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  • Solana Surges Past $70, Bitcoin Battles $60K: Weekend Outlook

    Solana Surges Past $70, Bitcoin Battles $60K: Weekend Outlook

    Bitcoin’s price has been volatile around the $60,000 mark, but the cryptocurrency managed to climb above this level by Saturday morning.

    Altcoins Show Modest Gains

    Most larger-cap altcoins are trading slightly higher. XRP has surpassed $1.05, and Ethereum is hovering near $1,600. Solana (SOL) has seen the most significant gains among this group.

    Bitcoin’s Rollercoaster Week

    The trading week began positively for Bitcoin, with the cryptocurrency rebounding from a weekend slump to reach $62,500 and touching $65,500 on Monday. However, this recovery was short-lived as bearish sentiment quickly took hold, halting further progress.

    In the subsequent hours, Bitcoin fell to $62,000. It then bounced to $63,000, but a subsequent downturn proved more severe. Bitcoin dropped below $60,000 for the second time this month, reaching a low of $59,000. After another brief recovery to nearly $62,000, the asset experienced a sharper decline on Thursday, falling to $58,000 – a level not seen since late 2024.

    Market Influences and Recovery

    This latest downward trend appeared to be influenced by negative price movements in MicroStrategy’s stock (MSTR), which also hit a multi-year low below $80. Despite these pressures and ongoing geopolitical tensions in the Middle East, Bitcoin has managed to recover some ground from its recent low and is now trading just above $60,000.

    Bitcoin’s market capitalization has risen to $1.210 trillion, with its dominance over altcoins remaining below 56%.

    Ethereum and XRP Reclaim Levels

    Ethereum is gradually recovering from a recent low of $1,510 and is now trading close to $1,600 after a minor daily increase. XRP has reclaimed the $1.05 support level, marking a 2% gain since yesterday. Solana’s SOL has emerged as the top performer among larger-cap altcoins today, trading above $72.

    Other Notable Gains and Losses

    More substantial gains have been observed in AAVE, AVAX, and MORPHO. Aave’s token has seen double-digit growth, now trading above $95, while AVAX is priced above $6.6. MORPHO has approached $1.80 following a 7% increase.

    In contrast, MemeCore has continued its decline, shedding another 20% of its value and currently trading below $0.70.

    The total cryptocurrency market capitalization has recovered over $80 billion since Thursday’s low, reaching $2.170 trillion.

  • XRP’s Sub-$1.00 Drop Creates ‘Risk-Reward’ Opportunity: Analyst

    XRP’s Sub-$1.00 Drop Creates ‘Risk-Reward’ Opportunity: Analyst

    XRP is currently trading near the $1.00 mark, reflecting a decline of approximately 9% over the past seven days and a more substantial 52% drop over the last year.

    Potential for Enhanced Risk-Reward

    Despite the downturn, UK-based technical analyst ChartNerd suggests that the further the Ripple token falls from its current position, the more attractive the risk-reward setup becomes. He identifies a potential demand zone between $0.90 and $0.70 should the $1.00 level fail to hold.

    ChartNerd has been monitoring this scenario since at least June 12, when he outlined the broader market picture in a series of posts. He noted that XRP spent much of 2023 and extending into late 2024 trading below a resistance level of $0.80/$0.70, which acted as a ceiling until a breakout occurred in the fourth quarter of 2024.

    This breakout, according to ChartNerd, was instrumental in propelling XRP to its all-time high of $3.65 in July 2025. Since then, the trend has reversed, with key moving averages being lost and a weekly 20/50 Exponential Moving Average (EMA) death cross signaling a structural shift. The asset has since fallen from its January 2026 peak of $2.40 to its current trading levels.

    Revisiting Key Levels

    Earlier this year, in February, XRP reached a low of $1.12. Following this, it attempted a recovery, consolidating sideways before being rejected near $1.55. ChartNerd’s analysis indicates that this rejection initiated the current downward trend, bringing XRP to lows around $1.00 in June. This level falls within what the market observer terms his “area of interest,” a zone he has been watching for a potential cycle bottom between now and the fourth quarter of 2026.

    The significance of this zone, in his view, lies in the potential for the former resistance level from 2023 and 2024 to transform into support. If XRP can hold within the $0.90 to $0.70 range during any further market declines, the previous ceiling could indeed become a floor.

