Top cryptocurrencies Solana, Dogecoin, and Ethereum continue to face selling pressure, which may lead to further price declines. Let's examine the current technical indicators and market trends.
New Challenges for Solana
As Solana approaches a possible 'death cross,' it faces mounting downward pressure. This indicator typically signals prolonged decline when a short-term moving average crosses a long-term one. The recent breach below the $150 support level has intensified selling pressure, with prices dropping to $124. If the 'death cross' scenario materializes, SOL may see further decline.
Dogecoin's Last Chance
Dogecoin is in a steady downtrend, hitting its last major support level around $0.14. This is the last of three critical levels, and a breakdown could spell trouble for DOGE holders. The lack of catalysts and the overall weakness in the meme coin market add to risks of further decline.
Ethereum Loses Ground
Ethereum has broken the critical $2,000 support, enhancing bearish sentiment. The concurrent spike in trading volume supports the narrative of a protracted downtrend. Should Ethereum fail to hold at $1,800, a further correction might take it down to $1,500.
Current market conditions and technical indicators suggest that Solana, Dogecoin, and Ethereum may continue their downtrend unless strong catalysts emerge to alter the market perception.
