As the overall cryptocurrency industry is experiencing a downfall, the majority of the investors have their eyes set upon major cryptocurrencies. Among the major ones are Binance Coin (BNB), Solana (SOL), and Cardano (ADA) that are also currently in the red zone in terms of their performance.
When it comes to Binance Coin, it has experienced a 6.99% dip in its price in the past 7-days, only to experience another 3.49% dip in the past 24-hours. Due to the plunges, BNB’s price is now down to $576.16. In the past 24-hours, BNB’s trading volume has plummeted by 14.39%, coming down to $1,992,200,915. This means that the bulls are currently attempting to buy BNB and push its price higher. For the bulls, the goal is to push the price of BNB over the $600 benchmark. The bulls are aiming to bring its price somewhere near the all-time high figure of $690.93.
Solana (SOL) is also experiencing a downtrend in terms of its price, experiencing a 23.52% dip in the past 7-days. Followed by that is the 24-hour dip worth 6.14% that has brought its price down to $1.29. From CoinMarketCap, it can be observed that the bears are in power, as they have been selling Cardano at a lower level. As a result, SOL’s trading volume has surged by 4.49% in the past 24-hours, coming all the way up to $1,715,167,662. At this point, it is clear that the bears are making all the efforts to pull the price of Solana as low as possible.
At present, the resistance level for SOL is at $1.032, so the bears will try to bring SOL below the particular figure. If the bears manage to make that happen with their selling power, then the SOL price may fall even further. In such a case, the price of SOL may come all the way down to $0.65.
Cardano (ADA) is also following BNB and SOL in their footsteps as it is also experiencing a huge downtrend. The data shows that the price of SOL is at $177.18, after experiencing constant plunges of 22.13% in the past 7-days and 5.65% in the past 24-hours. The data from CoinMarketCap shows that the trading volume for the digital asset is up by 2.38% in the past 24-hours. As of now, ADA’s trading volume is at $1,702,045,944. This goes to show that ADA is also observing the same trend as Solana where bears are selling ADA to generate profits.
However, their real motive is to pull the price of ADA all the way down to $141.74. If that happens, then the bears will trigger another selling activity, aiming to bring ADA close to the $105 price.