exchange-traded fund (ETF) prices nearly around the clock.

The new service, called 24/5 U.S. Equities Streams, provides pricing data during pre-market, regular trading hours, after-hours, and overnight sessions. Until now, most blockchain markets relied on limited stock data that only reflected standard U.S. trading hours.

Bringing U.S. Stocks On-ChainThe launch is aimed at expanding the use of real-world assets on blockchains. U.S. equities represent an estimated $80 trillion market, but have so far been difficult to integrate into decentralized finance systems that operate continuously.

Chainlink said the new feeds include more than just prices. They also deliver bid and ask levels, trading volume, market status indicators, and freshness signals, which help reduce risks during volatile or low-liquidity periods.

Use in DeFi and Tokenized MarketsThe data streams are designed to support on-chain products such as stock-linked perpetual contracts, prediction markets, synthetic equities, lending platforms, and other tokenized asset products.

Several trading platforms have already begun using the feeds, including Lighter, BitMEX, ApeX, and Orderly Network, according to Chainlink.

Addressing a Market GapOne challenge for blockchain-based equity products has been the mismatch between 24/7 crypto trading and limited stock market hours. During off-hours, outdated or incomplete price data can increase the risk of incorrect liquidations or pricing errors.

Chainlink said the continuous data coverage is intended to close those gaps and allow developers to build markets that more closely reflect real-world trading conditions.

Growing Interest in Tokenized AssetsThe move comes as interest in tokenized real-world assets continues to grow. Analysts estimate that on-chain versions of traditional assets such as stocks, bonds, and funds could reach tens of trillions of dollars over the next decade if regulatory and technical hurdles are addressed.

Chainlink said the new equity feeds are now live across more than 40 blockchain networks, allowing developers to integrate U.S. stock data into applications that operate beyond traditional market hours.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

Sponsored and Advertisements:Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.

The Canton Network price continues to draw attention as institutional finance and crypto are converging around real-world utility. Now, as CC crypto is witnessing massive rise in its onchain adoption, large-scale collateral activity, and even sees renewed technical strength, its turns Canton Network’s position as a serious infrastructure layer for regulated financial markets more vividly.

Canton Network’s Institutional Design Comes Into FocusThe Canton Network crypto ecosystem is designed as a purpose-built institutional finance platform that blends privacy, compliance, and scalability within a public yet permissioned framework. 

As discussions across traditional finance and blockchain intensify, RWA’s are displaying their edge with most potential for growth and projects surrounding these narratives could tend to grow faster, and here Canton Network is a clear example.

Notably, public commentary from major financial and blockchain infrastructure players has also strengthened Canton Network’s credibility as a settlement-grade blockchain.

Onchain Collateral and Always-On MarketsMoreover, in a recent post on X, the network mentioned a core inefficiency in global finance, where they highlighted that trillions of dollars in collateral remained idle due to operational friction. 

By enabling real-time onchain collateral mobility, Canton Network seeks to address delivery failures, excess postings, and high trade operating costs that still dominate offchain systems.

In practice, Canton Network enables instant delivery-versus-payment settlement, allowing collateral to be financed, reused, and optimized intraday. 

As a result, capital previously locked overnight can remain productive. This shift supports intraday repo markets, after-hours collateral mobility, and continuous precision rather than batch-based uncertainty.

Today, trillions in collateral sit idle, over-posted, or trapped overnight, when it could be working intraday.

The unlock is real-time collateral mobility onchain.

Let’s dive in👇 pic.twitter.com/MJ113f33B6

— Canton Network (@CantonNetwork) January 20, 2026 Use cases such as repo markets, high-quality liquid assets, tokenized funds, and digital money for settlement are already forming the backbone of this always-on architecture. 

Consequently, Canton Network price forecast discussions are increasingly tied to usage metrics rather than speculative narratives alone.

Ecosystem Growth and Onchain MetricsAccording to official data, the Canton ecosystem has surpassed $6 trillion in onchain value, including roughly $4 trillion in monthly repo activity and more than $300 billion in daily repo volume. The validator network has expanded to over 600 validators, supported by 30 super validators, reinforcing operational resilience.

