Market Wrap: Ethereum and Solana Recover From Historical Supports

Crypto price

The crypto market is on the front pages of every news outlet as yet another bloody day comes to an end. The industry’s value is below $1 trillion at the time of writing. This is a result of the massive decrease in the worth of most cryptocurrencies.

The current intraday session started with the global cryptocurrency market cap at $1.05. However, at the time of writing, it is valued at $916 billion; the sector under consideration is down by more than 10%.

The image below sheds more light on the current state of the market. We observed that almost every cryptocurrency is red with notable deficits. Nonetheless, we also noticed a few greens. These included mostly stablecoin a few assets.

We observed a drop in Bitcoin’s market dominance as it dropped to a low of 38%. The top gainers during the period under consideration failed to gain any notable gains. Nonetheless, they were up by more than 2%.

We observed that BNB showed little resistance to current market sentiments. One reason for such a conclusion is that almost tested the $400 amidst the massive selloff. However, it faced massive rejection and dipped.

It is currently recovering from a dip to $298. Still recovering, it is down by more than 5%. Nonetheless, this is reflecting on it market cap as further downtrend could see USDT topple it from its position.

This is the first time in almost fourteen days it is dipping to this level. One of the biggest losers over the last 24 hours are Ethereum and Solana as they are both down by more 15%. They also increased volatility which played to the advantage of the bears.

Ethereum Rebound at $1,220

The massive change in sentiment is one that many saw coming. However, the extent to which it will affect the entire crypto market is one many could not predict. Ethereum opened the current intraday session at $1,568.

It had a little increase but was insignificant before the blood bath. The asset flipped the $1,500 support as other vital levels and dipped to a low of $1,220. The massive decline in prices got many by surprise while others seized the opportunity to rally and increase their stacks.

As a result, it rebounded and is currently exchanging at $1,328 in response to the buybacks. The drop to this level is one that many never expected. However, there are indications of further downtrends as current market sentiment are still bearish.

Solana is Down by More than 20%

The altcoins are no doubt the top losers over the last 24 hours. SOL started the current intraday session strong as it peaked at $31.8 after it opened at $29. It faced massive rejection at the mark and dipped

Similar to ethereum, the asset broke several supports before rebounding. One such is the $28 barrier which it held for more than fourteen days. It is currently exchanging above $23 after a low of $19.8. It may end the day with losses exceeding 20%.

This is one of the biggest losses SOL had this year and will look to recover in the coming days.

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