Key takeaways
SOL is the worst performer among the many high 10 cryptocurrencies as we speak, down 3.5% within the final 24 hours.
Its poor rally could be attributed to Pump.enjoyable’s account ban on X and the continued battle within the Center East.
Crypto market nonetheless reeling from the Center East disaster
The cryptocurrency market has had a bearish few days, courtesy of the continued battle between Iran and Israel. Bitcoin, the main cryptocurrency by market cap, has misplaced 3.4% of its worth over the previous seven days and presently dangers dropping under $105k. At press time, the value of Bitcoin stands at $105,688 per coin.
Due to the continued bearish efficiency, the overall cryptocurrency market cap has dropped under $3.3 trillion.
SOL, Solana’s native coin, is without doubt one of the worst performers among the many high 10 cryptocurrencies by market cap. Whereas it’s affected by the identical fundamentals because the broader market, different catalysts have helped dampen SOL’s efficiency.
SOL dips to $150 on Pump.enjoyable’s X ban
SOL is presently buying and selling at $150.08, down 3.43% within the final 24 hours. Its poor efficiency could be attributed to the surprising suspension of Pump.enjoyable from X. Pump.enjoyable is the main memecoin launchpad on the Solana blockchain.
Social media platform X suspended the X accounts of Pump.enjoyable, its co-founder, Alon Cohen, and a number of other high-profile meme initiatives, together with GMGN and ElizaOS. This was a significant blow as a result of Pump.enjoyable had develop into a significant driver of onchain exercise and speculative momentum on Solana. Hundreds of memecoins have launched on the Solana blockchain over the previous few months, due to Pump.enjoyable.
Along with the Pump.enjoyable X ban, the continued battle within the Center East is affecting the efficiency of Bitcoin, Solana, and different main cryptocurrencies.
SOL may take a look at the $140 help degree
Whereas SOL is buying and selling round $150 in the mean time, it may dump to the $140 help degree within the coming hours or days. Presently, SOL is forming a descending triangle, a bearish reversal sample.
If SOL fails to bounce again after hitting the $140 help degree, then the cryptocurrency may dump additional and head in the direction of the $110 psychological mark. Moreover, the MACD is hinting at weak point, with the $140 help degree may give means for a dump in the direction of $110 within the close to time period.
Regardless of the continued bearish value motion, SOL may bounce again if there’s a ceasefire within the Israel-Iran battle. Presently, capital is shifting into the U.S. Greenback and Gold as safe-haven property whereas risk-based property like Bitcoin and Solana underperform. With a ceasefire, SOL may shortly reclaim the $170 resistance degree.
