SOL is currently seeing massive price decrease. This comes as no surprise as the coin succumbed to the general market sentiment. It joined the rest of the top 10 largest coins as they flipped bearish in the second half of the current day.
The global cryptocurrency market cap also had a massive decline in response to this change in momentum. Following its return to $2.52 trillion, it dropped and is currently valued at $2,36 trillion. This meant that the industry lost more than 4% in the last 24 hours.
Nonetheless, this was not the state of the market over the last seven days. The previous week started with trading at $2 trillion. However, as the session progressed, it surged to a high of $2.36 trillion. Closing at this mark, this indicates a more than 10% increase.
The most recent downtrend started after the apex coin retook its all-time high. As a result, memecoins like FLOKI, BONK, DOGE lost more than 15% each. Other bitcoin forks like bitcoin SV and Bitcoin cash lost over 14% respectively. Following these decreases, the question of when it’ll stop rages.
Top Three Cryptocurrencies to Watch
BTC/USD
Bitcoin had another massive surge during the previous week. This comes after a brief break that saw it cement support at $50k. Nonetheless, this time, it closed with gains of more than 22% as it cruised past several resistances.
One of the key highlights of the session happened on Wednesday. It started trading at $57k but surged after a brief downtrend. As a result, it broke the $60k resistance for the first time since November 2022. It continued upwards and tested $64k but failed to break it as it faced strong rejections at the mark. It soon dropped to a close at $62,512 which indicated a more than 9% increase.
Following Wednesday’s action, prices remained above $60k for the remainder of the intraweek session. This trend continued into the current week as BTC continued its surge. During the previous intraday session, it hit a high of $68,577 and closed with gains exceeding 8%.
The action continued today as the apex coin flipped its all-time high by a few dollars. However, what took place afterwards left many shocked. For the first time in more than five days, it dropped below $60k. It dropped to a low of $59,313 before rebound. Currently exchanging at $62,988, this is a clear sign of its recovery.
In response to the sudden change in trajectory, indicators are blaring warnings. For example, the moving average convergence divergence is printing a bearish signal at this time. A closer look at it shows the 12-day EMA halting its uptrend. If this continues, it may start a bearish convergence.
On the other hand, the Relative Strength Index is relatively balanced as the recent drop pushed it below 70.
In the coming days, one of the key levels to watch is the $60k support. A flip could send the apex coin as low as $50k.
