Altcoins Face Prolonged Bearish Pressure: Cardano and Solana Price Plunge
Altcoins Face Prolonged Bearish Pressure: Cardano and Solana Price Plunge
The crypto market continues to see significant bearish momentum, particularly impacting major altcoins like Cardano (ADA) and Solana (SOL). Cardano is facing a 'red month' for the fifth consecutive time, with analysts predicting further crashes below key support levels and warning of a potential six-month losing streak that may precede even deeper declines. Meanwhile, Solana has tumbled to $80, failing to hold above $90, and is consolidating losses. Traders are closely watching critical support levels, as a failure to recover could lead to further depreciation towards $72 or even $65.
Cardano (ADA) Faces Extended Bearish Trend
Like other altcoins, the Cardano (ADA) price has suffered tremendous losses over recent months, pushing it to levels not seen since the last bear market. Crypto analyst Lingrid warns that ADA remains in danger of further decline as bulls have repeatedly failed to reclaim control. The price is currently below consolidation support at $0.26 and below descending resistance, signaling significant weakness. Despite a recent brief recovery, bears maintain control, making a bearish continuation highly probable. The only way to invalidate this trend would be a successful reclaim and break above $0.27.
February marked five consecutive months of red closes for Cardano, making it the third time in history this has occurred, according to CryptoRank data. Historically, a six-month red streak has sometimes been followed by a relief bounce, but this has often merely preceded further declines. March is already showing an 11% drop, suggesting the red trend could continue, potentially leading to a sixth consecutive red month before any temporary relief, which analysts caution would likely be a precursor to more significant declines rather than an end to the bearish cycle.
Solana (SOL) Tumbles to Critical Support Levels
Solana (SOL) has experienced a fresh decline, failing to settle above $90 and extending losses below $85. The price is now consolidating losses below $85 and the 100-hourly simple moving average. A key bearish trend line is forming with resistance at $85.50 on the hourly chart. SOL declined below $88 and $85 support levels, gaining bearish momentum below $83.50, forming a low at $80.29.
Immediate resistance is near $85 and $85.50. Major resistance levels are $87.20 and $88.80, with a successful close above $88.80 needed for a steady increase towards $95 or even $102. However, if SOL fails to rise above the $85 resistance, further downward movement is expected. Initial support lies near $82, with the first major support at $80. A break below $80 could send the price toward the $72 support zone, and a close below $72 might lead to declines toward $65 in the near term.