Solayer Faces Bearish Pressure After 13.8% Drop: Whats Next for the Token?
- Solayer trades at $1.89 after dropping from $3.00, then rebounding 7.5% from a $1.61 daily low.
- MACD remains bearish at 0.1769 while RSI at 41.55 shows early signs of recovery near support.
After a continued uptick, Solayer (LAYER), a restaking protocol and hardware-accelerated blockchain built on Solana networks, has recorded a sharp dip in the last 24 hours. During todays Asian trading session, the digital asset opened its market price at $1.61 before rising to the current levels.
A deeper view of Solayer market action indicates that Solayer traded at $1.89 after falling 13.83% in the past 24 hours. However, the tokens trading volume surged by 92.08% within the same period, reaching $1.22 billion, indicating selling pressure.
Over the last week, LAYER has experienced a bearish trend that has only recorded slight changes. As of today, it is notable that its market cap dropped to $397.38 million, with a fully diluted valuation of $1.89 billion. Solayer opened the day slightly above $2, and the intraday high was $3.40, after which the price dropped and touched a low of $1.61.
Then, the crypto has bounced back to $1.88, posting a +7.50% gain on the day. This recovery follows the steep decline, suggesting temporary stabilization. However, the RSI remains below the critical 50 mark, and the MACD continues to point downward. These readings indicate caution is still warranted as bearish momentum is not yet fully exhausted.
Solayer Recovers to $1.88, But MACD Still Flashes Red
Tracking the current Solayer trend, the MACD line currently sits at 0.1769 while the signal line stands higher at 0.3018, indicating a bearish crossover. This negative divergence suggests selling pressure is increasing, which is confirmed by the red histogram bars deepening, currently at -0.1248. The histogram trend signals growing momentum to the downside, following a sharp price drop from over $3.00 to a daily low of $1.6 marking over 40% dip in a week.
However, the RSI (Relative Strength Index), depicts an entirely different picture of a potential recovery. Current RSI is 41.55 after it has crossed to below the 50 neutral mark and considered oversold. This value means that the current selloff activity could be fading, and the bulls could be coming in close to this $1.70 support mark.
While the RSI hints at possible price relief, the MACD still supports a bearish outlook for Solayer. A break above $2.00 could confirm a recovery, but sustained momentum above the signal line on the MACD is essential to shift the broader trend bullish again.
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Read more: https://thenewscrypto.com/solayer-faces-bearish-pressure-after-13-8-drop-whats-next-for-the-token/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
