Ethereum

bullish

Core

Solana

<ul> 
 <li>Solana’s price hit a month-low of $122, hours ago.</li> 
 <li>Scammers exploit Solana’s token extension to burn users’ crypto holdings.</li> 
</ul> 
The cryptocurrency market remains in a bearish phase, with the total market capitalization dropping by 4.33%, while trading volume has risen by 17%, reflecting increased activity despite the downturn. <a href="https://thenewscrypto.com/bitcoin-miners-struggle-soars-as-btc-hashrate-hits-record-high/" target="_blank" rel="noreferrer noopener">Bitcoin</a>, the largest cryptocurrency by market cap, fell by 4.66%, leading a broader decline in altcoins. <a href="https://thenewscrypto.com/is-ethereum-poised-for-an-imminent-bullish-rebound/" target="_blank" rel="noreferrer noopener">Ethereum</a> dropped by 6%, hitting a 28-day low of $2,313. Solana, another prominent altcoin, also hit a monthly low of $122, marking an 18% decline over the past month. 
Solana has faced strong bearish pressure for over a week, intensifying its monthly downtrend. Traders were largely prepared for this drop, especially as Solana’s funding rate turned negative around August 28, indicating expectations of further declines. The consolidation range between $126 and $160 has become a focal point for short-term traders, who view it as an opportunity to capitalize on the price fluctuations. 
In the midst of this bearish sentiment, scammers have reportedly found a new way to exploit Solana users. According to <a href="https://x.com/SlorgoftheSlugs" target="_blank" rel="noreferrer noopener">Slorg</a>, a member of Solana-based Jupiter’s Core Working Group, scammers have begun using an in-built Solana token extension to stealthily burn users’ tokens within seconds of purchase, adding to the challenges faced by the Solana community. 
<h3 class="wp-block-heading" id="h-can-sol-recover-from-bearish-pressure">Can SOL Recover From Bearish Pressure?</h3> 
On the technical front, the daily chart shows Solana entrenched in a bearish trend. The 9-day Exponential Moving Average (EMA)&nbsp; at $135 and the current price at $128. The daily Relative Strength Index (<a href="https://in.tradingview.com/chart/EJXIwxE9/?symbol=BINANCE%3ASOLUSDT" target="_blank" rel="noreferrer noopener">RSI</a>) stands at 37, indicating strong selling pressure. 
<div class="wp-block-image"> 
 <figure class="aligncenter">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdfQi1PLR3qNkNd5LqVM31fC1fs5OlQiw_DuXF4SB8m-dkJd9znN-dSH3xy7E68Fi22w4OJgpJJx6zUCDmDQ86mGxJ2w0O2qnbsMfzU7pw8gIffLYpoe5J34tr04H9o8_8zIRBAtArP5g_rDGk6uqe7_XVY?key=i8Kje61Tjl0YPdbb13IK8A" alt="">
 </figure>
</div> 
Looking forward, if bullish momentum builds, resistance levels could be encountered at $138 and $149. However, if the bearish trend persists, Solana may see a further decline, with potential support at $120.&nbsp; 
Traders and investors are closely monitoring these SOL price levels for signs of sustained bearish momentum or potential bullish reversals in the coming days. 
Highlighted News Of The Day 
<a href="https://thenewscrypto.com/fbi-warns-of-north-korean-scammers-aggressively-targeting-crypto-firms/">FBI Warns of North Korean Scammers Aggressively Targeting Crypto Firms</a>

Will Solana Bearish Trend Continue After an 18% Monthly Drop?

Table of Contents

TheNewsCrypto

Autres articles publiés le 4 sept. 2024

Uniswap Labs Fined $175K by US CFTC as Part of Settlement

Penpie DeFi Protocol Hacked, $27M in Crypto Stolen

OpenAI Japan’s CEO reveals upcoming GPT-Next model to be 100 times more powerful

US Fed rate cut could push Bitcoin down 20% — Analysts

Best crypto staking platforms

Polygon Migration Happens Today – 1:1 MATIC to POL Transition

Join our free newsletter for daily crypto updates!