Solana continues its decline, dropping below $230 on Tuesday after declining more than 7% the previous day.
Binance Coin faces rejection from weekly resistance around $661, indicating a further decline.
Cardano extended its correction on Tuesday after hitting a new yearly high of $1.15 last week.
The prices of trending altcoins Solana ($SOL ), Binance Coin ($BNB ) and Cardano ($ADA ) continued to decline on Tuesday, driven by Bitcoin
(BTC) drop below $92,000 and its early-week correction. The technical
outlook suggests that these altcoins could decline further, retesting
their key supports and providing buying opportunities for sideline
investors.
Solana bulls show signs of exhaustion
Solana price on the weekly chart shows that the fourth biggest crypto
asset by market capitalization reached a new all-time high (ATH) of
$264.39 last week. However, it faces a pullback this week and trades
down around $224 on Tuesday.
If SOL continues its decline, it could extend it to find support around
its weekly level of $183.88, roughly coinciding with the 50% and 61.8% Fibonacci levels
of $187.2 and $168.98, respectively (drawn from the August low of
$110.00 to a mid-November high of $264.39). Sideline investors looking
for buying opportunities may consider the levels mentioned above.
