Solana (SOL) suffered one of the biggest losses in the last week between 23 and 30 December. Interestingly, altcoin projects that are among the top 100 by market cap are the biggest losers. Here are this week’s redboard leaders.
- Chain (XCN) -33.83%
- Solana (LEFT) -22.87%
- Aptos (APT) -15.36%
- Axie Infinity (AXS) -15.00%
- The Sandbox (SAND) -14.68%
These bad news caught the attention of the altcoin market
Chain (XCN), which has lost nearly 33%, has been falling below a descending resistance line since Sept. 27. This line was rejected on November 1 (red icon), causing the downside move to accelerate. Thus, it led to an all-time low of $0.011 on December 30.
According to analyst Valdrin Tahiri, there are currently no signs of a turnaround. As a result, the downward move is likely to continue. Retracing the $0.035 resistance area instead signals the start of a bullish reversal.
SOL price broke the $30 horizontal support in the first week of November. The downside move was rapid and as a result it reached $8 on Dec. 30. If the downside continues, the next closest support area is at $4.20, down 55% from the current price. The weekly RSI has dropped below 25 and has not created any bullish divergence. This indicates that the trend is still bearish, making a continuation of the downside move possible.
SOL price must retrace the $30 zone for the trend to be considered bullish.
Aptos continues its downtrend
APT price has dropped below a descending resistance line since Oct. More recently, the line caused a rejection on December 16 (red icon). It broke the $3.95 support area the next day. This is an important development as the site has been in place since 8 November. Similar to the SOL, the RSI has dropped below 30 and has not formed any bullish divergences. If the downside continues, the nearest support area is at $2.22.
AXS price had rallied near an ascending support line since Nov. This upside move hit as high as $10.40 on Dec. However, the price has since fallen and broke out of the ascending support line on December 16.
After confirming as resistance on December 22 (red icon), AXS price resumed its bearish action and is close to a year low. If the decline continues, the nearest support area is at $4.50, formed by the latest bounce. Retracing the ascending support line means the trend is up.