Key takeaways
SOL is the worst performer among the many prime 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 continuing 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 continuing 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 continuing bearish efficiency, the overall cryptocurrency market cap has dropped under $3.3 trillion.
SOL, Solana’s native coin, is among the worst performers among the many prime 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 sudden 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 serious blow as a result of Pump.enjoyable had change into a serious driver of onchain exercise and speculative momentum on Solana. 1000’s 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 continuing battle within the Center East is affecting the efficiency of Bitcoin, Solana, and different main cryptocurrencies.
SOL might check the $140 assist stage
Whereas SOL is buying and selling round $150 in the intervening time, it might dump to the $140 assist stage within the coming hours or days. At the moment, SOL is forming a descending triangle, a bearish reversal sample.
If SOL fails to bounce again after hitting the $140 assist stage, then the cryptocurrency might dump additional and head in direction of the $110 psychological mark. Moreover, the MACD is hinting at weak point, with the $140 assist stage might give approach for a dump in direction of $110 within the close to time period.
Regardless of the continuing bearish value motion, SOL might bounce again if there’s a ceasefire within the Israel-Iran battle. At the moment, capital is shifting into the U.S. Greenback and Gold as safe-haven belongings whereas risk-based belongings like Bitcoin and Solana underperform. With a ceasefire, SOL might rapidly reclaim the $170 resistance stage.