    “This is a high-interest support region, but confirmation still matters most, and we do not have it yet,” ChartNerd stated previously.

    Currently, the analyst believes XRP’s ongoing decline is pushing it deeper into this area of interest, and the more it falls, “the stronger the risk-reward setup becomes.” He also highlighted his observation of the 10-year Gaussian Channel, which XRP is now entering, noting its historical reliability as a guardrail throughout his tracking period.

    Timing and On-Chain Data

    Regarding the timing of a potential market reversal, ChartNerd indicated in a separate post that there is a “very strong likelihood” of a bounce occurring in the coming weeks as June concludes. This aligns with historical Bitcoin performance in midterm years. However, he cautioned that this might be a relief rally, potentially preceding a final downturn in the last quarter of the year.

    In parallel, analyst Ali Martinez pointed out that XRP is currently testing a significant volume block at $1.06, where on-chain data reveals over 830 million tokens have traded hands. Below this level, the next crucial clusters identified by the UTXO Realized Price Distribution are situated at $0.80, $0.62, and $0.51.

    Meanwhile, another market observer, CasiTrades, commented that XRP is at a “most critical moment” in its current cycle. He noted buy orders placed at $0.93 and a deeper Fibonacci level at $0.87, framing the prevailing fear as a natural component of bottom formation rather than a signal to sell.

  • Ethereum Plummets: $1,000 Crash Imminent?

    Ethereum Plummets: $1,000 Crash Imminent?

    Ethereum’s Price Plummets to 14-Month Low Amidst Bear Market and Internal Shake-ups

    Ethereum, the second-largest cryptocurrency by market capitalization, has experienced a significant downturn in recent months, mirroring the struggles of most major altcoins. The digital asset’s price has fallen to a 14-month low, prompting analysts to warn of a potential further slump, with some speculating a crash to a multi-year low of around $1,000.

    Internal Challenges Compound Market Pressures

    The prolonged bear market is not the sole factor contributing to Ethereum’s declining valuation. Recent internal developments have also cast a shadow. Hsiao-Wei Wang stepped down as the Ethereum Foundation’s co-executive director and board member, and shortly thereafter, the organization reduced its workforce by 20%.

    Market Cap Fluctuation and Recovery

    These negative developments contributed to a sharp decline in ETH’s price, which nosedived to just above $1,500. Its market capitalization briefly dipped below $183 billion, allowing Tether’s USDT to momentarily surpass Ethereum as the second-largest cryptocurrency. While ETH has since reclaimed its position, the lead is now marginal.

    Key Support and Resistance Levels Identified

    According to analyst Ali Martinez, Ethereum has been trading within a critical volume block between $1,584 and $1,683, where approximately 4 million coins have changed hands. Martinez suggests that establishing this “specific area” as support could pave the way for a rise to the next major supply clusters at $1,980 and $2,079.

    Conversely, the analyst cautioned that a failure to hold this baseline support, as occurred recently, could trigger a more substantial decline to $1,237 and potentially as low as $1,089.

    Divergent Analyst Outlooks

    Other market observers have offered varying predictions. X user Ryker anticipates a drop to $1,260 before a potential rally above $3,000. This forecast was highlighted by Merlijn The Trader, who noted that Ryker is the only individual on X followed by Binance CEO Changpeng Zhao (CZ).

    Earlier this month, X user Ted posited that ETH is more likely to reach its cycle bottom before Bitcoin (BTC). At that time, Ted claimed that much of the downside liquidity had been depleted, projecting a fall to the $1,300-$1,400 range. Similarly, Niels envisioned a drop to $1,200 within the current year.

    Whale Activity Signals Bearish Sentiment

    Recent activity from large investors, often referred to as “whales,” further reinforces the bearish outlook. X user Max Crypto reported that a significant investor initiated a $68 million short position on ETH with 23x leverage. Additionally, Justin Wu observed that four “OG” wallets have begun selling off their holdings.

    Whales are closely watched by retail investors due to their potential access to insider information that could influence market movements. Their actions can sometimes trigger panic selling among smaller participants.

