The price of the Solayer token (LAYER) has fallen by 62% in two days, raising concerns among traders and analysts.
Overview of the Price Drop
The price of the Solayer token (LAYER) has decreased by 27% in the last 24 hours and is currently trading at $1.27. This level is testing a key support zone between $1.20 and $1.30, which previously held firm from March 27 to April 9 before the price reached a peak of $3.40 on May 5.
Market Situation Analysis
Traders on platform X are comparing the LAYER price drop to the situation with the Mantra token (OM). One user commented that this was likely due to market makers attempting to trap buyers before unloading their positions. The significant decline, coupled with high volume and volatility, suggests a panic sell-off.
Future of Solayer Token Price
Moving forward, a key focus is whether the LAYER price can establish solid support within the current $1.20 - $1.30 range or if further declines are on the horizon. If the price breaks below this zone, potential support levels at $0.95 and $0.75 come into play.
The situation with Solayer token price illustrates complex market phenomena involving both technical and emotional trading aspects.
