Key takeaways
- SOL is the worst performer amongst the high 10 cryptocurrencies as we speak, down 3.5% in the final 24 hours.
- Its poor rally might be attributed to Pump.enjoyable’s account ban on X and the ongoing battle in the Middle East.
Crypto market nonetheless reeling from the Middle East disaster
The cryptocurrency market has had a bearish few days, courtesy of the ongoing 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 the moment dangers dropping under $105k. At press time, the price of Bitcoin stands at $105,688 per coin.
Thanks to the ongoing bearish efficiency, the whole cryptocurrency market cap has dropped under $3.3 trillion.
SOL, Solana’s native coin, is one in every of the worst performers amongst the high 10 cryptocurrencies by market cap. While it’s affected by the identical fundamentals as the broader market, different catalysts have helped dampen SOL’s efficiency.
SOL dips to $150 on Pump.enjoyable’s X ban
SOL is at the moment buying and selling at $150.08, down 3.43% in the final 24 hours. Its poor efficiency might be attributed to the surprising 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 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. Thousands of memecoins have launched on the Solana blockchain over the previous few months, thanks to Pump.enjoyable.
In addition to the Pump.enjoyable X ban, the ongoing battle in the Middle East is affecting the efficiency of Bitcoin, Solana, and different main cryptocurrencies.
SOL might test the $140 support level
While SOL is buying and selling round $150 at the second, it might dump to the $140 support level in the coming hours or days. Currently, SOL is forming a descending triangle, a bearish reversal sample.
If SOL fails to bounce again after hitting the $140 support level, then the cryptocurrency might dump additional and head in the direction of the $110 psychological mark. Furthermore, the MACD is hinting at weak spot, with the $140 support level might give method for a dump in the direction of $110 in the close to time period.
Despite the ongoing bearish value motion, SOL might bounce again if there’s a ceasefire in the Israel-Iran battle. Currently, capital is shifting into the U.S. Dollar 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 level.
