In the new moon trading that started on August 1, the cryptocurrency market experienced a significant adjustment. Influenced by multiple factors, including poor PCE data, weak U.S. stock performance, and the end of the month, the entire market showed a downward trend. Bitcoin fell by about 4%, while Ethereum retreated by approximately 7%. Nevertheless, the adjustment range of other cryptocurrencies remained within expectations, considering that this week is one of important economic data releases.

Market adjustments are often accompanied by emotional fluctuations, and some investors even compare the current situation to past significant falls. However, such comparisons may be somewhat exaggerated. The current market environment differs in degree from historical major pullbacks.

It is worth noting that the latest non-farm payroll data was below expectations, which may be seen as a positive signal. It increases the likelihood of an interest rate cut in September, which could have a favorable impact on the encryption market. With the weekend approaching, market participants are looking forward to whether the strong performance of last weekend can be replicated.

From a macro perspective, the continuous development of the Ethereum ecosystem, including the promotion of related investment strategies and the issuance of stablecoins, has provided support for the market. Regarding Solana (SOL), although its recent performance has not been good, the S-1 amendment filings submitted by several institutions show that the market still holds expectations for its future development. It is expected that we will see a clearer development direction in late August.

For investors, it is crucial to maintain rationality and patience in the current market environment. The importance of technical analysis and risk management is self-evident, and even experienced investors may face challenges amid volatility. During this period, collaboration and mutual support are particularly important.

Key market data shows that the support level for Bitcoin on the 4-hour chart is $29,602, and the resistance level is $30,405. The corresponding levels for Ethereum are $1,878 and $1,960. The current market fear index is 66, indicating a certain degree of optimism.

In addition, it is worth noting that multiple companies have submitted revised S-1 filings for Solana ETF registration, which may impact the future trend of SOL. At the same time, the release of the U.S. non-farm payroll data will also have a significant impact on the Federal Reserve's interest rate decision in September, thereby affecting the entire encryption market.

In summary, although the market may continue to face volatility in the short term, the cryptocurrency market still contains many opportunities in the long run. Investors need to remain vigilant, but they should also not miss potential investment opportunities.