Adoption metrics further support this trend. Cumulative unique participants have climbed past 237,000, while daily active users hover near 38,000. Daily transactions exceeding 700,000 illustrate consistent usage growth, contributing to broader confidence in Canton Network price USD performance.

Canton Network Price Chart Signals Decision PointFrom a technical perspective, the Canton Network price chart reveals a developing cup-and-handle structure on the daily timeframe. Price action is approaching the pattern’s upper boundary, while the recent rebound from the $0.11 support zone signals renewed demand. 

At the time of writing, Canton Network price today trades near $0.1289, following a notable intraday recovery.

In addition, an ascending channel remains intact, reinforcing a constructive bias as long as key support holds. If momentum continues, discussions around a short-term Canton Network price prediction toward the $0.20 area may gain traction. 

However, failure to hold structural support would invalidate the setup and shift sentiment accordingly.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

Sponsored and Advertisements:Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.

Comparing Dogecoin to NVIDIA may seem illogical at first. One is a speculative digital asset rooted in internet culture, while the other is a leading equity in the AI and tech sector. However, a chart shared by cycle analyst @Cryptollica reframes the comparison by stripping away narrative and focusing on capital flows. Rather than asking which story is more compelling, it examines how money has historically rotated between established market leaders and high‑risk assets as cycles mature.

What The Dogecoin—NVIDIA Chart Is Showing Investors The chart posted by Cryptollica tracks the DOGE-to-NVIDIA ratio across multiple market cycles, emphasizing relative performance rather than absolute price. This perspective matters because it highlights where capital has generated the highest marginal returns over time. Historically, the ratio has moved within a clearly defined downward channel, with major turning points occurring when the price reaches the lower boundary of that structure.

During both the 2017 and 2021 cycles, the ratio compressed into this same support area. In each case, NVIDIA had already realized significant upside, while Dogecoin remained heavily discounted in relative terms. What followed was not a breakdown in NVIDIA’s price, but a period where Dogecoin significantly outperformed as speculative capital rotated back into higher-risk opportunities.

The current structure mirrors those earlier conditions. The ratio is again testing long-term support, signaling a familiar imbalance: extended gains already priced into NVIDIA, and suppressed relative value in Dogecoin. In previous cycles, this setup preceded sharp shifts in relative performance as liquidity began favoring assets with greater upside sensitivity.

What A Rotation Environment Means For Dogecoin The pattern highlighted by the chart centers on rotation rather than decline. When leading trades lose momentum, capital typically stays within the market and seeks higher beta exposure. Historically, Dogecoin has benefited during these transitions, serving as a vehicle for speculative flows once dominant growth assets reached saturation.

Source: X This does not imply weakness in NVIDIA’s underlying fundamentals. Its valuation remains tied to sustained AI-driven growth expectations. Dogecoin, however, operates under a different dynamic, driven largely by sentiment and liquidity conditions. When markets move from concentration into dispersion, assets like DOGE have previously delivered outsized percentage gains.

The chart suggests that a similar environment may be forming again. At comparable points in past cycles, Dogecoin outperformed after NVIDIA-like leaders had already completed their primary expansion phase. If the ratio holds its historical support, the data points to a renewed window where DOGE could outperform on a relative basis.

Rather than predicting hype-driven rallies, the chart highlights a recurring structural relationship between capital leaders and speculative assets. Whether the pattern repeats will depend on liquidity and risk appetite, but the setup reflects a consistent historical behavior that has appeared more than once across market cycles.

DOGE fails to establish support | Source: DOGEUSDT on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com

XRP price rejected from a major volume resistance near the point of control, confirming another lower high and keeping downside risk active toward the $0.58 range low.

