Saros, the Solana-based altcoin, has been on an impressive uptrend over the past month. The token’s price has formed new all-time highs (ATHs) nearly every day throughout March. 

However, with the momentum showing signs of slowing, investors are wondering if this rally is nearing its end.

SAROS Refrains From Following Bitcoin

The correlation between Saros and Bitcoin (BTC) is currently negative, sitting at -0.43. This negative correlation has worked in Saros’ favor, as it allowed the altcoin to perform well during Bitcoin’s struggles throughout March. While Bitcoin faced significant declines, Saros was able to rally largely due to this inverse relationship.

The shifting dynamics between Bitcoin and Saros will be key to the future price movement of the altcoin. Should Bitcoin regain its upward momentum, Saros may face increased selling pressure. This is because the negative correlation that has benefited Saros may reverse, impacting the altcoin’s ability to maintain its upward trajectory. 

The overall macro momentum of Saros shows that investor interest has remained strong. The Chaikin Money Flow (CMF) indicator has been increasing steadily over the past month, signaling consistent inflows. 

Recently, it crossed the saturation threshold of 0.7, a level that has historically led to price corrections. This suggests that while Saros has experienced significant gains, the market may be nearing an overbought condition. If profit-taking begins, a price pullback is highly probable for the altcoin.

SAROS Price Rise Continues

Saros has surged by an astounding 1,024% since the beginning of March, trading at $0.153 as of now. Throughout March, the altcoin has formed new ATHs almost daily, reflecting strong investor sentiment and demand. 

The current ATH stands at $0.163, and the momentum could continue pushing the price upwards, potentially reaching $0.200 if the uptrend remains intact. However, as the price continues to rise, the risk of profit-taking increases. 

If Saros faces such a pullback, it could fall back towards the $0.100 support level. If the altcoin loses this key support, the price could drop further to $0.055, invalidating the bullish outlook. Investors should keep an eye on these levels as they will help determine whether the current rally is sustainable.

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Immutable’s (IMX) price has been on a significant downtrend recently, falling to multi-year lows. The token has suffered a sharp decline, and its price is currently hovering around $0.433. 

If the current trend continues, there is a possibility that IMX could form a new all-time low (ATL).

Immutable Investors Are Giving Up

The supply of Immutable on exchanges has risen dramatically in the past two weeks. A total of 30 million IMX tokens have been added, increasing the overall supply to 165 million IMX. This surge in supply is worth approximately $13 million and indicates a shift in investor sentiment. 

As investors begin to sell off their holdings, this suggests growing skepticism about the token’s future prospects. The trend has led to an increase in selling pressure, which further exacerbates the current price decline.

The overall macro momentum for Immutable appears to be unfavorable at this point. Active addresses, which measure the number of unique addresses engaging with the network, are at a low level. The lack of participation reflects investor hesitation and reduced confidence in the token’s potential.

When fewer addresses are interacting with the network, it generally indicates a lack of new capital entering the market. As a result, this decline in activity has contributed to the negative sentiment surrounding IMX.

IMX Price Needs A Reversal

IMX price is down nearly 40% over the past two weeks, with the 30 million token sell-off playing a significant role in the decline. At the time of writing, the price is at $0.433, holding just above the critical support level of $0.400. If this support is broken, the price could fall further, potentially reaching $0.375 or below, resulting in a new all-time low.

The continued drawdown suggests that the token may not see a recovery soon unless the market conditions improve. If IMX manages to hold above $0.400, there is a slim chance it could stabilize before testing further resistance levels. However, breaking through the $0.400 support would likely lead to more losses.

For a more optimistic scenario, IMX would need to reclaim the support level of $0.508. This could pave the way for a potential recovery, allowing the price to rise toward $0.684.

A successful breach of these levels could invalidate the bearish outlook and offer some hope for reversing recent losses.