Last week, after the interest rate hike decision, the market accelerated decline again after a one-day honeymoon. Concerns about the economic system made the positive tone of interest rate hikes useless. After dumping below the previous low, the price continued its downward move without hesitation, reaching the support level of July 2021.
With the sharp decline in UST, it is unknown whether it will cause other systemic risks at such low price level. A lot of cryptocurrencies are at 9 months lows and are likely to continue to fall. You know, after badly injured, you're still in pain for a long time, even if not bleed.
The performance on the large scale is bad. The difference is that SOL is continuing its previous performance. From the graph, the lower rail of SOL’s bearish channel is effective for a long time, and the slope has always maintained the same level. This reflects that for other cryptocurrencies, such as BTC,ETH, although the slope steepened in the last week, it does not mean that off-track will bring strong bullish power. It’s more of a compensation for the lack of early decline. Going back to SOL, we repeatedly mentioned in our February reports how important the level(68) is . In this decline, the level was easily broken. The decline will continue for a long time.
Conclusion: Mostly falling. For SOL, the next level of support is at 44. Maybe this level is far from the current level, but not holding 68 is disastrous. More bearish power will be generated while bullish confidence is hard to build. The resistance level is at 75, which is a bearish confirmation level.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
With the sharp decline in UST, it is unknown whether it will cause other systemic risks at such low price level. A lot of cryptocurrencies are at 9 months lows and are likely to continue to fall. You know, after badly injured, you're still in pain for a long time, even if not bleed.
The performance on the large scale is bad. The difference is that SOL is continuing its previous performance. From the graph, the lower rail of SOL’s bearish channel is effective for a long time, and the slope has always maintained the same level. This reflects that for other cryptocurrencies, such as BTC,ETH, although the slope steepened in the last week, it does not mean that off-track will bring strong bullish power. It’s more of a compensation for the lack of early decline. Going back to SOL, we repeatedly mentioned in our February reports how important the level(68) is . In this decline, the level was easily broken. The decline will continue for a long time.
Conclusion: Mostly falling. For SOL, the next level of support is at 44. Maybe this level is far from the current level, but not holding 68 is disastrous. More bearish power will be generated while bullish confidence is hard to build. The resistance level is at 75, which is a bearish confirmation level.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