  • Securitize’s Market Debut: Wall Street’s Next Tokenization Test

    Securitize’s Market Debut: Wall Street’s Next Tokenization Test

    Securitize Poised for Public Debut, Signaling Tokenization’s Growing Financial Clout

    Wall Street’s burgeoning interest in tokenization is set to face a real-world test next week with the anticipated public debut of Securitize, a firm at the forefront of digital asset representation. The BlackRock-backed company, which specializes in creating digital tokens for real-world assets, has announced plans to list on the New York Stock Exchange under the ticker symbol “SECZ” following its merger with a special-purpose acquisition company (SPAC) backed by Cantor Fitzgerald.

    SPAC Merger Nears Completion

    The transaction moved a step closer to finalization this week as investors holding less than 30% of Cantor Equity Partners II’s common shares opted not to redeem their holdings in the SPAC. This development means Securitize anticipates receiving approximately $400 million in proceeds from the combination and associated private financing before the deal officially closes.

    A Milestone for Tokenization

    Securitize’s public listing, eight years after its founding, represents a significant milestone for the tokenization sector. CEO Carlos Domingo described the move as a testament to the technology’s evolution from a niche market mechanism to a foundational element of modern finance.

    “The notion that major institutions would adopt tokenized securities was still largely theoretical,” Domingo stated. “Today, tokenization is entering the mainstream, and we believe becoming a public company will provide us with the visibility, credibility, and capital necessary to lead this charge.”

    Growing Institutional Adoption

    In recent years, Securitize has become a go-to resource for a range of institutions, extending beyond its prominent relationship with BlackRock, which utilized the firm for a tokenized money market fund in 2024. Other notable clients include Apollo, BNY, Hamilton Lane, and KKR. In March, Securitize also announced a collaboration with the NYSE itself to develop systems for blockchain-native securities.

    As of June, Securitize reported over $4 billion in assets under management. The firm’s largest offering by a significant margin is BlackRock’s BUIDL, which was valued at $2.4 billion as of Friday, according to data from RWA.xyz.

    The Case for “Native” Tokenization

    As infrastructure providers like DTCC increasingly engage with the tokenization space, Domingo has championed the concept of “native” tokenization. He argues that for securities to realize their full potential at scale, they must be issued directly on-chain rather than being encapsulated in digital wrappers.

    Regulatory Scrutiny and Innovation

    Last month, the Securities and Exchange Commission (SEC) reportedly postponed a decision on an innovation exemption for tokenized stocks. This delay followed concerns raised about third-party issuers, which could potentially complicate corporate actions and governance responsibilities through on-chain token issuance, as reported by Bloomberg.

    Since assuming his role as SEC chair, Paul Atkins has characterized tokenization as a technology with the “potential to transform markets” through enhanced trading efficiency. His remarks echo sentiments previously expressed by BlackRock CEO Larry Fink during the crypto market downturn in 2022.

  • Whales Move Millions to Binance Ahead of Banking News

    Whales Move Millions to Binance Ahead of Banking News

    Chainlink Tokens Flood Exchanges Ahead of Major Banking Initiative Announcement

    A significant surge in Chainlink (LINK) tokens being transferred to exchanges has been observed in the days leading up to the project’s announcement of a major banking initiative.

    On-chain data from the Ethereum network indicates that Binance saw a net inflow of over 10.2 million LINK tokens on June 19. This single-day transfer dramatically increased the exchange’s LINK reserves, pushing them from 84.1 million to 94.3 million tokens.

    CryptoQuant reported that this substantial movement caused the seven-day average netflow to spike by an astonishing 20,677% compared to its three-month average, signaling an unusual shift in exchange activity. The large-scale transfer occurred just days before Chainlink unveiled Project Pangea on June 23.

    Project Pangea is designed to facilitate T+0 foreign exchange settlement and involves more than 80 banks across Europe and South Korea, collectively managing over $10 trillion in assets. Historically, inflows of this magnitude have tended to increase the supply of tokens available for sale on exchanges, often correlating with heightened market volatility. However, LINK’s price response during this period was relatively muted, declining from approximately $8 to around $7.3.

    Further analysis revealed that these transfers were highly concentrated among a small cohort of large token holders. The “inflow_top10” metric, which tracks the top ten inflow sources, was nearly equivalent to the total inflow volume. This suggests that the majority of the tokens originated from a handful of wallets rather than widespread retail investor activity. CryptoQuant commented, “Although Project Pangea represents a potentially meaningful long-term development for the Chainlink ecosystem, the near-term on-chain picture points to increased exchange supply.”