Summary

XRP failed at POC volume resistance, signaling supply overhead Rejection confirmed a lower high, keeping the bearish trend active Next downside objective remains the $0.58 range low XRP (XRP) price is showing continued weakness after the latest rally failed at a key volume-based resistance level, reinforcing the broader bearish market structure. The rejection occurred near the Point of Control (POC), a major high-volume node where heavy trading activity has previously concentrated.

When price fails to reclaim and hold above the POC, it often signals that supply remains dominant and that buyers lack conviction at higher levels.

XRP price key technical points XRP rejected from volume resistance at the Point of Control (POC) The rejection formed another lower high, maintaining bearish structure Downside rotation remains active toward the $0.58 range low XRPUSDT (1D) Chart, Source: TradingView The Point of Control is one of the most important volume profile levels in range structures. It represents the price level where the highest volume has traded and often acts as a pivot between bullish and bearish market phases. When XRP trades below this level, the market tends to remain weak and range-bound, with resistance overhead continuously pressuring upside attempts.

XRP’s recent rejection at this volume node signals that sellers are still active at that price zone. Rather than breaking through and sustaining higher value, price stalled and reversed, showing that demand was not strong enough to absorb supply at resistance.

This is a key detail because rallies that fail at high-volume resistance often lead to deeper rotations lower. The market effectively “rejects” the attempt to move into higher-value territory, and the price returns to test lower-liquidity zones where buyers may step in again.

Lower high confirms bearish market structure From a market structure perspective, XRP is still trading in a bearish framework characterized by lower highs and lower lows. The most recent rejection from the POC has confirmed another lower high, indicating the bearish trend remains intact and the market has not yet entered a bullish reversal phase.

Lower highs are significant because they show that sellers remain in control of the trend. Even when XRP rallies, it continues to fail at resistance and cannot reclaim key levels on a closing basis. This behavior keeps downward momentum active and increases the likelihood that the market will revisit prior support levels.

Until XRP can reclaim the POC and hold above it, the structure remains bearish. Any rally into resistance is likely to be treated as a corrective move rather than a confirmed trend reversal.

$0.58 range low becomes the next objective The next major downside target is the $0.58 range low, which represents a critical support level in XRP’s macro trading environment. This zone has been tested multiple times, and each test previously triggered a bullish reaction and short-term bounce.

Because of this repeated behavior, $0.58 remains a key liquidity and demand area where buyers may attempt another defense. However, it is important to recognize that even if XRP bounces from $0.58 again, that bounce may still be part of a broader sideways range rather than the start of a true trend reversal.

In range markets, price often rotates between resistance and support repeatedly before a decisive breakout occurs. A bounce from the range low can continue the sideways structure, while a breakdown below it can trigger accelerated downside continuation.

Bearish candle follow-through strengthens rejection The rejection has not been minor. XRP has printed multiple bearish follow-through candles after failing at the POC, confirming that downside momentum is active. Follow-through candles are important because they validate that sellers are not only defending resistance, but also pressing price lower with strength.

This matters because weak rejections often lead to sideways consolidation. Strong rejections with follow-through typically lead to continuation moves, where the market rotates lower toward the next liquidity zone.

In XRP’s case, bearish follow-through suggests the market is likely to continue moving lower unless buyers step in aggressively to reclaim structure. The longer XRP remains capped below the volume resistance zone, the more likely it is that price continues rotating toward the range low.

What to expect in the coming price action XRP remains weak after rejecting from the high-volume Point of Control, confirming another lower high and maintaining bearish market structure. As long as price stays capped below volume resistance, the probability favors continued downside rotation toward the $0.58 range low.

If XRP reaches $0.58, a bounce is possible given historical reactions, but it would likely continue the broader sideways range unless a structural breakout occurs. A decisive breakdown below $0.58 would shift momentum further bearish and open the door for deeper downside targets.

Gaming tokens SAND, AXS, and MANA are up by 6-15%. BTC and ETH are testing critical resistance levels amid the crypto market decline. The Bank of Japan (BoJ) is likely to hike its rate, adding volatility. Three gaming tokens are defying the ongoing decline across the global crypto market. These are SAND, AXS, and MANA, noting a surge between 6-15% as the article is being written. The current downswings in the crypto market are rooted to the rising uncertainty in international trade – likely to be more complicated after the Bank of Japan (BoJ) hints at hiking its rates.

