Solana and Ethereum Extended Losses As Spot Sellers Target Support Floors
Key Summary
Digital asset markets face severe downward momentum as Solana dropped below $92.69 and Ethereum hovered near $2,317 following persistent sell-offs. Technical indicators across spot order books highlight increasing selling pressure, with multiple moving averages turning lower for major altcoins. Meanwhile, Near Protocol slipped to $4.02, while Zcash attempted to reclaim the $1,300 resistance threshold after bouncing from recent local lows.
Key Bullets
- Solana traded near $92.69 after sliding past its moving averages with the RSI slipping toward oversold territory.
- Ethereum hovered around $2,317 following a rejection from higher resistance zones near the $2,750 threshold.
- NEAR Protocol retreated to $4.02 as daily volume slowed down compared to previous rally phases.
- Zcash tested the $1,288 mark while attempting to punch through the stubborn $1,300 overhead resistance.
Solana Breaches Moving Average Supports
Solana slid to $92.69 Monday, extending its drop from October highs near $124 as selling pressure intensified across spot order books. Daily exchange data shows the token trading below all major moving averages, breaking past the $98 floor that previously served as support during September recoveries. The breakdown triggered a rise in trading volume on derivative and spot venues.
Sellers maintained firm control of the daily timeframe. The asset RSI drifted toward the lower end of its recent range without registering a verifiable bullish reversal. Immediate support rests at $90, where buyers face mounting pressure. A confirmed drop below that threshold risks driving the asset toward $85.
Ethereum Struggles Near Support Zones
Ethereum changed hands around $2,317 following a modest bounce from local dips near the $2,200 region, according to daily exchange feeds. Spot order books indicate persistent selling pressure after an early October rejection at the $2,750 resistance band. ETH remains pinned beneath shorter-term moving averages clustered between $2,400 and $2,500.
The RSI flattened near the lower boundary of its multi-week range, hinting at a potential short-term respite for weary buyers. Immediate resistance waits at $2,350. Breaching $2,400 remains necessary to alter the broader downward trajectory. Downside protection relies heavily on the $2,250 floor.
NEAR Protocol and Zcash Price Action
NEAR Protocol traded near $4.02 after surrendering its October peak near $6, with technical indicators flashing warning signs across daily charts. The $4.30 resistance zone now acts as a formidable ceiling where multiple moving averages converge. Spot volume remains subdued compared to historical averages, leaving the asset vulnerable to a test of the $3.80 support floor.
Zcash moved against the broader altcoin weakness by trading near $1,288 following a bounce from $1,150. Daily price data confirms ZEC is actively challenging the $1,300 resistance barrier. Sustaining momentum above this threshold could expose higher liquidity pools near $1,350.
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