    Despite the increased exchange supply, a growing number of users are opting to hold their LINK tokens amidst prevailing market uncertainty. Santiment data from earlier this month showed that the number of wallets holding at least 1 LINK has surpassed 535,000, reaching its highest point since December 2022. This increase in holder numbers has occurred even as LINK’s price remains significantly below its previous cycle highs.

    On the institutional front, spot LINK Exchange-Traded Funds (ETFs) experienced a return to positive net flows on June 23, following their first day of net outflows on June 22. On June 22, these funds recorded net outflows totaling $491,000. However, sentiment quickly improved, with inflows of approximately $138,000 returning on June 23. Activity then stabilized on June 24, with no net flows recorded.

    Despite these recent fluctuations, data from SoSoValue indicates that total spot LINK ETF inflows for June currently stand at $3.61 million.

  • Cardano Under Pressure, On-Chain Data Paints Different Picture

    Cardano Under Pressure, On-Chain Data Paints Different Picture

    Cardano Network Sees Surge in Activity Amidst Price Slump

    The Cardano network is experiencing a significant uptick in both user activity and online conversation, even as its native cryptocurrency, ADA, has dipped to lows not seen since December 2020.

    According to recent analysis by Santiment, daily active addresses and social dominance on the network have surged for the second time this month, positioning Cardano as one of the most talked-about assets in the cryptocurrency market.

    Data indicates that the number of active addresses on the network reached 29,025, with Cardano accounting for 0.33% of all cryptocurrency-related discussions. Santiment noted that this increase in activity is occurring concurrently with substantial price pressure and heightened volatility for ADA. The prevailing bearish sentiment appears to be influenced by recent remarks from Charles Hoskinson, who cautioned that additional Cardano projects might face failure.

    Further contributing to concerns are Hoskinson’s decision to scale back his public engagement and ongoing internal community disputes regarding treasury funding. Despite the prevailing weak sentiment, Santiment suggests that historical patterns show spikes in network activity, coupled with growing market apprehension, have often preceded modest rebounds in ADA’s price.

    Previous instances of this phenomenon include late March to early April, when active addresses rose to approximately 22,000 and social dominance exceeded 0.40%. Another similar period occurred in early June, with active addresses climbing to around 32,500 and social dominance peaking near 0.38%. In both these cases, the surge in network activity and discussion levels was followed by a moderate recovery in ADA’s price, the analysis revealed.

    As of this report, ADA is trading at $0.14, marking a decline of over 3% in the past 24 hours. The daily chart for the cryptocurrency recently generated a TD Sequential buy signal, which could potentially signal a short-term price rebound. However, crypto analyst Ali Martinez has advised traders to exercise caution, despite this bullish indicator.

    This warning follows a security incident involving a Cardano-based wallet protocol, which resulted in the theft of nearly 129 million ADA, valued at approximately $20 million.

    Martinez posited that any immediate recovery could prove to be a “bull trap,” luring buyers in before the price resumes its downward trend. Consequently, any potential relief rally is likely to encounter resistance in the $0.160 to $0.176 range. Should ADA fail to break above this resistance level, the price could descend further, potentially establishing new lows.

  • Kalshi Ignites FIFA World Cup Buzz with Record Trading Surge

    Kalshi Ignites FIFA World Cup Buzz with Record Trading Surge

    Prediction Markets Surge as World Cup Nears

    The world’s most anticipated sporting event is significantly boosting the profile of prediction markets, with a record volume of outstanding bets culminating in a high-profile deal announced Friday between Kalshi and an official partner of the World Cup 2026.

    ADI Predictstreet, a Gibraltar-licensed prediction market that unveiled a sponsorship deal with FIFA in April, announced it will collaborate with Kalshi as the competition heads into its knockout stage. Both brands are expected to be featured across stadiums, television broadcasts, and online advertisements.

    In a blog post published by Andreessen Horowitz, a Kalshi investor, the venture capital firm highlighted that weekly trading volumes across prediction markets reached $14.5 billion for the first time last week. Concurrently, the value of outstanding bets hit a record for the third consecutive week, totaling $1.6 billion.

    The data, compiled by Artemis—which includes Myriad, a prediction market owned by Decrypt’s parent company Dastan—underscores Kalshi’s leading position in sports wagers. Last week, Kalshi accounted for 62% of total trading volume, compared to Polymarket’s 28%.

