Toncoin and Solana Maintain Support as Crypto Market Loses $562 Million
Bitcoin's price has decreased to $98,270, causing a minor pullback in the altcoin market. The fifth-largest token, Solana, has seen a decline of 5.09%, while Toncoin has dropped by 4.92%. Overall, top altcoins have experienced an average drop of 5.29%, indicating increased selling pressure.
The crypto market lost $562 million in the past 24 hours, with short traders losing $100 million and long traders facing the majority of losses due to high-leveraged positions amid rising optimism. Analysts suggest this pullback may be a long squeeze.
A CryptoQuant community analyst, maartunn, forecasts potential new all-time highs for Toncoin and Solana, citing strong fundamentals such as active development teams and networks.
Toncoin Targets $9.30
Toncoin (TON) has pulled back 5.06%, moving from the 61.80% Fibonacci level to the significant 50% Fibonacci support at $6.4456. This pullback acts as a retest of a broken resistance line, following a nearly 50% surge during a broader market recovery.
The price maintains dominance above the 50% Fibonacci level but trades at a 21.89% discount from its all-time high of $8.28. A bearish crossover is noted in the MACD indicator, yet a positive crossover between the 50-day and 100-day SMA suggests a potential short-term bullish reversal.
If Toncoin surpasses the psychological mark of $7.00 post-retest, it may retest its 52-week high of $8.28. Market recovery by December could position the price target for Toncoin at $9.30.
Solana To Reach $300?
The 4-hour chart indicates Solana's price trend forms a local resistance trend line with consistent support near $222, creating a descending triangle pattern. Currently trading at $225, Solana faces a 47.76% discount from its all-time high of $264.32.
This bullish candle ends four consecutive red candles, enhancing prospects for a bullish comeback while remaining above the $222 support level.
The 4-hour RSI shows bullish divergence, suggesting increasing underlying sentiment and potential for a bounce back to challenge overhead resistance. If a breakout occurs, Solana may target new all-time highs, with upside targets of $283.29 and $301.39 upon surpassing the $265 R2 resistance pivot level.