Ke takeaways
- Solana is the worst performer in the top 10, down 6% in the last 24 hours.
- The coin could retest the $174 support level as BTC and others underperform.
SOL dips 6% as the broader market sheds nearly $200b
The weekend was bearish for Bitcoin, and other leading cryptocurrencies recorded huge losses. Bitcoin dropped to the $115k region after setting a new all-time high price last week, while Ether is now trading around $4,285 after hitting $4,700 a few days ago.
The worst performer among the top 10 cryptocurrencies by market cap is SOL, Solana’s native coin. SOL is down 6% in the last 24 hours and risks dropping below $180 soon if the bearish trend continues.Â
Despite the bearish performance, SOL has maintained its position as the sixth-largest cryptocurrency by market cap, behind Binance’s BNB. However, if the negative trend continues, SOL could lose more value and see its market cap drop below $90 billion.
The total cryptocurrency market cap dropped by nearly $200 billion over the weekend as SOL, ETH, XRP, and BTC all recorded heavy losses.
SOL eyes $174 support zone amid massive sell-off
The SOL/USD 4-hour chart remains bullish and efficient despite Solana recording losses over the last few hours. The technical indicators are switching bearish on the lower timeframe, indicating that sellers are now in control of the market.
The RSI of 37 shows that SOL is heading into the oversold territory if the bearish trend continues. The MACD lines have also crossed over into the negative region, suggesting a bearish trend.
If the sell-off continues, SOL could retest the first major support level and the TLQ at $174 in the coming hours or days. An extended bearish run would see SOL test the $155 low for the second time time month.
However, the market could embark on a recovery, and SOL could reclaim the recent high of $209. An extended bullish run would see SOL surge higher and hit $250 for the first time since February.