    Both prediction market platforms have intensified their marketing efforts with advertisements aired during broadcasts. Polymarket features American rapper Future in its ads, while Kalshi showcases athletes such as Croatia’s Luka Modrić.

    The surge in interest has attracted numerous other companies eager to participate. DraftKings announced Friday in a press release the launch of its own prediction market, DKeX. The company indicated that its DraftKings Predictions product is anticipated to expand significantly next month, driven by heightened interest surrounding the World Cup.

    As more teams advance in the tournament, some emerging prediction markets are also experiencing substantial growth. Rothera, an exchange to which Robinhood began directing wagers in late May, has seen its weekly trading volumes skyrocket from $2.1 million to $805 million, according to Artemis.

    Analysts at asset manager Bernstein recently predicted that the World Cup could serve as a “watershed moment” for the prediction market sector, noting that platforms like Robinhood and Coinbase are leveraging the tournament to accelerate the growth of their respective offerings.

  • Trump Administration Seeks OpenAI Limits on GPT-5.6

    Trump Administration Seeks OpenAI Limits on GPT-5.6

    White House Seeks to Limit OpenAI’s GPT-5.6 Release for Government Review

    The Trump administration has requested that OpenAI restrict the initial rollout of its advanced AI model, GPT-5.6, to a select group of government-approved partners. This move, reported by The Information and Axios, comes as federal officials aim to evaluate the model’s capabilities.

    This marks the second instance this month where the U.S. government has intervened to control the release of a cutting-edge AI system. Previously, the administration ordered Anthropic to halt public access to its Claude Fable 5 and Mythos 5 models, citing national security concerns.

    According to the reports, the White House’s Office of the National Cyber Director and the Office of Science and Technology Policy are urging OpenAI to limit GPT-5.6’s deployment. The administration is currently developing a framework for assessing advanced AI models before they are made widely available. Sources close to the discussions indicated that the request was primarily driven by GPT-5.6’s “Mythos-like” capabilities, rather than a broader change in the government’s AI policy.

    This request follows President Trump’s executive order earlier this month, which directed federal agencies to establish a voluntary testing framework for advanced AI systems prior to their release. This directive emerged after weeks of internal deliberations regarding the structure of such a program.

    The administration’s intervention also signifies a shift in the dynamic between leading AI developers and Washington. For years, AI companies have advocated for government regulation within the industry.

    In 2023, OpenAI CEO Sam Altman testified before the Senate, urging lawmakers to establish a dedicated regulatory agency for advanced AI systems, arguing that independent oversight would eventually be essential. More recently, Anthropic CEO Dario Amodei echoed similar sentiments, contending that the most powerful AI models should undergo rigorous, government-backed evaluations before deployment due to their potential to facilitate sophisticated cyberattacks, aid in biological weapons research, and pose other national security threats.

    These concerns have become increasingly formalized, with Anthropic, OpenAI, and Google each publishing proposals outlining potential governance structures for frontier AI. While their approaches vary, all three companies advocate for structured evaluations of the most capable models, enhanced transparency in safety testing, independent reviews of high-risk systems, and a more significant governmental role in overseeing AI development.

    The administration’s intervention may also serve as a test case for the feasibility of applying the governance frameworks championed by major AI companies uniformly across the industry. Critics have raised concerns that if the largest AI developers influence the creation of rules that are then enforced inconsistently, frontier AI regulation could devolve into a form of regulatory capture, benefiting a select few companies and hindering competition.

  • Hyperliquid Addresses Singapore Investor Alert Listing

    Hyperliquid Addresses Singapore Investor Alert Listing

    Hyperliquid Added to Singapore’s Investor Alert List, Platform Clarifies No Regulatory Breach

    Hyperliquid, a perpetual futures platform, has been added to the Investor Alert List (IAL) maintained by the Monetary Authority of Singapore (MAS). The platform has clarified that this inclusion does not signify a regulatory violation, enforcement action, or ban.

    In a statement released on X, Hyperliquid emphasized that its appearance on the IAL should not be construed as an indication of wrongdoing. The platform explained that the list is designed to identify entities that might be mistakenly perceived as being licensed, authorized, or regulated by the MAS.