Gaming Tokens on the Rise The Sandbox, SAND, is up by 7.55% over the last 24 hours. It is now trading at $0.1468. The value is also up by 25.35% in the last 7 days. However, it has retraced its steps back by almost 1.94%. Nevertheless, it is defying market momentum with an upswing along with Axie Infinity (AXS) and Decentraland (MANA).

AXS has recorded the highest surge in 24 hours and also in 7 days. The token is up by 15.77% and 110.55% in the respective timelines. It is now trading at $2.02 with a slight slip of 0.83% in the last 1 hour. MANA has made decent gains to $0.1593. It is up by 6.76% in 24 hours and 10.86% in 7 days.

Notably, top gaming tokens like RENDER and FLOKI have shed 5.08% and 0.47% in 24 hours, applicable in the same order.

Global Crypto Market Loses Momentum The global crypto market has lost its momentum with BTC and ETH testing critical resistance levels of $90k and $3k, respectively. BNB and SOL are attempting to reclaim highs, but they continue to be pulled back by losses over 24 hours and 7 days. BNB is listed at $913.16, and SOL is at $129.13.

The struggle of the crypto market is also evident in a decline of 1.90% in its market cap along with a shift to 42 points in the FG Index. The meme crypto segment does not have a lot of winners as well, considering DOGE and SHIB are down by 9.74% and 8.86% over the last 7 days, respectively.

Will BoJ Increase Volatility? Volatility in the crypto market depends on multiple factors; however, some of the attention is on the Bank of Japan, or BoJ. It has hinted at the possibility of raising rates following the yen depreciation. Ayako Fujita, Japan’s Chief Economist at JPMorgan Securities, has said that the BoJ has a negative stand on hiking the rate consecutively. Ayako, as reported by Reuters, added that the recent Yen depreciation may prompt a change here.

Notably, the BoJ raised interest rates to 0.75% in December last year (2025), making it the highest in 30 years. A decision is likely to be announced on January 23, 2026, at 03:30-04:30 GMT.

Highlighted Crypto News Today:

Bermuda Partners with Circle and Coinbase for World’s First On-Chain National Economy

Curious by nature, Ankur's core topic is Web3, but he's a versatile writer who can cover many more subjects. If you catch up with him in his free time, you'll find discussions often center around different movies and TV series. He's an easy person to talk to—you can literally chat with him about anything.

MegaETH mainnet goes live Jan 22 with a high-load global stress test. Project targets near-instant Ethereum transactions at massive scale. MegaETH, a high-performance blockchain, has announced that its mainnet will launch on January 22, 2026, starting with a global stress test designed to evaluate the network’s performance under heavy transaction loads. The initial launch will be limited in access, allowing only selected users and applications to participate rather than opening the network to the public immediately.

Early access will mainly be given to applications that require high transaction speed, such as trading platforms, gaming applications, and payment services. Once the stress testing phase is completed and network stability is confirmed, MegaETH plans to gradually open access to the wider public. 

The MegaETH Global Stress Test

11B transactions in 7 days.

On Jan 22nd, we’re opening mainnet to users for several latency-sensitive apps while the chain is under intense sustained load.

Ultra-low fees. Real-time transactions.

Public Mainnet in the days that follow. pic.twitter.com/ZIOZnctCZJ

— MegaETH (@megaeth) January 19, 2026 MegaETH Stress Test Aims to Prove Ethereum-Scale Speed at Low Cost According to the project team, MegaETH aims to process up to 11 billion transactions in 7 days by keeping very low transaction fees and delivering near instant transaction confirmations. The team will monitor network stability, confirmation times, and actual fees under heavy load during the test. 

MegaETH is designed to make the Ethereum ecosystem faster and cheaper. While Ethereum prioritizes strong security and decentralization, this makes transactions slow and costly. MegaETH tries to solve this by handling the transaction faster and more efficiently while remaining compatible with existing Ethereum tools. 

