Technical Analysis on Major Decliners:

The crypto market is experiencing notable sell-offs, with PHA leading the losses, down 20.11%, and trading at $0.404. HIVE follows with a significant drop of 17.90%, now at $0.3445, while STEEM has fallen 16.72% to $0.2371. These declines indicate heightened bearish sentiment and intense sell pressure on these tokens. PHA, in particular, has broken through crucial support levels, suggesting further downside potential unless buying interest emerges at lower prices.

Other key decliners include THE, which has decreased 11.95% to $1.4696, and VANA, down 11.15% at $16.968, both showing continued bearish trends. POND, down 10.25% to $0.02417, is approaching an important support level, which could signal a potential rebound if trading volume increases.

For traders, these sharp declines create opportunities for strategic entries. Monitor the market for potential shorting opportunities if the sell-off continues or look for signs of reversal for a possible recovery. Effective risk management is essential in such volatile market conditions.