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Market Pressure: Solana and Chiliz Facing Challenges Amid Bitcoin's Decline

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by Giorgi Kostiuk

2 years ago

Bitcoin's price has significantly dropped to new lows, greatly impacting the altcoin market, including Solana and Chiliz.

Impact of Bitcoin Decline on Altcoins

As Bitcoin falls to $92,500, pressure on altcoins increases with Solana and Chiliz facing tests of key support levels as unfavorable U.S. data heightens selling pressure.

Current Solana (SOL) Situation

Solana (SOL) risks falling further to $176. Currently, it is attempting to recover from a local low of $188. However, recovery may only begin if it reaches $202-203, which could then lead to a rally towards $220 and $228.

Chiliz (CHZ) Outlook

Chiliz (CHZ) continues to face challenges despite positive news momentum. After losing support at $0.0856, it still holds above $0.072. If Bitcoin rebounds, this might give CHZ the opportunity to reach targets of $0.1163 and $0.1431.

The current market environment highlights the importance of Bitcoin movements for altcoins like Solana and Chiliz. Subsequent investor decisions may influence further price changes in these assets.

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