According to the team, the network is built to support real-time applications, including on-chain trading, gaming, real-time payments, and fast DeFi applications. Unlike many scaling solutions that mainly focus on reducing the fees, MegaETH focuses on reducing the delay in transaction processing.  

Industry observers say that the launch will be closely watched to see whether MegaETH can remain stable under pressure, how fees behave during peak usage, and whether developers will adopt the platform. The January 22 test will help to determine how quickly the network opens to more users and how important it could become for the ethereum based applications. 

Highlighted Crypto News:

MemeCore (M) Price Prediction 2026, 2027-2030   

Key NotesStrategy paid an average of $95,284 per Bitcoin during the January 12-19 acquisition period.The company has now spent $53.92 billion acquiring Bitcoin at an average cost of $75,979 per coin.Strategy sold company shares to fund the purchase, raising $2.125 billion in the process. Strategy disclosed its third and largest Bitcoin BTC $90 565 24h volatility: 2.6% Market cap: $1.81 T Vol. 24h: $47.71 B acquisition of 2026 on January 19, purchasing 22,305 BTC for approximately $2.13 billion.

The company’s total holdings now stand at 709,715 BTC, representing roughly 3.38% of Bitcoin’s total 21 million supply.

The acquisition occurred between January 12 and January 19 at an average price of $95,284 per coin, according to the company’s SEC filing.

Strategy has acquired 22,305 BTC for ~$2.13 billion at ~$95,284 per bitcoin. As of 1/19/2026, we hodl 709,715 $BTC acquired for ~$53.92 billion at ~$75,979 per bitcoin. $MSTR $STRC https://t.co/pJM0Yuy32w

— Michael Saylor (@saylor) January 20, 2026

Executive Chairman Michael Saylor confirmed the purchase on X, sharing the company’s updated holdings. Saylor hinted at new Bitcoin accumulation on January 19 by posting his familiar “₿igger Orange” signal before the regulatory filing.

Bitcoin Treasury Expansion The acquisition follows Strategy’s previous $1.25 billion purchase of 13,627 BTC disclosed on January 12. The company has added 37,218 BTC to its treasury in January 2026 alone, including an earlier 1,286 BTC purchase.

Top 100 public companies by Bitcoin treasury holdings as of January 20, 2026. | Source: BitcoinTreasuries.net

Strategy holds more Bitcoin than any other publicly traded company in the world. Its position is over 13 times larger than the second-largest corporate holder, MARA Holdings, which owns 53,250 BTC as of January 20.

Capital Raise Program Strategy funded the purchase by selling company shares on the open market. The company raised $1.827 billion from common stock sales and $297.7 million from preferred share offerings.

The capital raise has exceeded Strategy’s original $42 billion target under its 21/21 Plan. Strategy reached the goal in approximately 13 months, ahead of the original three-year timeline.

Strategy’s ATM share sales breakdown for the week ending Jan. 19, 2026. | Source: SEC Form 8-K

The company can raise an additional $38 billion through future share sales, according to the filing. Strategy’s stock closed at $173.71 on January 17.

The stock has declined approximately 66% from its 2025 peak, and the company’s share count has grown from 77 million to roughly 267 million since 2021 as Strategy funds Bitcoin purchases through equity sales.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Cryptocurrency News, News

As a Web3 marketing strategist and former CMO of DuckDAO, Zoran Spirkovski translates complex crypto concepts into compelling narratives that drive growth. With a background in crypto journalism, he excels in developing go-to-market strategies for DeFi, L2, and GameFi projects.

Zoran Spirkovski on X

Solana ecosystem tokens fell this week amid heightened geopolitical turbulence and uneven sentiment across the network’s most prominent market segments.

Solana ecosystem tokens fell this week amid heightened geopolitical turbulence and uneven sentiment across the network’s most prominent market segments.

