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The cryptocurrency market is experiencing a major downturn as altcoin giants such as Solana (SOL), Cardano (ADA), and Near Protocol (NEAR) have seen significant declines. During this downturn, SOL price dropped drastically, losing billions of dollars in just one week.
Cardano (ADA) price action is troubling, leading to an increase in the number of losing addresses. Cardano (ADA) investors are facing huge losses as its value plummets. A large number of addresses are “out of money”, indicating a buying rate higher than the market value.
Near Protocol (NEAR) is trying to recover from the downtrend by finding firm support. Bears have been dominating NEAR since the first week of June. Near Protocol faced strong selling pressure and fell back to the 200-day moving average. DTX Exchange has given these altcoin investors a sigh of relief with its explosive growth potential.
Solana Loses $7 Billion: SOL Price Falls
The cryptocurrency market fell more than 1.35%, with meme coin developer Solana seeing huge losses. Solana lost around $3 billion in market value, falling back to $136.
In a continuation of the bearish trend, the SOL price has fallen by 10% in a week. The price of SOL is nearly 50% lower than the highest price recorded during the peak of 2021. Solana’s Fear and Greed Index reached a neutral level of about 51. Therefore, crypto analysts are confused about the SOL price action as the overall crypto sentiment surrounding Solana is neither bullish nor bearish at the moment.
Cardano (ADA) Investors Face Losses
The price drop of Cardano (ADA) has affected nearly 74% of investors. These investors are at a loss as they bought Cardano (ADA) at around $0.39. Despite the continuous price drop, these investors are close to the break-even point.
The Cardano (ADA) investor community is a large group within this segment, with approximately 180,000 addresses holding 2.57 billion ADA tokens. Cardano (ADA) investors continue to face challenges as market conditions remain volatile.
The platform saw a significant drop in active addresses, down to 29,000. As network usage and participation declined, these active addresses further decreased to 15,000.
Near Protocol struggles between bullish reversal and plummeting trend
Broader market volatility caused the price of Near Protocol to drop by more than 32% in a matter of weeks. However, an interesting bullish pattern and neutral weighted sentiment emerged in the market, leaving market experts confused about the future of Near Protocol.
Increasing selling pressure in the broader market increases the risk of further downside for Near Protocol. NEAR is the 17th largest cryptocurrency with a realized market cap of $5.68 billion.
Near Protocol’s weighted sentiment curve shows a neutral stance as its price attempts to stabilize around its 200-day exponential moving average. Investors and community members appear to have a neutral bias.
DTX Exchange Raises $760,000 in Second Phase Presale to Attract Investors
DTX Exchange has bucked the market trend and outperformed the altcoin giants whose prices are currently depressed. The platform provides a trading opportunity with access to over 120,000 assets, including cryptocurrencies, stocks and bonds, foreign exchange, and commodities. Its hybrid trading model and 18,000 TPS speed allow holders to experience high-speed trading.
The platform raised over $760,000 at the start of its presale. DTX raised the bar by raising $100,000 in a single day. The DTX token, currently priced at $0.04, has completed 28% of its second presale phase, raising $734,511. The platform offers the opportunity for exponential gains.
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