Solana, JasmyCoin, and other altcoins continued their strong sell-off this week as the cryptocurrency fear and greed index fell.
Solana and Jasmi in a bear market
JasmyCoin (JASMY) dropped to a low of $0.01717, down more than 58% from its high this year, bringing its market cap to $908 million.
Solana (SOL), the fifth-largest cryptocurrency, has fallen to the $120 support level, well below its high so far this year at $209.
These sales mirrored the performance of Bitcoin, which fell from over $73,800 in March to $54,000.
Solana’s sale came about due to some challenges facing its ecosystem. Its coin generator, Pump.fun, is facing stiff competition from the recently launched SunPump. Offers SunPump has raised over $25 million in fees just weeks after launching while tokens in its ecosystem ability With more than $428 million.
Pump.fun tokens valued at over $487 million Market value While its ecosystem has generated over $140 million in fees, nine months after its launch. That means Tron is catching up.
Tron has also surpassed Solana in terms of total value locked in the DeFi industry. It has surpassed $7.69 billion In assets, it is higher than the $4.60 billion held by Solana. Solana has over $3.6 billion in stablecoins while Tron has $60 billion. The most stablecoin held by Solana is USD Coin (USDC).
Therefore, there are signs that Solana is losing momentum. Technically, the token has formed a triple top chart pattern, which is a common bearish sign.
What is more important is that it is about to form a death cross chart pattern as the 200-day and 50-day moving averages are about to cross each other.
The gap between the two moving averages has narrowed from 13% in August to just 3.70%. This pattern is likely to lead to further downside, with the initial target being last month’s low at $110.
Jasmine is about to form a death cross too.
Japanese cryptocurrency Jasmy has been on the decline even after Mitsubishi UFJ, Mizuho, and SMBC announced their entry into the crypto industry by testing stablecoin transfers.
Most of the time, Jasmy rises when there is major crypto news from Japan.
As with Solana, the difference between the 200-day and 50-day moving averages has narrowed, leading to a death cross formation.
Jasmy formed a golden cross – the opposite of a death cross – in November 2023, resulting in a 788% surge. Therefore, if this death cross occurs, there is a risk that the token will continue to decline in the coming months.
The main risk for Solana, Jasmy, and other altcoins is that the industry could be heading into a crypto winter that could be prolonged. The last one lasted from November 2021 to January 2023.
Comments are closed, but trackbacks and pingbacks are open.