The total market capitalization of Solana-based tokens declined more than 9.4% week-over-week (WoW), broadly tracking the performance of Solana (SOL), which fell around 9.5% over the same period, according to data from CoinMarketCap.

The Solana ecosystem market cap dropped from over $202 billion on Jan. 13 to less than $184 billion on Jan. 20, per the data.

The sell-off mirrored broader market volatility amid rising diplomatic tensions between the United States and European countries.

Solana ecosystem tokens declined 9.4% this week. Source: CoinMarketCap

InfoFi logged especially sharp losses. Kaito (KAITO), widely considered Solana’s flagship InfoFi token, fell nearly 25% after social media platform X imposed access restrictions on the project. InfoFi projects use tokens to monetize user engagement and information sharing.

By contrast, tokenized real-world assets (RWAs) on Solana reached a record total market cap of more than $1 billion as financial institutions continued to embrace the blockchain network. RWAs are on-chain representations of traditional financial instruments.

KAITO Slides as X Throttles InfoFi On Jan. 15, X restricted access to the platform for InfoFi projects. Source: X/Nikita Bier

KAITO fell sharply after X revoked API access for InfoFi projects on Jan. 15.

“We will no longer allow apps that reward users for posting on X (also known as ‘infofi’),” Nikita Bier, X’s head of product, said in a post. “This has led to a tremendous amount of AI slop and reply spam on the platform.”

Kaito aggregates performance data for posts on X and rewards users whose content drives engagement.

KAITO has fallen roughly 30% since Jan. 15, declining from a market cap of more than $165 million to less than $110 million by Jan. 20, according to data from CoinMarketCap.

The token’s Fully Diluted Value (FDV), which reflects the value of all circulating and non-circulating tokens at current prices, stood at over $450 million as of Jan. 20, CoinMarketCap data showed.

RWAs on Solana Surpass $1 Billion Total market cap of Solana RWAs broke $1B this week. Source: Capital Markets

Tokenized real-world assets on Solana surpassed $1 billion in total market capitalization this week as traditional financial institutions continued to gravitate toward the blockchain network.

On Jan. 15, tokenized RWAs reached a total market cap of $1.15 billion, according to Capital Markets, a Solana network–affiliated account on X.

The figure represents an increase of more than 500% YoY, reflecting growth across multiple tokenized asset classes, including U.S. Treasury debt, equities, alternative assets, and corporate debt, the data shows.

ZORA Expands to Solana The ZORA token is now tradable on Solana. Source: X/Zora

On Jan. 16, Zora (ZORA), a Web3-native social media platform built on Coinbase’s Base network, expanded to Solana, making its ZORA token tradable natively on the network.

Zora lets users turn posts, images, and videos into tradable coins that generate fees for creators.

The ZORA token can now be traded through applications including Jupiter Exchange, Phantom, Meteora and Raydium. The Base network continues to host Zora’s Web3 application and core liquidity pools.

As of Jan. 20, ZORA had a market capitalization of about $141 million and an FDV of roughly $315 million, according to data from CoinMarketCap.

In a Jan. 16 post on X, Solana’s consumer ecosystem lead Pedro Miranda said that “more fun assets like Zora” are expected to launch on the network soon.

By the Numbers Total Solana Ecosystem Market Cap: $183.6B

Top 5 Solana Coins by Market Cap:

Solana (SOL): $72.7B ChainLink (LINK): $8.8B World Liberty Financial (WLFI): $4.2B Uniswap (UNI): $3.0B Aave (AAVE): $2.1B Source: CoinMarketCap

Most Visited Solana Coins:

Masters of Trivia (MOT) Solana (SOL) ChainLink (LINK) Axie Infinity (AXS) Terra Classic (LUNC) Source: CoinMarketCap

This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.

XRP's on-chain structure now mirrors a precarious moment from early 2022, when short-term accumulation beneath longer-term cost bases set the stage for prolonged sideways chop.

Glassnode flagged the pattern on Jan. 19: investors active over the 1-week to 1-month window are buying below the realized price of the 6- to 12-month cohort.

