{"id":9668,"date":"2022-03-04T16:46:44","date_gmt":"2022-03-04T16:46:44","guid":{"rendered":"http:\/\/egrowonline.com\/?p=9668"},"modified":"2022-03-04T16:46:44","modified_gmt":"2022-03-04T16:46:44","slug":"solana-leads-altcoins-in-downtrend-as-selling-pressures-intensifies-on-friday","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=9668","title":{"rendered":"Solana Leads Altcoins in Downtrend as Selling Pressures Intensifies on Friday"},"content":{"rendered":"


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The cryptocurrency market has made a turn on Friday, with many coins plunging into the red. Bears have seemingly assumed control ahead of the weekend. The total crypto market capital<\/a> has slimmed down from a peak of around $1.931 trillion hours at the start of the day to $1.843 trillion as of writing. The leading cryptocurrency Bitcoin has dropped 3.85% and is headed towards support at $41,400, expectedly pulling altcoins with it.<\/p>\n

Solana (SOL) has posted the biggest slump, Ether (ETH) trading above $2,740<\/h2>\n

The largest altcoin by market capital, Ether, plunged from a high of $2,845 earlier today to an intraday low of $2,707.56 before finding stability above this level.<\/p>\n

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ETH\/USD 24-hr trading chart Source: CoinMarketCap<\/p>\n<\/div>\n

It is currently trading at $2,743 \u2013 down 5.65% in the last 24 hours, with analysts predicting a further downtrend<\/a> for the altcoin. Ether\u2019s market capital has pared down correspondingly to $328.96 billion, CoinMarketCap<\/a> data showed, at the time of writing.<\/p>\n

Solana\u2019s native token lost its momentum today and has receded almost 7% falling below the $100 price level. SOL has moved south from a 24-hr high of $100.83 and is now changing hands at $93.11 against the dollar.<\/p>\n

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SOL\/USD 24-hr trading chart. Source: CoinMarketCap<\/p>\n<\/div>\n

Prior to the correction, SOL had been one of the best-performing tokens. SOL\/USD surged from $84.50 during Monday\u2019s trading session to a weekly high of $105.98 on Wednesday. This was the first time the pair had traded above $105 since 11th<\/sup> February.<\/p>\n

To learn more about these tokens visit our Investing in Ethereum<\/a> or Investing in Solana<\/a> guides.<\/p>\n

Algorand (ALGO), Avalanche (AVAX), Theta (THETA) tokens are down over 3%<\/h2>\n

Algorand\u2019s token ALGO has dipped 4.13% in the last 24 hours as per market data. Following a sharp rally on Sunday, ALGO notched a weekly high of $0.8931 on Monday but has since retraced below $0.80. It is currently trading at $0.7992 with a market capital of $5.30 billion.<\/p>\n

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ALGO\/USD 24-hr trading chart. Source: CoinMarketCap<\/p>\n<\/div>\n

AVAX, the eighth-ranked crypto asset by market capital on CoinMarketCap<\/a>, has slid 3.01% in the last 24 hours. The crypto set an intraday high of $82.78 earlier today before crashing to $75.47 hours later. AVAX\/USD is now changing hands at $79.81.<\/p>\n

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AVAX\/USD 24-hr trading chart. Source: CoinMarketCap<\/p>\n<\/div>\n

Theta (THETA) utility token has reclaimed $3.00 following a correction from $3.25 earlier today to a 24-hr low of $2.92. The market capital of the decentralized video streaming chain has contracted to $3.037 billion at the time of writing. THETA\u2019s trading volume has pared down by almost 24% to $252.428 million.<\/p>\n

To learn more about these tokens check out our Investing in Theta<\/a>, Investing in Algorand<\/a> or Investing in Avalanche<\/a> guides.<\/p>\n

Polygon (MATIC) and Cardano (ADA) have also sunk<\/h2>\n

Cardano (ADA) has climbed to seventh-place displacing Solana (SOL), which has suffered heavy losses in the last 24 hours. ADA lost support at $0.90 earlier today as the market came under heavy selling pressure. It is now holding above $0.88 \u2013 down 3.26% from yesterday.<\/p>\n

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MATIC\/USD 24-hr trading chart. Source: CoinMarketCap<\/p>\n<\/div>\n

After setting a 24-hr high of $1.64, MATIC\/USD saw a steep descent to $1.52 alongside the majority of the top altcoins. Market data shows Polygon\u2019s token has retraced 3.26% over the last 24 hours to $1.55 but is up about 8% over the last 7-days.<\/p>\n

To learn more about these tokens visit our Investing in Polygon<\/a> or Investing in Cardano<\/a> guides.<\/p>\n

Here\u2019s what is driving crypto prices south<\/h2>\n

The altcoin market recession tied to that of Bitcoin has been attributed to a combination of macro factors<\/a>. The ascension of bears to take the reins ahead of the weekend puts pressure on many crypto-assets that rallied to new heights at the start of the week. The short-term outlook of altcoins remains bearish until Bitcoin can retest the grounds above $42,000. Some analysts are confident that the price of the leading cryptocurrency will move north<\/a>, notwithstanding the current bearish sentiment.<\/p>\n<\/div>\n


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The cryptocurrency market has made a turn on Friday, with many coins plunging into the red. Bears have seemingly assumed control ahead of the weekend. The total crypto market capital has slimmed down from a peak of around $1.931 trillion hours at the start of the day to $1.843 trillion as of writing. The leading […]<\/p>\n","protected":false},"author":1,"featured_media":9669,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[42],"tags":[200,1902,2433,5243,674,5845,2185,84],"class_list":["post-9668","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoins","tag-altcoins","tag-downtrend","tag-friday","tag-intensifies","tag-leads","tag-pressures","tag-selling","tag-solana"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/03\/Market-Update-Featured.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/9668","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9668"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/9668\/revisions"}],"predecessor-version":[{"id":9670,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/9668\/revisions\/9670"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/9669"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9668"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}