Connect with us

Market

Solana ETF Delay Fuels Bearish Sentiment, $16M Pulled from SOL

Published

on


On Tuesday, the US Securities and Exchange Commission (SEC) postponed its decision on multiple altcoin exchange-traded funds (ETFs), including Solana’s.

This development has further dampened investor sentiment toward SOL, which has continued to witness significant spot market outflows.

Solana Investors Exit Amid SEC Delay—$16 Million Pulled Under 24 Hours

In a series of filings made on March 11, the SEC announced its plans to postpone its decision on multiple ETFs tied to major assets, one of which is SOL. According to the regulator, it has “designated a longer period” to review the proposed rule changes that would enable the ETFs to become operational.

This has exacerbated the bearish sentiment toward SOL, which is reflected in the capital outflows from its spot markets over the past 24 hours. As of this writing, $16.43 million has been removed from the market, marking the seventh day of consecutive outflows, which have now exceeded $250 million.

SOL Spot Inflow/Outflow
SOL Spot Inflow/Outflow. Source: Coinglass

When an asset experiences spot outflows like this, its investors are selling their holdings. This trend reflects a lack of confidence in SOL’s short-term price recovery, with traders choosing to cash in their accrued gains to prevent further losses on investments.

Furthermore, SOL’s Moving Average Convergence Divergence (MACD) indicator, observed on a daily chart, supports this bearish outlook. As of this writing, the coin’s MACD line (blue) is below its signal line (orange). 

SOL MACD.
SOL MACD. Source: TradingView

An asset’s MACD measures its price trends and momentum shifts and identifies potential buy or sell signals based on the crossing of the MACD line, signal line, and changes in the histogram. 

When the MACD line rests under the signal line, the market is in a bearish trend. This indicates that SOL selloffs exceed buying activity among market participants, hinting at a further value drop.

Solana at Crossroads: Will SOL Hold $126 or Fall to $110?

SOL trades at $126.82 at press time. With waning buying pressure, it risks falling to $110, a low that it last reached in August 2024. 

SOL Price Analysis.
SOL Price Analysis. Source: TradingView

However, a strong resurgence in buying activity would prevent this. For this to happen, SOL has to establish a strong support flow at $135.22. If successful, it could propel its price to trade at $138.84 and above. 

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Market

Pi Network (PI) Struggles to Reclaim $2

Published

on


After hitting a peak of $2.99 on February 27, Pi Network is down nearly 40% in the past two weeks. Technical indicators suggest that PI momentum is stabilizing.

The DMI shows that buying pressure has surged in the past two days, but the ADX has declined, signaling that the strength of the trend may be weakening. Meanwhile, RSI has spiked from oversold levels, approaching overbought territory, which could either lead to consolidation or a continuation toward key resistance levels.

PI Network DMI Shows Uptrend Is Still Here

PI’s DMI chart indicates that the Average Directional Index (ADX) has declined to 30.6 from 36.5 over the past two days. ADX measures trend strength, with values above 25 generally indicating a strong trend, while values below 20 suggest a weak or consolidating market.

A rising ADX signals strengthening momentum, whereas a declining ADX suggests a weakening trend, even if price action continues in the same direction.

The current drop in ADX suggests that while PI remains in an uptrend, the momentum behind this movement is softening.

PI DMI.
PI DMI. Source: TradingView.

Looking at the Directional Indicators (+DI and -DI), +DI has surged to 27.3 from 12.3 two days ago but has remained stable since yesterday, while -DI has sharply dropped to 14.9 from 29.3. This shift indicates that buying pressure has significantly increased over the past two days, overwhelming prior selling pressure.

However, with +DI now stable and ADX declining, the strong buying momentum seen earlier may be fading. This doesn’t necessarily mean an immediate reversal, but it suggests the uptrend could slow or enter a consolidation phase unless renewed buying strength pushes the ADX back up.

