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The cryptocurrency market is buzzing with activity as Solana (SOL) faces a sharp decline, losing 11.50% of its value. Meanwhile, Ethereum (ETH) continues to evolve, keeping investors on their toes. Amid these significant market movements, there's a golden opportunity not to be missed—<a href="https://furrevertoken.com/?ref_url=tbt-solethfurr-b-08062024" target="_blank" rel="noopener noreferrer nofollow">Furrever Token (FURR)</a> is offering a 25% bonus on purchases for just two more days. This unique cat-themed cryptocurrency has captured the hearts of many with its community-driven approach and potential for substantial returns. Act now to maximize your investment and join the vibrant Furrever Token community before this limited-time offer ends!
Sharp Decline in Solana (SOL), Losses Reach 11.50%
Solana (SOL), ranked fifth behind the leading cryptocurrency Bitcoin (BTC) with a market cap of $74.89 billion, started the day at $167.33 and tested $172.85 before experiencing a sharp pullback along with Bitcoin (BTC)'s decline. During the intensified selling pressure, Solana (SOL) fell to $152.92. Although losses exceeded 11.50%, it closed the day with a 4.50% drop at $162.50. Solana (SOL) made a flat start today and is currently trading at $162.51.
<img src="https://lh7-us.googleusercontent.com/docsz/AD_4nXd_qsndWfoKFcBiGBKg7uHfrHd15X9S_Axo45qeTuzrvj6iw3FPF3bvRNdFbekXlDVvPD1uhdNeuL9pSKrLyubRhIOT3xzlb-GM_NjdOgnS9sD6RU9RxoG_jfEdOQ0LS7yW-loUcIsOc87XjI5STblHMkGTmnoZJIAjiBN6tWCD5DO49v471Q?key=1DGW-s39BoEi8ccFHgSTSQ" width="605" height="300" style="display: block; margin-left: auto; margin-right: auto;">
Solana (SOL) Daily Chart Analysis
As the fifth-largest cryptocurrency by market cap, Solana (SOL) ended its movement within the $116.00-$164.50 range, which had lasted for over a month, and began to rise. After testing $189, it came under selling pressure again. Examining the daily chart, Solana (SOL) started yesterday at $167.33 and tested $172.85 before experiencing a sharp pullback due to Bitcoin (BTC)'s decline. During the intensified selling pressure, it fell to $152.92. Although the losses exceeded 11.50%, it closed the day with a 4.50% drop at $162.50. If Solana (SOL) continues to trade below the critical support level of $164.50, it may return to the $116.00-$164.50 range. Conversely, if it rises above $164.50, it could resume its upward trend.
Ethereum (ETH) Market Update
Ethereum (ETH), the second-largest cryptocurrency with a market cap of $443.88 billion, began the day at $3,812.1 and reached $3,838.8 before closing with a 3.56% decline at $3,676.8. Today, Ethereum (ETH) started slightly positive and is currently trading at $3,696.3, up 0.53%.
<img src="https://lh7-us.googleusercontent.com/docsz/AD_4nXfMLFIuVh2-faaWtWKRLWaQbmrTYIdMjmJFOS9lSJQ0N6wU5k8mDxRPwKs4qK4Vf2RZ21XPX0hG8NxkRc0_Z7zYLxj07Cz5_co0xahHmG7UblAnGROrBjFWh8N_qaF04tpseDO6iOKMglxb3zgrzi2JlpsWYhJHIEE9LstR-TNIQIEw1-IW8v4?key=1DGW-s39BoEi8ccFHgSTSQ" width="604" height="302" style="display: block; margin-left: auto; margin-right: auto;">
Ethereum (ETH) Technical Analysis
Since March, Ethereum (ETH) had been in a downtrend from $4k, finding support at $2,858. Following the spot ETF approval announcement, it rebounded sharply from this support and broke its two-month downtrend. After this sharp rise, Ethereum (ETH) has been trading within the $3,750-$3,950 range (highlighted in purple on the chart) for the past two weeks. However, the recent release of Non-Farm Payroll data from the U.S. caused selling pressure in Bitcoin (BTC), leading Ethereum (ETH) to break below this range and currently hold at the EMA21 support.
Looking ahead, there are two scenarios for Ethereum (ETH): In the positive scenario, if it forms a flag pattern on the daily chart and closes above $4k, the flag target could be 30% higher than the current price, around $4.8k. In the negative scenario, if it fails to break above $4k, it might form a double top pattern and potentially pull back to its support level of $2,858.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-market-alert-solana-sol-drops-11-50-ethereum-eth-updates-and-last-chance-for-furrever-token-furr-s-25-bonus-tbt91964.html">https://thebittimes.com/crypto-market-alert-solana-sol-drops-11-50-ethereum-eth-updates-and-last-chance-for-furrever-token-furr-s-25-bonus-tbt91964.html</a>

Crypto Market Alert: Solana (SOL) Drops 11.50%, Ethereum (ETH) Updates, and Last Chance for Furrever Token (FURR)'s 25% Bonus

TheBitTimes

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