Altcoin Market in Decline: Ethereum, Solana, and Sui
The altcoin market is experiencing a downturn, with Ethereum (ETH), Solana (SOL), and Sui (SUI) leading the decline as bearish trends dominate their charts. Let’s delve into the recent price movements and key levels impacting these altcoins.
Ethereum’s Price Analysis
Ethereum (ETH), the second-largest cryptocurrency by market cap, has witnessed a 3.26% drop in the last 24 hours, currently priced at $2,646.96. The price has been on a downward trend since hitting $2,737, facing resistance at this level and $2,700. A notable support lies near $2,625, with potential further downside towards $2,600 if this level fails to hold.
- If Ethereum breaks above $2,700, it could indicate a trend reversal.
- The $2,737 mark presents a significant barrier to watch for bullish momentum.
Solana’s Price Movement
Solana (SOL) is currently priced at $168.44, marking a 0.82% decline in the past day. The coin has mirrored a bearish pattern, descending from a peak of $170.10. Despite a minor recovery from $164, Solana faces a crucial hurdle at $170 for a sustained uptrend. Support near $164 is vital, with a potential drop to $160 if breached. Breaking above $170 could target $175 next.
Sui’s Price Update
Sui (SUI) has experienced a sharp 5.09% decline, now priced at $2.02. The coin has been sliding from $2.1268, with $2.00 acting as a pivotal psychological support level. Buyers have defended this mark, but a break below could lead to further declines. Resistance at $2.05 is formidable, with a breakout potentially pushing the price towards $2.12.
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