Key takeaways
SOL is the worst performer among the many prime 10 cryptocurrencies at present, 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 at present dangers dropping beneath $105k. At press time, the worth of Bitcoin stands at $105,688 per coin.
Because of the continued bearish efficiency, the entire cryptocurrency market cap has dropped beneath $3.3 trillion.
SOL, Solana’s native coin, is without doubt one of 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 at present 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 several other high-profile meme tasks, together with GMGN and ElizaOS. This was a serious blow as a result of Pump.enjoyable had grow to be a serious 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 might check the $140 assist stage
Whereas SOL is buying and selling round $150 in the meanwhile, it might dump to the $140 assist stage 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 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 continued bearish worth motion, SOL might bounce again if there’s a ceasefire within the Israel-Iran battle. Presently, capital is transferring 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.
