Altcoins
Solana Price is Struggling Beneath $22: Technicals Point to More Downside
Solana price has been in the red over the past few weeks, in tandem with the global crypto market amid a buffet of surprise headwinds for the crypto industry. SOL’s price is down by nearly 18% in the month to date and 6% lower for the week. The asset’s total market cap has crashed by more than 5% over the last day to $8 billion, ranking it 9th in the crypto market, while the total volume of SOL traded over the same period jumped by 35%.
Fundamental Analysis
Solana price has posted significant losses over the past week as global economic headwinds and a decline in risk appetite continue to weigh on the cryptocurrency market. Crypto bigwigs, including Bitcoin and Ethereum, have each slipped by more than 4% over the last day to trade at $25,980 and $1,643, respectively.
The cryptocurrency market rallied briefly on Tuesday as crypto market participants reacted to Grayscale’s landmark court win against the US Securities and Exchange Commission (SEC). The US Court of Appeals handling the case ruled that the SEC was wrong to deny Grayscale permission to convert its popular Bitcoin trust to EFT. The news lifted the cryptocurrency market broadly as well as crypto equities higher.
Even so, the rally was short-lived, seeing that the court ruling was not enough to sustain the bullish breakout. Investors and crypto market participants remain on the lookout after the SEC filed a secret, sealed motion in its case against Binance, which includes more than 35 exhibits. The Wall Street regulator’s insistent crackdown on the crypto industry remains a major concern for market participants.
Investors will also be closely watching key economic data, including the nonfarm payrolls data due later today, hunting for clues on the economic outlook, as well as the Fed’s monetary policy path. Data published by the Bureau of Economic Analysis on Thursday shows that the Fed’s favorite inflation gauge, the core personal consumption expenditures (PCE) index rose 4.2% in July, in line with market expectations. The increase in consumer spending raises the chances of the Federal Reserve further hiking its interest rates this year.
Solana Price Technical Analysis
Solana price has failed to start a fresh bull run above the important level of $22 over the past few days, pushing its price nearly 18% lower over the past 30 days. Even so, the bulls briefly gained control on Tuesday, adding more than 6% in SOL’s value before backing out. The digital asset has formed a bearish triangle on the daily chart shown in yellow, indicating a continuation of the bearish trajectory.
SOL remains below the 50-day and 200-day exponential moving averages, as well as the 50-day and 100-day simple moving averages. Its Relative Strength Index (RSI) remains below the signal line, indicating an increase in selling pressure, with the Moving Average Convergence Divergence (MACD) indicator pointing to a sell signal.
Consequently, the Solana price is likely to continue falling in the ensuing sessions with bears taking full control of the market, thus increasing the selling pressure. If this happens, the next support levels to watch will be $19 and $17.70. However, we cannot rule out a flip above the major hurdle at $22, which will invalidate the bearish thesis.
SOL Price Chart
Cardano price has been on a steep downward trajectory for the past few weeks on the back of a dull market and global macroeconomic concerns. The altcoin is down by nearly 6% in the month to date and more than 3% in the past week. Additionally, ADA price has shed more than 30% in the past six months, with its year-to-date price remaining in the red. Cardano’s total market cap has shrunk by more than 1% over the last day to $8.6 billion, while the total volume of the asset traded over the same period edged 13% lower.
Fundamentals
Cardano price has recorded significant losses in recent weeks in tandem with the global cryptocurrency market. Most of the digital assets have been treading waters over the past few weeks, with the premier cryptocurrency struggling to break above the crucial level of $27,000. The global crypto market cap has increased slightly over the past 24 hours, while the total crypto market volume decreased by 25%.
The Crypto Fear & Greed Index, which is a key measure of the emotions driving the cryptocurrency market, is a fear level of 39, slightly lower than the fear level of 42 recorded last week. A fear level usually indicates a decline in risk appetite by investors which might prompt traders to sell irrationally.
Investors have been assessing what could be ahead for the economy while weighing the outlook for interest rates after…
Dogecoin price has posted significant losses over the past few weeks amid bearish crypto market sentiment. The digital asset has slumped by 18.65% in the month to date and more than 13% in the year to date. Additionally, Dogecoin has shed more than 5% in the past week in the wake of a dull market. The asset’s total market cap has declined over the last day to $8.59 billion, ranking DOGE 8th after Solana. The total volume of the digital currency traded over the same period has also decreased by more than 18%.
Economic Concerns
Dogecoin price has been in the red for the past few weeks against the backdrop of weak market sentiment, a decline in risk appetite, and macroeconomic concerns. The overall crypto market cap has also been on a downward trajectory, with the crypto market cap down to $1.03 trillion, its lowest level since June. The total crypto market volume has decreased by more than 18% over the last 24 hours.
Traders have been in jitters over the past few weeks in the wake of global economic uncertainty. Data released on Wednesday showed that the UK economy contracted by 0.5% in July, ahead of the 0.2% expected. The Bank of England (BoE) is expected to raise its interest rates by 0.25% to 5.5% in its meeting next week in a bid to curb the high inflation rates. Ahead of the BoE, the European Central…
XRP price has been under intense pressure for the past few weeks, moving in tandem with the general crypto market movements. The asset has crashed by more than 20% in the month to date and 7% in the past week. XRP’s total market cap has plunged to $26 billion over the past few weeks, with the total volume of the asset traded over the last day down by 11%.
Regulatory Concerns
XRP price has posted significant losses over the past few weeks amid the bearish crypto market sentiment and regulatory concerns in the sector. The global crypto market cap has been under immense pressure over the past few weeks, with the overall crypto market cap inching lower to $1.04 trillion. The premier cryptocurrency, Bitcoin, has been struggling below the crucial level of $26,000 over the past few days, weakening the crypto market outlook.
Major altcoins, including Ethereum, Solana, Dogecoin, and Cardano, among others, have also succumbed to the general market outlook, dipping by more than 3% each. The Crypto Fear and Greed Index, which measures the key emotions driving the crypto market, is currently at a fear level of 35, pointing to an increase in selling pressure.
The legal battle between the US Securities and Exchange Commission (SEC) and Ripple Labs has also been weighing on the XRP price. The XRP price jumped by more than 70% in July after a federal judge ruled…
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