That age-band inversion means newer buyers hold a better average entry than prior “top buyers,” and as the configuration persists, psychological pressure on underwater holders intensifies.

XRP's 6-12 month cohort (yellow line) holds cost bases above current spot price, creating overhead resistance as newer buyers accumulate lower.Each rally toward their breakeven becomes a potential exit ramp, turning relief into resistance.

The question isn't whether pressure exists, it does. The question is whether that pressure is translating into actual distribution, and whether leverage is positioned to amplify the next move.

Supply in profit sits near healthy levels, but cohort stress persistsSantiment data shows that 71.5% of the XRP supply is in profit as of Jan. 19, with the token priced at $2.01. That places the market within the range typically associated with healthier bull structures, where the majority of holders sit comfortably above water.

But the aggregate figure masks the structural tension Glassnode identifies: the six-to-12-month cohort holds cost bases materially above where recent participants are accumulating.

XRP realized profit/loss spiked sharply in early January while the percentage of supply in profit declined from prior highs.Markets don't move through aggregate averages. Instead, they move through clustered layers of supply at distinct cost bases. When short-term buyers accumulate stressed longer-term holders, rallies encounter fresh selling pressure from cohorts seeking to reduce risk or exit positions that have tested conviction for months.

The cohort inversion matters more when the broader market is already skewed toward profits. With over 70% of supply in the green, rallies face higher odds of profit-taking layered on top of breakeven selling from top buyers.

That dual pressure can cap momentum before it builds.

Realized profit and loss patterns reveal distribution into ralliesIf top buyers are cracking, it shows up as realized losses on downswings and realized profits in relief rallies. Santiment data tracks the pattern: XRP realized profit and loss jumped from 5.15 million on Jan. 12 to 104.2 million on Jan. 14, before cooling to 1.42 million by Jan. 16.

XRP's realized profit/loss ratio spiked sharply in early January, indicating heightened on-chain spending activity during price volatility.That mid-week spike coincided with price volatility around the $2 zone, capturing on-chain spending behavior as stressed cohorts moved coins in response to short-term price action.

When realized profits spike during rallies while the cohort inversion persists, it reads as relief-rally selling and top buyers getting out. When realized losses spike without price making materially lower lows, it can signal capitulation, the final wave of discouraged sellers exiting before sentiment shifts.

The distinction determines whether current price action represents a floor or simply a pause before deeper selling.

Exchange flows confirm accumulation bias despite cohort stressCryptoQuant data shows XRP exchange reserves on Binance at 5.55 billion tokens as of Jan. 17, with daily outflows of 1.1 million XRP outpacing inflows of 629,500 XRP.

XRP exchange inflows (top) and outflows (bottom) spiked in mid-December, with outflows consistently exceeding inflows through mid-January, indicating net self-custody movement.That net-outflow dynamic persists even as the age-band inversion creates overhead supply, suggesting newer participants are absorbing coins and moving them to self-custody rather than leaving them on exchanges for near-term sale.

If overhead supply were cleared by selling, exchange inflows would rise around the same periods when realized profits jump.

The current flow pattern of net outflows, while realized profit and loss remain elevated, supports an accumulation read. Pressure exists, but it hasn't yet been translated into sustained market sell flow.

That can change quickly if stressed holders decide relief rallies are their last chance to exit.

Derivatives reset removes forced-selling fuel but limits breakout powerCoinGlass data shows XRP open interest at $3.58 billion as of Jan. 19, with funding rates at 0.0041% and $42.44 million in liquidations over the prior 24 hours.

That configuration reflects a market where leverage has been significantly reduced from prior highs, stripping out the speculative positioning that fueled October's rally.

Lower open interest reduces the risk of cascading liquidations, as underwater longs have already been flushed. Still, it also removes the reflexive leverage bid that typically powers clean breakouts through overhead resistance.

Cohort pressure becomes reflexive when leverage builds on top of it. Rising open interest and one-sided funding can turn normal sell pressure into cascades.

