Bitcoin and Solana Face Bearish Pressure Amid Weakening Crypto Sentiment, While Hedera Eyes Upside
Bitcoin and Solana Face Bearish Pressure Amid Weakening Crypto Sentiment, While Hedera Eyes Upside
February has seen a sharp deterioration in overall crypto market sentiment, with Bitcoin (BTC) and Solana (SOL) particularly affected. Bitcoin is grappling with geopolitical uncertainties and risks of further downside, while Solana has experienced significant outflows totaling $202 million, signaling capitulation. Ethereum (ETH) has also registered a modest decline. However, Hedera (HBAR) stands out with improving sentiment and a notable recovery, indicating strong buyer interest and potential for a substantial price breakout.
General Crypto Market Sentiment Weakens
The broader cryptocurrency market has experienced a significant deterioration in sentiment throughout February. According to market analysts, overall crypto market sentiment has fallen to extremely depressed levels, signaling a potential inflection point but also indicating risks of further downside across major assets. This weakening sentiment is partly attributed to broader bearish conditions and geopolitical factors rattling markets.
Bitcoin Faces Further Downside Risks
Bitcoin (BTC), the pioneer cryptocurrency, is under considerable pressure, dancing to a tense global rhythm. Geopolitical forces and hidden factors are contributing to market unease. Experts suggest that despite the already depressed sentiment, Bitcoin may still face risks of further downside amid ongoing uncertainty.
Solana Under Sustained Pressure with Significant Outflows
Solana (SOL) remains a focal point of concern, extending its downtrend for several weeks as broader market conditions deteriorate. Reduced investor confidence is evident, with recent on-chain data revealing approximately $202 million worth of SOL moving to trading platforms since the beginning of the month. This substantial wave of selling has intensified bearish signals, triggering the first capitulation signal since 2022.
Ethereum Experiences Modest Decline
Ethereum (ETH) has also seen a decline, falling 3.3% over the past week, tracking broader market movements.
Hedera Shows Signs of Bullish Recovery
In contrast to the bearish trends seen in other major cryptocurrencies, Hedera (HBAR) is demonstrating signs of a potential bullish recovery. The HBAR price has climbed 11.3% over the past seven days, showcasing steady buyer interest. Recent price behavior suggests improving sentiment and the possibility of a significant upside move, with some analyses pointing towards a potential 50% jump.