3 Key Bitcoin (BTC) Support Levels to Monitor, Toncoin (TON) Experiences Record Price Decline, Solana (SOL) Surges 8% While Ethereum Dips
Bitcoin faced a significant setback, slipping below $55,000 and triggering a massive liquidation event in the crypto market. In light of the current challenging circumstances, identifying key support levels that could potentially signal a turnaround in the near future becomes crucial.
The initial crucial support range for Bitcoin is anticipated to be between $52,000 and $50,000. This range holds psychological significance due to the impact of round numbers and has historically served as both a resistance and support zone, making it pivotal for a potential reversal.
Analyzing the weekly chart, the $47,000 level emerges as a critical point. Aligned with the weekly 200 EMA and linked to a previous consolidation phase, many view the 200 EMA as a long-term support level. A rebound from this level could provide the necessary impetus for Bitcoin to resume its upward trajectory.
Should Bitcoin falter from this juncture, a more substantial correction may loom. The $42,000–$40,000 range represents the subsequent noteworthy support area. Historically, this zone has acted as a robust support level and a foundation for significant corrections. Notably, the presence of the 200 EMA on the daily chart within this range further accentuates its importance in potentially halting further declines and setting the stage for a recovery.
Toncoin (TON) experienced a substantial price plunge, witnessing one of the most significant percentage drops in a 48-hour period. The asset, backed by Telegram, saw its value plummet by approximately 20%, tumbling from around $8 to $6.6, erasing all gains accrued since the start of the month.
Multiple factors contributed to Toncoin’s abrupt decline, including widespread sell-offs across various cryptocurrencies amid a prevailing bearish sentiment in the market. The downturn in Bitcoin below critical support levels exerted negative pressure on the overall market, affecting Toncoin’s value.
Meanwhile, Solana emerged as a surprising stronghold amidst the market turmoil, demonstrating a robust uptrend against Ethereum despite adverse market conditions. Amidst the prevailing market pessimism, Solana’s resilience stood out as it managed an 8% gain even as major assets like Ethereum and Bitcoin faced substantial losses.
This resilience in Solana’s performance hints at underlying bullish factors and strong investor confidence. With Solana targeting the 100 EMA after breaching the 50 EMA on the daily chart, the asset’s upward momentum contrasts sharply with Ethereum’s downward trajectory. Additionally, rising buying pressure and momentum, as evidenced by the increasing Relative Strength Index (RSI), further support Solana’s positive price action, although it continues to depreciate against the U.S. dollar.