The current setup of muted funding and moderate open interest suggests the structure is more likely to play out as spot-led chop and slower grind, where pressure builds but forced flow remains limited.

Three paths forward, each data-dependentThe next two to six weeks will clarify which scenario takes hold.

Continued net outflows, stabilizing realized profit and loss, and muted funding would confirm absorption and constructive positioning.

Rising exchange inflows, realized profits spiking into rallies, and funding re-accelerating would validate the “sell-the-rips” thesis, confirming that the age-band inversion is actively translating into distribution.

Rising inflows, paired with realized-loss spikes and liquidation bursts, would flag capitulation risk, even with open interest below prior cycles. February 2022 took months to resolve.

XRP's current structure is healthy on the surface but strained beneath the surface. It suggests the same patience will define the next phase.

Mentioned in this article

Solana (SOL) price dropped below $130 for the first time since Jan. 2 as onchain data suggested that a strong recovery could be in the cards for the top-10 altcoin.

Key takeaways:

SOL dips below $130 amid marketwide pullback, but whales remain confident as they load up more tokens. 

SOL exchange supply falls to two-year lows, signaling a reduction in sell pressure.

Recovery in network activity boosting onchain demand for SOL.

SOL’s accumulation trend strengthensSOL whales remain confident about the prospects of a further rally, using the pullback to $120 seen at the end of 2025 to accumulate more tokens. 

Data from Glassnode reveals that whale addresses holding between 1,000 and 10,000 tokens have increased sharply since late November 2025, as shown in the chart below. These entities now hold approximately 48 million SOL, about 9% of the total circulating supply. 

Addresses with at least 100,000 tokens now hold 362 million tokens, up from 347 million tokens on Nov. 17, 2025, representing 64% of the total supply.

SOL: Number of whale addresses holding 1K-100K tokens. Source: GlassnodeOther data also suggests that the market has been in an accumulation phase as long-term holders (LTHs) buying pressure increased.

The Hodler net position change has been positive since the final week of December 2025, rising to a 15-month high of 3.85 million SOL on Sunday. In other words, holders have returned to accumulating SOL in anticipation of further price increases.

SOL LTH net position change. Source: GlassnodeThe last time LTH accumulation reached such levels was in October 2024, which preceded a 95% SOL price rally.

SOL supply on exchanges at two-year lowsThere is a substantial decrease in the SOL supply on exchanges since late November 2025, as evidenced by data from Glassnode. The chart below shows that the SOL balance on exchanges dropped by 5 million to 26,058,693 on Jan. 14, levels last seen on Jan. 12, 2023. 

SOL reserve on exchanges. Source: GlassnodeA reducing balance on exchanges suggests a lack of intention to sell by holders, reinforcing the upside potential.

Solana network activity shows signs of recovery Strong onchain metrics, indicative of an active ecosystem, support SOL’s potential to stage a parabolic rally over the next few weeks.

Daily active addresses have increased by 51% over the last seven days to a six-month high above 5 million this week, according to data from Nansen. This reflects robust user engagement and demand for Solana’s decentralized applications and staking services.

Daily average transactions climbed by 20% over the same period to 78 million on Tuesday, levels last seen in mid-August 2025. This underscores the network’s scalability and growing adoption.

Ethereum daily active addresses and transaction count. Source: NansenMeanwhile, Solana’s stablecoin supply has skyrocketed over 15% in the last seven days, surging to an all-time high of $15 billion, according to data from Token Terminal.

This indicates potential shifts in crypto liquidity dynamics, reinforcing Solana’s ecosystem stability and attracting investor focus.

Solana: Stablecoin supply. Source: Token Terminal 
The surge in Solana’s stablecoin supply “represents new liquidity entering the network,” analyst Milk Road said in a recent post on X, adding

“In practical terms, more stablecoins on $SOL means more capital available for trading, settlement, and application activity.”Increasing stablecoin supply signals surging onchain demand, boosting network utility, fees, and adoption, which supports the bullish case for SOL price. 

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.