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The recent crash of the Libra meme coin has sent shockwaves through the cryptocurrency market, with losses exceeding $100 million. Meanwhile, Solana is struggling to find its footing, and concerns are growing about the broader ecosystem’s liquidity. As a result, investors are becoming increasingly cautious towards speculative assets.
In this context, it appears that Ethereum (ETH) is not making any significant gains, and in fact, continues to struggle. The current market situation has been described as “choppy” by many analysts, which could be causing issues for Bitcoin (BTC).
But the real trouble lies with Solana (SOL). According to Pantera Capital, the asset’s recent technical break below its 200-day moving average is a concerning sign. As SOL struggles to hold onto critical support levels around $190, further selling pressure could push it down to $175-$160.
The bearish momentum that was once building appears to be waning, with volume dwindling and the RSI deteriorating. This raises concerns about an extended decline or prolonged consolidation.
While Solana’s long-term potential remains intact due to its robust developer ecosystem and high-speed transaction capabilities, it’s clear that any market recovery will require a surge of fresh capital. Unfortunately, considering the recent shift in investor sentiment, this might not be forthcoming anytime soon.
It seems that Ethereum (ETH) is stuck in a rut while Solana (SOL) faces major difficulties.
Source: u.today
