The cryptocurrency market remains in a bearish phase, with total market cap dropping by 4.33%, despite a 17% increase in trading volume.
Cryptocurrency Market Dynamics
Bitcoin, the largest cryptocurrency by market cap, fell by 4.66%, leading a broader decline in altcoins. Ethereum dropped by 6%, hitting a 28-day low of $2,313. Solana, another prominent altcoin, hit a monthly low of $122, marking an 18% decline over the past month.
Theft Using Solana’s Token Extension
Amidst this bearish sentiment, scammers have found a new way to exploit Solana users. According to Slorg, a member of Solana-based Jupiter’s Core Working Group, scammers have begun using an in-built Solana token extension to stealthily burn users’ tokens within seconds of purchase, adding to the challenges faced by the Solana community.
Future Prospects of Solana
On the technical front, the daily chart shows Solana entrenched in a bearish trend. The 9-day Exponential Moving Average (EMA) is at $135 and the current price is at $128. The daily Relative Strength Index (RSI) stands at 37, indicating strong selling pressure. Looking forward, if bullish momentum builds, resistance levels could be encountered at $138 and $149. However, if the bearish trend persists, Solana may see a further decline, with potential support at $120.
Traders and investors are closely monitoring these SOL price levels for signs of sustained bearish momentum or potential bullish reversals in the coming days.
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