Altcoin Market Slumps: Ethereum, Solana, and Sui Lead the Decline

The altcoin market is down, with Ethereum (ETH), Solana (SOL), and Sui (SUI) leading the decline. Each of these tokens has run into resistance and support levels as bearish trends take over their charts. Ethereum, Solana, and Sui are making significant price movements, with market volatility affecting the short-term prospects of these altcoins.

While each token has distinct support and resistance levels, they are all moving downward, reflecting broader market trends.

Ethereum’s Price Drops, $2,625 Support Level in Focus

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has seen a 3.26% decline in the past 24 hours, with the current price standing at $2,646.96. The price has been steadily falling since reaching a peak of $2,737, where selling pressure started to weigh on the market. This level now acts as a significant resistance, along with the $2,700 mark.

Ethereum’s decline found a short-term support level near $2,625. Buyers stepped in as the price briefly dipped below this level, showing that this support might hold in the near term. However, if this support fails, the price could fall further, to the $2,600 mark.

Consequently, the market is at a critical juncture, with traders watching these levels closely. Breaking above $2,700 would signal a reversal in trend, but the resistance around $2,737 remains a key barrier.

Solana Faces Key Resistance at $170

Solana (SOL), another major altcoin, is currently priced at $168.44 after a 0.82% decline in the past 24 hours. Its price has followed a similar bearish pattern, with a gradual decline from a high of $170.10.

After hitting a low of $164, Solana recovered slightly, showing some resilience. However, the resistance at $170 remains a key challenge for a sustained recovery.

The $164 level is a critical support zone, where buyers have stepped in to prevent further losses. If Solana breaks below this level, it could face more downward pressure, potentially testing the $160 level. For a bullish reversal, the price must break through the $170 resistance, with the next target being $175.

Sui Struggles to Hold $2.00 Support

Sui (SUI) has been hit particularly hard, experiencing a sharp 5.09% decline, with the current price at $2.02. Sui’s price has fallen consistently from a peak of $2.1268, with the $2.00 mark acting as a key psychological support level. Buyers have so far managed to defend this level, but if the price falls below $2.00, it could trigger further declines.

Read also: Crypto’s 2024 Winners: Sui, Bitcoin, Solana, and Ethereum Surge

On the upside, Sui faces immediate resistance at $2.05. This level has been tested multiple times without success, showing strong selling pressure. If it can break out above $2.05, the price could move towards $2.12, where the decline began.