Solana

Bitcoin

April

Daily

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/how-did-solanas-price-react-to-market-shifts/" data-wpel-link="internal">How Did Solana’s Price React to Market Shifts?</a><br></p>
<p style="text-align: justify">On Tuesday, the cryptocurrency market witnessed a significant rally after <strong><a href="https://coin-turk.com/bitcoin-halving-aramalarinda-rekor-ustune-rekor" data-wpel-link="internal">Bitcoin</a> (<a href="https://coin-turk.com/veriler-aciklandi-bitcoin-mart-ayindaki-gibi-sert-dusecek-mi" data-wpel-link="internal">BTC</a>)</strong> corrected towards $60,000. Sudden sell-offs, including an 11% intraday loss in <a href="https://en.coin-turk.com/solana-sol-rises-over-200-in-2023-the-power-of-staking/" data-wpel-link="internal">Solana</a>, affected most of the top altcoins.</p> 
<h2 style="text-align: justify" id="40-drop-in-sol">40% Drop in SOL</h2> 
<p style="text-align: justify">The falling prices in cryptocurrencies indicate a break in multi-month support, which could lead to a prolonged correction trend. In April, the Layer 1 cryptocurrency Solana experienced a sharp decline due to intensified market uncertainty around the <a href="https://en.coin-turk.com/bitcoins-btc-recent-situation-whale-transfers-4000-btc-in-a-single-transaction/" data-wpel-link="internal">Bitcoin</a> Halving event. This trend reduced <a href="https://en.coin-turk.com/solana-analyzing-the-price-movements-and-future-prospects/" data-wpel-link="internal">SOL</a>‘s value from $204 to its current trading price of $122, marking a 40% loss.</p> 
<p style="text-align: justify">Analysis of the daily chart could show a downtrend retesting a rising trend line that has been intact since late November 2023. The price of the altcoin has rebounded several times from this support, indicating an active accumulation by investors, a significant signal of an established rally during market corrections.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-346506 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/sol.jpg" alt="" width="1565" height="677"></p> 
<h2 style="text-align: justify" id="critical-level-in-solana">Critical Level in Solana</h2> 
<p style="text-align: justify">However, the correction trend still fluctuating above the 50% Fibonacci retracement level could indicate a healthy pullback allowing buyers to dominate. If the demand pressure on the indicated trend line is strong, it could prevent Solana’s price from breaking below this support, anticipating a renewed recovery.</p> 
<p style="text-align: justify">Therefore, the suitability of the cryptocurrency above the support trend line will be a crucial factor for SOL holders and potential buyers in the coming weeks. Conversely, if the altcoin closes a daily candle below this dynamic support, leading sellers to a prolonged correction could be beneficial, potentially dropping the token to $98.5. Consequently, on Tuesday, Bitcoin’s price correction to $60,000 affected many altcoins, including Solana. Falling prices indicate a prolonged correction, and SOL’s price dropped 40% in April. Daily chart analysis shows SOL testing the trend line and active investor participation.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/how-did-solanas-price-react-to-market-shifts/" data-wpel-link="internal">How Did Solana’s Price React to Market Shifts?</a></h5>

How Did Solana’s Price React to Market Shifts?

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