    Hyperliquid noted that several prominent cryptocurrency exchanges and decentralized finance protocols have previously been featured on the list. According to the MAS, the Investor Alert List comprises entities that, based on available information, may be wrongly assumed to be licensed or regulated by the central bank.

    The regulator further stated that the list may also include entities offering investments or investment-related products that could be mistakenly viewed as authorized, recognized, registered, or accompanied by documentation lodged with the MAS.

    Responding to the development, Hyperliquid asserted its status as permissionless infrastructure, stating that it has never claimed to be licensed or authorized by the MAS. The platform advised users not to consider it as holding such approvals. Hyperliquid also highlighted that users retain self-custody of their assets, and all network transactions remain transparent and are fully settled on-chain.

    “The Hyperliquid ecosystem remains committed to engaging collaboratively and constructively with regulators and institutions globally and to supporting clear, well-designed frameworks for onchain finance,” the platform stated.

    Earlier this month, the MAS also placed Bybit Fintech Limited on its Investor Alert List. Bybit responded by stating its ongoing regular and constructive engagement with the MAS and detailing measures implemented to restrict access for users in Singapore. These measures include modifications to its terms of service and geo-blocking of Singaporean IP addresses.

    Hyperliquid’s native token, HYPE, showed minimal reaction to the news. HYPE traded around $62 over the past 24 hours. The token had previously reached over $75 in mid-June before experiencing a decline amid broader market volatility.

    Meanwhile, institutional demand for the token appears to remain robust. Data from SoSoValue indicated that U.S. spot HYPE ETFs recorded net inflows exceeding $108 million on June 25, marking the largest single-day inflow since their launch last month. These inflows followed five trading days in June that saw no net flows.

  • XRP Price Watch: Crash to $0.60 Looming as $1 Support Tested?

    XRP Price Watch: Crash to $0.60 Looming as $1 Support Tested?

    XRP Faces Persistent Selling Pressure, Testing Key Support Levels

    XRP continues to experience sustained selling pressure, with the broader market trend firmly favoring sellers. Analysis of the USDT chart indicates the cryptocurrency is on the verge of breaching a significant support area following another downward movement. Concurrently, the XRP/BTC pair has retreated towards a critical floor, underscoring the token’s ongoing weakness relative to Bitcoin.

    XRP/USDT Analysis

    Against the USDT pair, XRP has extended its long-term downtrend, adhering to a descending channel that has capped price action for several months. The asset is currently trading around $1.04, having narrowly avoided a break below the crucial $1.10 support zone, which has now transitioned into immediate resistance.

    XRP remains positioned below both its 100-day and 200-day moving averages, with the 100-day average situated near $1.25 and the 200-day average around $1.5. Both averages are exhibiting a downward slope, reinforcing the prevailing bearish market structure. The upper boundary of the descending channel is converging with these moving averages, forming a robust resistance cluster that buyers would need to overcome for any significant trend reversal to be considered.

    On the downside, the current support zone around $1.00 is under intense scrutiny. A confirmed breach below this level could open the path to the next major demand region, located approximately at $0.60. Momentum indicators also show continued deterioration, with the Relative Strength Index (RSI) trending towards oversold territory, suggesting that bearish pressure remains dominant, although short-term relief bounces cannot be entirely discounted.

    As long as XRP remains below the descending channel resistance and the key moving averages, the broader market structure will continue to favor sellers, irrespective of any recent stabilization.

    XRP/BTC Analysis

    Against Bitcoin, XRP is also trading within a clearly defined descending channel, reflecting persistent relative weakness over the past several months. The pair is currently trading around 1,720 satoshis, resting directly on a horizontal support level that has historically attracted buyers since May.

    However, the broader technical outlook remains bearish. The price is trading below both the 100-day and 200-day moving averages, which are positioned around 1,850 satoshis and 2,000 satoshis, respectively, with both averages continuing their downward trajectory. Consequently, any recovery attempt is likely to encounter substantial resistance in the 1,850 to 2,000 satoshi range, followed by the upper boundary of the descending channel.

    Should the current support at approximately 1,700 satoshis fail to hold, sellers could target the lower boundary of the channel, near the 1,500 satoshi area. Conversely, defending this level might facilitate another short-term rebound towards the channel resistance. Nevertheless, the overall structure would remain bearish unless XRP manages to reclaim the major moving averages and establish higher highs.