The cryptocurrency market has recently shown positive signs of recovery, with various aspects indicating that investor confidence is gradually being rebuilt.

Bitcoin (BTC) is currently fluctuating within a relatively narrow price range, indicating that the market is searching for a new equilibrium. Although the volatility is limited, the strong support below is encouraging, which may suggest that a stable bottom is forming. If the key support level can be maintained, we might see a more solid price foundation.

Ethereum (ETH) has performed even better, successfully breaking through and stabilizing above $4000. This breakthrough and maintenance at this price level strengthen the view that a mid-term bottom may form around $3800. For investors holding long positions, this is a positive signal; however, caution is still needed regarding the potential resistance in the $4200-4300 range.

The Solana ecosystem has also welcomed important developments. Several asset management companies have concentrated on updating their applications for the Solana ETF, reflecting the market's growing expectations for the regulation of non-mainstream encryption assets. This trend could bring long-term value growth to emerging blockchain platforms like Solana.

The macroeconomic environment also provides potential benefits for the encryption market. The market generally expects the Federal Reserve to cut interest rates in October, which could stimulate investment in risk assets globally. If this expectation becomes a reality, the cryptocurrency market is likely to benefit from the easing of the overall economic environment.

Another noteworthy development is the significant increase in the supply of PayPal's stablecoin PYUSD, which reflects the accelerating adoption of compliant stablecoins in real payments and blockchain applications. This trend showcases a deeper integration between traditional finance and the encryption ecosystem.

Overall, the short-term market sentiment is improving, and the technical aspects of mainstream encryption assets show signs of bottoming out. Combined with the progress of the Solana ETF and potential expectations for interest rate cuts, the medium-term liquidity environment seems to be developing in a way that favors the encryption market. However, investors still need to closely monitor whether Bitcoin can break through the current range of fluctuations, and whether Ethereum can maintain its strong performance, as these will be key indicators for determining the future direction of the market.