Solana Down, Floki, Bonk Crashing: What Is Going On With Altcoins?
Portfolio Pulse from Murtuza Merchant
The altcoin market is experiencing a significant downturn due to falling Bitcoin prices, Ethereum ETF approval, and massive token unlocks. Solana, a key driver of the altcoin rally in late 2023, is facing critical trend level breaks. Market sentiment is negative, with meme coins like Floki and Bonk losing momentum.
June 18, 2024 | 4:58 pm
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NEGATIVE IMPACT
The meme coin rally driven by projects like Bonk has lost momentum, with reduced speculative activity and declining network fees.
The initial hype around meme coins like Bonk has diminished, leading to reduced speculative activity and declining network fees, which negatively impacts their prices.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60
NEGATIVE IMPACT
The approval of Ethereum ETFs by the SEC has led to speculative positioning and potential unwinding, causing downward pressure on Ethereum prices.
The approval of Ethereum ETFs has led to excessive speculative positioning, which is likely to result in further unwinding and downward pressure on Ethereum prices.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 80
NEGATIVE IMPACT
The meme coin rally driven by projects like Floki has lost momentum, with reduced speculative activity and declining network fees.
The initial hype around meme coins like Floki has diminished, leading to reduced speculative activity and declining network fees, which negatively impacts their prices.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60
NEGATIVE IMPACT
Solana is facing critical trend level breaks and potential further declines despite increased DApp usage and NFT volumes.
Solana's recent upgrades and increased usage have not prevented its TVL from declining, and it is now facing critical trend level breaks, indicating potential further declines.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 70