The crypto market is in a state of flux as Solana (SOL) struggles to maintain its position above the critical $150 mark, signaling potential volatility ahead. Ethereum (ETH) is also at a pivotal point, facing crucial support at $3,500, which could determine its short-term trajectory.
Amidst these market movements, Furrever Token is making waves with its transformative 10% referral program. This cat-themed cryptocurrency is not only attracting investors with its unique ecosystem but also fostering community growth through its innovative rewards system. With significant funds already raised in its presale, Furrever Token is set to revolutionize the crypto landscape.
Solana (SOL) Struggling to Stay Above $150
Solana (SOL), the fifth-largest cryptocurrency with a market value of $69.88 billion, started yesterday at $159.04 and, after testing $159.75, closed the day at $149.31 with a sharp drop of 6.12%. Solana (SOL) made a positive start today and is currently trading at $151.37 with a 1.38% increase.
Solana (SOL) Daily Chart Analysis
As the fifth-largest cryptocurrency by market value, Solana (SOL) ended its prolonged movement within the $116.00-$164.50 range and started to rise, reaching up to $189. Facing selling pressure at $189, Solana (SOL)’s daily chart shows a continued decline, and with yesterday’s sharp drop, it fell below the EMA100 support. Currently trying to stay above $150, if Solana (SOL) continues to trade below the EMA100 support, it could see a pullback towards $140.82 and the EMA200 support at $128.96. For Solana (SOL) to resume its upward trend, it needs to break the critical resistance level of $164.50 and close daily above it.
Ethereum (ETH) Faces Crucial Support at $3,500
With a market capitalization of $423.50 billion, Ethereum (ETH) began yesterday at $3,666.1 and, after reaching $3,671.1, experienced a sharp decline influenced by Bitcoin (BTC), closing the day at $3,497.4, a 4.60% drop. Today, Ethereum (ETH) is maintaining its position above the EMA55 support level, currently trading at $3,525.4 with a 0.80% increase.
Ethereum (ETH) Daily Chart Analysis
Starting its decline from $4,000 in March, Ethereum (ETH), the second-largest cryptocurrency, dropped to a support level of $2,858. The subsequent approval of a spot ETF spurred strong buying, allowing Ethereum (ETH) to break its two-month downtrend and trade within the $3,750-$3,950 range for three weeks (as highlighted in purple on the chart). However, selling pressure on Bitcoin (BTC) following the U.S. Non-Farm Payrolls data caused Ethereum (ETH) to break below this range and hold above the EMA21 support for four days. Today, the selling pressure on Bitcoin (BTC) continues to impact Ethereum (ETH), which is now trading just above the EMA55 support level at $3,525.4. If the selling pressure persists, the nearest support levels for Ethereum (ETH) will be at $3,479.9 (EMA55) and $3,326.1 (EMA100).
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