Solana’s price has updated a three-year low

The cryptocurrency market is going through a difficult period, which has particularly affected Solana SOL $154.49 Binance-Peg SOL 5.00% Market capitalization $0.17 billion VOL. 24 hours $0.52 billion - the value of the virtual coin has fallen by 45% from its last high. This was the biggest drop in the last three years.

The SOL token, which broke through an important technical level at the 200-day moving average, is currently testing $ 170 after losing a key support zone at $ 190. Analysts warn that if the asset fails to stay in the $ 160−170 range, it may fall further to $ 150 and below.

Bitcoin BTC $99,432.74 Bitcoin 2.46% Market capitalization $1.97 trillion VOL. 24 hours $2.19 billion is also showing weakness amid the strengthening of the US dollar, whose index (DXY) is holding above 106. The first cryptocurrency is trading in the range of $ 93,500−100,000, and a breakout of the lower boundary could lead to a correction to $ 90,000. At the same time, breaking through the psychological level of $ 100,000 could signal a resumption of the bullish trend.

In contrast to the general trend, the Shiba Inu SHIB $0.00001345 Shiba Inu 5.07% Market capitalization $7.91 billion VOL. 24 hours $19.08 million token is trying to find a foothold after a long decline. After the formation of a double bottom pattern at $ 0.1 485, there were speculations about a possible recovery of SHIB. However, to confirm the reversal, the price must exceed $ 0.1 713.

Experts note that low trading activity and general market uncertainty reduce the likelihood of a quick recovery of Shiba Inu. The situation is further complicated by the fact that the cryptocurrency market remains heavily influenced by macroeconomic factors.

The further dynamics of cryptocurrencies will largely depend on the behavior of the US dollar and the general mood of investors. Analysts believe that positive changes in the macroeconomic situation may give bitcoin and altcoins a new impetus for growth.