Pi Network RSI Surged In The Last Two Days

PI’s Relative Strength Index (RSI) has climbed sharply to 60.90, up from 34.8 yesterday and 19.5 four days ago. RSI is a momentum oscillator that measures the speed and magnitude of price movements on a scale from 0 to 100.

Generally, RSI values above 70 indicate overbought conditions, suggesting potential for a pullback, while values below 30 signal oversold conditions, often preceding a price recovery.

The rapid rise from deeply oversold levels to near 61 suggests a strong shift in momentum, with buyers regaining control.

PI RSI.
PI RSI. Source: TradingView.

With PI’s RSI touching 68 earlier and now sitting at 60.90, it is approaching overbought territory but has not yet crossed the critical 70 threshold.

The fact that PI hasn’t surpassed 70 since February 27 suggests that this level has historically acted as a barrier, potentially triggering profit-taking or a temporary slowdown.

If RSI stabilizes near its current level, PI could consolidate before making another push higher. However, if it surges past 70, it would signal extreme bullish momentum, though that also increases the likelihood of a short-term correction.

PI Can Reclaim $2.35 Levels Soon

PI price is currently trading within a key range, facing resistance at $1.82 while holding support at $1.57. If the current uptrend persists and buyers manage to push past $1.82, the next target would be $1.98.

A break above this level could open the door for a stronger rally, especially if PI regains the positive momentum seen last month. In that scenario, the price could extend its climb toward $2.35, reinforcing a more bullish outlook.

However, clearing these levels would require sustained buying pressure and a breakout confirmation above $1.82.

PI Price Analysis.
PI Price Analysis. Source: TradingView.

On the downside, if PI’s trend reverses, it could retest its immediate support at $1.57.

Losing this level would weaken the bullish structure and expose the price to further declines, potentially testing $1.35. If selling pressure intensifies, PI could drop even further to $1.23, marking a deeper correction.

The strength of the support at $1.57 will be crucial in determining whether the current uptrend holds or if PI enters a more extended pullback phase.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Market

XRP Bulls Struggle To Break Key Resistance At $2.2546: What’s Next?

Published

on


XRP bulls are making a strong push, but the $2.2546 resistance level is proving to be a tough barrier. After a steady upward climb, buying momentum has weakened as sellers step in to defend this key level. A successful breakout could signal a continuation of the uptrend, driving XRP toward new highs and reinforcing positive sentiment in the market.

However, if buyers fail to overcome this hurdle, XRP may face a pullback, with traders eyeing lower support levels for stability. Market participants are closely monitoring whether the bullish momentum is strong enough to push past the resistance or if selling pressure will force a temporary retreat.

Market Sentiment And XRP’s Resistance Struggle

Market sentiment remains a key factor in XRP’s ongoing battle against the $2.2546 resistance level. While bulls try to drive the price higher, the lack of strong follow-through suggests lingering uncertainty among traders. The resistance level has become a critical test, with buyers needing to sustain momentum to confirm a breakout.

Broader market conditions, including Bitcoin’s movement and overall investor confidence, are influencing XRP’s price action. A surge in trading volume and renewed buying pressure could provide the necessary strength for a breakout. However, if sellers continue to defend this level, XRP may struggle to gain further ground, leading to potential profit-taking and a short-term pullback.

XRP

Furthermore, after crossing above the 50% mark, the RSI is now dipping below it, creating uncertainty among traders. This shift reflects a tug-of-war between buyers and sellers, leaving XRP in a state of market indecision. Without a clear directional push, price movement could remain volatile as traders await stronger signals for the next move.

For the bulls to regain control, market sentiment must shift decisively in their favor, with technical indicators aligning to support an upward push. Until then, XRP remains at a crossroads, with both breakout and rejection scenarios still in play.

Breakout Potential: What Needs To Happen?

For XRP to break above the $2.2546 resistance level, bulls must generate strong momentum backed by increasing buying pressure. A sustained push beyond this critical level, confirmed by a decisive daily close, might set the stage for further gains.  Its ability to stabilize above $2.2546  may attract more traders looking to ride the breakout, potentially driving the price toward higher targets such as $2.6482 and $2.9272.

