Bearish Momentum Grips Crypto Market: SOL, TON, APT Tumble

Over the last 24 hours, the crypto market has experienced bearish momentum, with major cryptocurrencies like Solana (SOL), Toncoin (TON), and Aptos (APT) seeing notable declines.

Meanwhile, Bitcoin and Ethereum have also faced modest losses. However, they have held steady against their key support levels of $64k for Bitcoin and $3k for Ethereum.

Solana (SOL) Price Analysis

CoinMarketCap data reveals SOL began the day trading at $182.09, quickly rising to an intraday high of $183.98. However, this bullish momentum was short-lived as bearish forces soon took control, pushing the price down to an intraday low of $166.26.

Despite this setback, SOL has managed to stabilize and is currently holding above its key support level of $165. This could signal the potential for further gains soon. As of press time, SOL is trading at $169.33, marking a 6.92% decline over the past 24 hours.

Nonetheless, the token has yet to eliminate the bullish sentiment in the long-term trend. CoinMarketCap data reveals that SOL achieved a monthly gain of over 15%, with a modest 0.27% increase over the week. This performance highlights SOL’s resilience and potential for growth, suggesting that short-term fluctuations haven’t hindered its positive trajectory.

TON’s Hits $6.6441 Low Amid Potential Gains

The TON token has exhibited significant price action recently, closely mirroring the path of SOL. According to CoinMarketCap, TON surged to an intraday high of $6.8735 before experiencing a pullback to an intraday low of $6.6441. However, the token quickly found support above the $6.800 zone, hinting at a potential trend reversal.

As of press time, TON traded at $6.84, reflecting a 0.53% increase over the past 24 hours. This rebound has also boosted TON’s market cap, increasing it by 0.54% to $17.207 billion and solidifying its position as the 9th largest cryptocurrency. Meanwhile, trading volume remains strong at $224.932 million.

From a technical analysis perspective, the TON/USD pair is forming an ascending triangle, a pattern often associated with bullish continuations. If this pattern holds, TON could be poised for further gains in the near term.

Additionally, the Relative Strength Index (RSI) supports this outlook. Currently hovering at 45.87 after moving out of the oversold zone, TON may enter a consolidation phase before resuming its upward trajectory.

APT Eyes Bearish Trend in the Long-Term

According to TradingView data, the APT token is exhibiting strong bearish momentum in the long-term trend, as it continues to break through its previous lower lows and establish new lower highs. With the RSI currently at 41.03 and trending downward, there is a significant possibility of further declines in the APT market in the coming days.

Source: TradingView

Additionally, the 20-day SMA supports this price action as it remains above the token’s current price, indicating a negative outlook for APT. According to Coinmarketcap, APT has experienced a 2.95% decline in its price over the last 24 hours.
At the time of writing, APT is trading at $6.36. Ranked 27th among cryptocurrencies, its market cap has also seen a dip, now at $2,988,729,022, while its trading volume has decreased by 41.81%, totaling $94,618,285.