The market has been displaying a significant correction, resulting in top altcoins experiencing a pullback toward their important support levels. With the rising bearish sentiment, the cryptocurrency continues to free fall, creating a FUD-like situation.
On the other hand, the Solana ecosystem has witnessed a surge in selling pressure, resulting in the SOL price losing over 25% over the past week. Moreover, the limelight tokens of this category displayed a similar trend in their respective portfolio.
Solana (SOL):
The Solana price has recorded a correction of 13% within the past 24 hours and approximately 32% over the past 30 days, resulting in the YTD of this token reducing to +31.85% from over 100% initially. This indicates a strong bearish influence on the altcoin in the crypto space.
The technical indicator, MACD, displays a constant rise in the red histogram with its averages showing a significant drop in the chart. On the other hand, the Cross EMA 50/200-day records a bearish curve, suggesting a negative price action in the coming time.
However, if the market displays a bullish reversal, the SOL price will attempt to retest its high of $200 in the coming time. Conversely, a bearish price trend may pull the price toward its low of $100.
Bonk (BONK):
The memecoin category continues to experience a blood bath, as this category, is the most affected one during the ongoing market correction with BONK price losing over 38%. Moreover, top tokens of this category have recorded corrections of over 20% each in their respective portfolios.
The Moving Average Convergence Divergence (MACD) displays a rising pattern in the red histogram, and its averages show a constant decline in the chart. Furthermore, the Cross EMA 50-day records a bearish curve, suggesting the price will continue losing value in the coming time.
Positively, if the bulls regain momentum, the BONK memecoin price will prepare to test its upper resistance level of $0.000027 this month. However, if the bears overpowered the bulls, the BONK price may fall toward its low of $0.00000950.
dogwifhat (WIF):
The second most successful memecoin of the Solana-based ecosystem, the dogwifhat (WIF) token, displayed a similar to that of the category leader, the Bonk by recording a correction of over 37% within the past seven days. This resulted in the WIF price falling to test its crucial support level at $2.096.
The WIF price is on the verge of breaking below its Cross EMA 50/200-day, suggesting a negative price action in the coming time. Moreover, the MACD displays a constant rise in the red histogram with its averages showing a steady drop in its price chart.
If the memecoin category displays a bullish reversal, the WIF price will run to test its high of $4 during the upcoming weeks. Negatively, a bearish price trend may pull the price toward its lower support level of $1.23.
Arweave (AR):
The Arweave coin price has turned out to be one of the top losers of the Solana ecosystem as it has recorded a correction of approximately 30% to its valuation. This has resulted in the AR price erasing all its gains over the past two months.
The technical indicator, MACD, displays a constant red histogram. Further, its averages show a significant drop in the chart. Furthermore, the Cross EMA 50-day records a bearish curve, suggesting a bearish price action in the coming time.
If the market holds the price above the support level of $24.675, the AR price will regain momentum and test its upper level of $45 in the coming time. Conversely, if the bears continue to dominate the market, it will plunge toward its low of $19 by the month-end.