The overall crypto market has endured massive bearish moves in the past sessions. The dominant alternative coin, Ethereum, broke beneath critical support areas and might suffer severe selling pressure in the upcoming sessions. However, the alt’s negative moves appear to weigh on other altcoins.
On the other hand, Solana appears to rely on its recent rally although the current losses. Its previous upticks will help it explode if market sentiment supports bullish actions. Here is what you may need to know about some tokens in the alt market.
ETH/USD has traded in a tight range between $3,100 and $3,500 since the correction that the total market experienced during Bitcoin Day in El Salvador. The asset broke past the level slightly before declining to it and corrected further.
Such actions appeared to worry online investors. Remember, the altcoin plunged under the descending triangle formation on its price chart. The asset also plummeted beneath its support at $2,990. For now, the token has to take its current action to the range of $4000 and $4400 to cancel the unwelcoming near-term bearish outlook.
The RSI dropped under the 40-level, confirming increased selling pressure. MACD has entered the negative region. The currency’s price also moves under the 20-day MA, adding to the bearish credence.
Solana recorded lucrative performance over last month, surging to the 7th spot in the crypto rank by market capitalization. The altcoin rode bullish moves since August, touching new highs five times. However, Solana saw drastic plummets as the total market saw losses. That had the coin experiencing extended bearish trends.
According to the asset’s current nature, it might be logical SOL secure the support near $20. However, if the coin overpowers the white channel from its current price beyond $160, it might resume its rally. Meanwhile, the token’s indicators are yet to depict massive bearishness despite the massive retracement that dragged the asset from $200 to its prevailing prices. The RSI remains around the 50-level, indicating slight bullishness.
The MACD still hovers in the positive territory, though the recent bearish cross. However, the crypto broke under the 20-day MA, but it appears to retest the level in the coming sessions. That means that the crypto retained some bullish sentiment.