At present, the cryptocurrency market is showing noticeable fluctuations, particularly among projects like Solana and Cardano. Simultaneously, Cold Wallet has made a significant deal that positions it strongly.
Solana Faces Support Level Trials and Potential Risks
Solana's price demonstrates weakness, positioned below its June high, forming a descending triangle—a pattern often indicating further drops. Currently, SOL is trading around $163, hovering just above its $160 support level. Should it drop below this, it may slide to $153 in the near term. On-chain data shows a net outflow of $18.6 million, suggesting caution among larger holders.
Cardano and the Threat of a 25% Drop
Cardano (ADA) also shows vulnerability after failing to hold above the $0.74 level. Analysts warn it could drop to $0.53. Data indicates a decline in tokens moving off exchanges, signaling reduced investor confidence. Over 50% of traders are in short positions, contributing to bearish pressure. Technical signals indicate fading momentum that could lead to a potential 25% fall, although this may also create lower entry points for long-term buyers.
Success of Cold Wallet and Its Strategic Deal
Cold Wallet's $270 million acquisition of Plus Wallet is more than just a financial statistic; it has instantly onboarded over 2 million active users into its ecosystem. This move significantly enhances its cashback rewards model from day one of operation. By expanding its infrastructure, every transaction now contributes to an earning loop, giving users reason to consider it over traditional wallet options.
Currently, it is evident that Solana and Cardano are facing serious challenges in the short term, while Cold Wallet demonstrates substantial growth due to its strategic deal. Monitoring these trends will help investors better understand the dynamics of the cryptocurrency market.