Also, XRP’s price must break above the 100-day SMA, and the RSI needs to rise above the 60% threshold. Breaking above these levels could pave the way for more growth, while failure to do so may leave XRP vulnerable to consolidation or a pullback.

XRP



Source link

Continue Reading

Market

Cardano Whales Sell Off as ADA Faces Market Uncertainty

Published

on


Cardano (ADA) has struggled over the past week, dropping more than 23% and remaining below $1 for over seven days. Despite this bearish pressure, technical indicators suggest that the current downtrend may be losing strength.

ADX readings show that selling momentum is fading, while whale addresses continue to decline, signaling that large investors have been offloading their holdings. Given these indicators, ADA price could soon test key resistance levels at $0.64.

Cardano’s Current Downtrend Is Fading

ADA’s Average Directional Index (ADX) has dropped to 23.4, declining from 34 yesterday and 37 two days ago. ADX is a key indicator used to measure the strength of a trend, regardless of direction, on a scale from 0 to 100.

Generally, readings above 25 indicate a strong trend, while values below 20 suggest weak or consolidating market conditions. A falling ADX signals that the current trend is losing strength, even if price movement continues in the same direction.

With ADA’s ADX declining significantly, it suggests that the ongoing downtrend may be weakening.

ADA ADX.
ADA ADX. Source: TradingView.

Since Cardano remains in a downtrend, the ADX drop to 23.4 indicates that bearish momentum is slowing, though it has not fully disappeared.

If ADX continues to decline and falls below 20, it would suggest that selling pressure is fading, potentially leading to consolidation or a reversal. However, for a true trend shift, ADA would need buying volume to increase alongside a rise in ADX, confirming renewed strength.

If the ADX stabilizes near current levels and turns upward again, the downtrend could regain momentum, keeping ADA under pressure in the short term.

ADA Whales Are Steadily Dropping In The Last Few Days

The number of Cardano whale addresses – those holding between 1 million and 10 million ADA – has dropped to 2,455, down from 2,484 on March 8.

This steady decline suggests that large holders have been offloading their positions over the past few days. Tracking whale activity is crucial because these high-value investors often influence market trends.

When whales accumulate, it signals confidence in the asset and can lead to price increases, while declining whale numbers suggest distribution, which can add selling pressure to the market.

Addresses Holding Between 1 Million and 10 Million ADA.
Addresses Holding Between 1 Million and 10 Million ADA. Source: Santiment.

With ADA whale addresses now at their lowest level since March 2, this trend could indicate weakening confidence among large holders despite Cardano being included in the US strategic crypto reserve.

If this pattern continues, it may lead to increased volatility as smaller investors absorb the selling pressure. A sustained drop in whale holdings could also suggest that ADA lacks strong buy support at current levels, potentially prolonging its downtrend.

However, if whale numbers stabilize or begin to rise again, it could signal renewed accumulation, potentially helping ADA regain momentum.

Will Cardano Rise Back To $1 Soon?

ADA’s EMA lines indicate that Cardano is in a consolidation phase. The short-term EMAs remain below the long-term ones, but their gap is not significant.

This suggests that bearish momentum is not dominant, and a shift in trend could occur if buying pressure increases. If ADA can test the resistance at $0.75 and establish an uptrend, it could climb toward $0.81.

A stronger bullish breakout could push Cardano’s price higher. The potential upside targets are $1.02 and even $1.17, if momentum continues to build.

ADA Price Analysis.
ADA Price Analysis. Source: TradingView.

On the downside, if selling pressure intensifies, ADA could test its key support at $0.64.

Losing this level would weaken its structure and increase the likelihood of further declines, potentially sending the price down to $0.58.

The relatively close EMA lines indicate that Cardano is in a pivotal phase, during which either a breakout or a breakdown could occur.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io