Bitcoin, Ethereum, Solana Sentiment Hits COVID Level Lows: Is The Bottom In?

Benzinga_recent_news06-05 22:27

Crypto analyst Lark Davis noted on June 4 that Bitcoin’s daily RSI dropped to 17, one of the most oversold readings in the past decade and a level previously seen during the March 2020 COVID crash and...

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to gold.\nAnalysts are closely watching key support levels near $62,000 and $58,600, the Bitcoin Power Law support level.\nEthereum also reached one of its most oversold levels in years, with its daily RSI falling to 17 after breaking below its February crash low.\nSpeaking on the Unchained podcast, Mike Dudas, founder of 6th Man Ventures, said he holds no Ethereum exposure because the network lacks a clear investment narrative.\nAccording to Dudas, ETH stakeholders continue to promote competing visions of the network, ranging from digital money and institutional settlement infrastructure to a decentralized “world computer.”\nHe argued that the lack of alignment has made ETH difficult for investors to value over the long term.\nDudas said Solana has done a better job connecting token value to network activity and maintaining a clear strategic direction.\nAccording to Dudas, SOL activity and fee generation peaked in early 2025 and meme coin trading drove much of that growth. The ecosystem has yet to replace that activity with more durable demand.\nWhile he remains optimistic on Solana’s long-term prospects, Dudas said investors need proof that new growth areas, including perpetual futures trading, can generate meaningful economic activity.\nImage: Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"economic","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.43.1","shortVersion":"4.43.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2641149613","isCrawlerRequest":true}