Massive Sell-off: Solana (SOL) and Toncoin (TON) in Freefall After Geopolitical Shock — Can They Recover?
A sudden and intense market drop has hit Solana and Toncoin, sparked by recent geopolitical tensions. Investors are on edge as these two popular cryptocurrencies face a steep decline. The big question now is whether they can bounce back. Dive into the article to discover which coins might be poised for a comeback and seize the market spotlight.
Solana Price Trends: Recent Declines and Key Support Levels
Solana prices dropped nearly 22.8% over the past month and fell about 31.9% in the last six months. The price range moved between lows near $69.81 and highs around $253.93, with typical levels seen between $136 and $182.2. This period shows a clear downward movement with diminishing momentum and lower investor confidence. The reduction in price over time highlights caution among traders, suggesting that the market entered a consolidation phase following more active movements.
Currently, the trading range of Solana rests between $136 and $182.2, with a key resistance level at $207.9 and support around $115.84. Additional reference points include a second resistance at $253.93 and a second support at $69.81. The Awesome Oscillator stands at -18.81 and the Momentum Indicator is at -14.49, while the RSI of 34.58 hints at a potential bottoming process if buying interest increases. Bears dominate, and the trend remains unclear with potential for trading opportunities within these levels.
Toncoin Price Downturn Amid Key Support and Resistance Levels
TON performance shows a clear bearish trend over recent periods. Price declined by 7.63% over the past month while suffering a substantial drop of 52.55% in the last six months. Weekly movement down 7.53% also indicates weak momentum. Data suggests that during this period, the coin faced persistent selling pressure with a notable erosion in value. Technical indicators indicate bearish conditions, reflecting the overall current market weakness for Toncoin.
Current price action sees Toncoin trading within a range of $2.79 to $3.61, with immediate resistance at $4.06 and support near $2.43. Bears dominate the market, as indicated by negative moving averages and muted oscillator readings. An RSI of 33.48 hints at possible cautious buying should stability emerge. Trading ideas include targeting moves above $4.06 or testing new lows near $1.61. The absence of a clear upward trend suggests caution is warranted, especially as short-term changes remain volatile. Monitoring these key levels could help identify when bulls may step in.
Conclusion
Both Solana (SOL) and Toncoin (TON) have experienced significant drops due to recent geopolitical events. The recovery of these cryptocurrencies will depend on market sentiment, adoption, and future developments. Investors will need to watch closely for any signs of stabilization or continued decline. The next steps taken by developers and stakeholders could play a crucial role in determining their future performance.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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