Last Friday’s significant selloff in the cryptocurrency market, sparked by escalating tensions over US-China tariffs, resulted in a staggering loss of over $20 billion in liquidations. This turmoil reverberated throughout the digital asset landscape, leading to notable declines in crypto-related equities. However, there are indications that markets might be rebounding, with positive sentiment beginning to return. This recovery opens the door for several crypto-linked stocks to potentially regain ground in the coming week.
Galaxy Digital Inc (GLXY) faced a 7% drop on Friday, closing at $39.38 as it, too, felt the impact of an overall market decline. Nonetheless, this downturn arrives at a crucial juncture for the firm. Galaxy recently secured a strategic investment of $460 million from one of the world’s major asset managers, showcasing institutional confidence in the company’s long-term future. This investment involved the acquisition of 9,027,778 shares from Galaxy and an additional 3,750,000 shares from key executives, including Founder and CEO Mike Novogratz, all priced at $36 per share. The deal is on track to finalize this week, pending approval from the Toronto Stock Exchange and other standard conditions. In pre-market trading today, GLXY’s shares are at $40.60. If the current optimism persists, the stock might surge towards $44.33. However, if market conditions deteriorate further, it could dip below $36.60.
LQWD Technologies Corp (LQWD) also saw a decline of 5% last Friday. The forced selling resulting from market volatility overshadowed recent operational advancements within the company. Earlier this month, LQWD completed a 60-day yield test on the Lightning Network, successfully deploying over 47.1 BTC, which achieved a weighted annualized yield (APR) of 8.9%. CEO Shone Anstey emphasized that as Bitcoin utilization grows, the yield opportunity expands in parallel. Should investor sentiment improve, LQWD’s stock could rebound towards $3.29. In contrast, if market pressures intensify, the share price might test lower support levels near $0.91.
Soluna Holdings, Inc. (SLNH) ended last Friday at $2.41, reflecting a 6% decline. Despite this setback, the company is positioned for potential gains following a significant partnership announcement that could positively affect investor sentiment this week. On October 9, Soluna announced a hosting agreement with KULR Technology Group, Inc.—a Bitcoin treasury company—by which it will manage around 3.3 MW of Bitcoin mining capacity at its Project Sophie facility in Kentucky. This deal marks an important milestone for Soluna, as it diversifies its client base beyond traditional miners and hyperscalers. Early signs of renewed interest were evident with SLNH shares rising to $2.54 in pre-market trading. If buying momentum continues, the stock may break through the resistance level at $2.58, with potential to reach $3.10. Conversely, intensified selling pressure could see shares decline to around $2.06, testing its lower support boundaries.
As the week unfolds, these developments will be crucial to watch, given their potential to influence both market sentiment and stock performance within the cryptocurrency ecosystem.
