Bearish Market Drags Down Bitcoin and Ethereum While This Altcoin Shines

Please fol­low and like us:
Pin Share

The over­all cryp­tocur­ren­cy mar­ket is see­ing red today, with major coins Bit­coin and Ethereum drop­ping around 3–4% over the past 24 hours. How­ev­er, one alt­coin has bucked the down­trend and ral­lied strong­ly – Solana’s SOL token.

SOL has surged over 8% in the last day, mak­ing it the only top 10 cryp­tocur­ren­cy record­ing gains. It is cur­rent­ly trad­ing at around $56, hav­ing briefly sur­passed the $59 lev­el that ana­lysts have high­light­ed as key resistance.

What’s Behind Solana’s Rise?

Much of Solana’s recent mete­oric rise has been attrib­uted to surg­ing inter­est from both retail and insti­tu­tion­al investors. Data from Coin­base reveals the exchange has seen sig­nif­i­cant inflows into SOL, with order sizes sug­gest­ing major buy­ers are enter­ing the market.

Insti­tu­tion­al asset man­ag­er VanEck has also pub­lished a bull­ish report on Solana, with a price tar­get of $3,200 per SOL by 2030. The network’s abil­i­ty to sup­port dapps with over 100 mil­lion users is cit­ed as a key dri­ver of growth.

Is a Reversal on the Cards?

Despite its impres­sive gains, some ana­lysts warn that SOL’s par­a­bol­ic advance could be due for a pull­back. The long upper wick on its most recent dai­ly can­dle sug­gests sell­ers jumped in to react to exces­sive buy­ing pressure.

Solana dai­ly chart, source: Coin­Stats

Key resis­tance around the $59 lev­el may also encour­age prof­it-tak­ing in the short term. Fur­ther­more, on-chain data indi­cates whale wal­lets linked to FTX have trans­ferred large amounts of SOL to exchanges like Binance, which could presage increased sell­ing pressure.

With SOL up over 145% in the past month, tech­ni­cal indi­ca­tors like the 3–10 day MACD stalling near $57 add to the case for a tem­po­rary rever­sal. How­ev­er, the alt­coin remains firm­ly in an uptrend on the year­ly timeframe.

Read also:

The Wider Market Outlook

Out­side of Solana’s excep­tion­al per­for­mance, the over­all cryp­to mar­ket remains depressed today. Bit­coin has dropped 3% to trade below $35,400, while Ethereum is down 3.7% to under $2,000.

The total mar­ket cap­i­tal­iza­tion stands at $1.36 tril­lion, hav­ing declined 3.38% over the past day. With SOL buck­ing the dip, traders will be watch­ing close­ly to see if the alt­coin can sus­tain its uptrend if the broad­er decline continues.

We recommend eToro

74% of retail CFD accounts lose money.

Active user com­mu­ni­ty and social fea­tures like news feeds, chats for spe­cif­ic coins avail­able for trad­ing.
Wide range of assets: cryp­tocur­ren­cies along­side oth­er invest­ment prod­ucts such as stocks and ETFs.
Copy trad­ing: allows users to copy the trades of lead­ing traders, for free.
User-friend­ly: eToro’s web-based plat­form and mobile app are user-friend­ly and easy to nav­i­gate.
eToro offers stak­ing for cer­tain pop­u­lar cryp­tocur­ren­cies like ETH, ADA, XTZ etc.

intelligent crypto
How are  reg­u­lar peo­ple mak­ing returns of as much as 70% in a year with no risk?  By prop­er­ly set­ting up a FREE Pio­nex grid bot — click the but­ton to learn more.
Cryp­to arbi­trage still works like a charm, if you do it right! Check out Alphador, lead­ing cryp­to arbi­trage bot to learn the best way of doing it. 

Cap­tainAlt­coin’s writ­ers and guest post authors may or may not have a vest­ed inter­est in any of the men­tioned projects and busi­ness­es. None of the con­tent on Cap­tainAlt­coin is invest­ment advice nor is it a replace­ment for advice from a cer­ti­fied finan­cial plan­ner. The views expressed in this arti­cle are those of the author and do not nec­es­sar­i­ly reflect the offi­cial pol­i­cy or posi­tion of

Source link
Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published.