Crypto Market Plummets as Recession Fears Grow, ETH, SOL, DOGE, and TRUMP Coin Face Steep Declines

The cryptocurrency market is experiencing significant volatility as the risk of the US economy entering a recession has surged. This heightened uncertainty has led to increased selling pressure and a fearful market sentiment, prompting traders to reassess their portfolios to minimize potential long-term losses.

Ethereum (ETH) has seen its price fall below $1,900 for the first time since November 2023, making it one of the top crypto tokens to consider selling. This decline has been exacerbated by large transactions, such as an ICO whale moving 7,000 ETH valued at over $12 million to the Kraken exchange. Additionally, more whales have been reducing their ETH holdings, selling 33,000 ETH in the last three days. Institutional demand for ETH has also weakened, with spot ETH ETFs posting significant outflows, further pressuring the price.

Solana (SOL) is another crypto token that could face steep declines if the US economy enters a recession. Currently trading at $124 after a 9% drop in the last nine days, Solana's price is on the verge of a significant decline. Whales have been selling large amounts of SOL, with one address selling 108,688 SOL for $12.2 million at a loss of $7.48 million. The formation of a death cross on Solana's chart supports a bearish outlook, suggesting the price could drop below $100 to the 123.6% Fibonacci retracement level of $73.

Dogecoin (DOGE) has also shown a bearish outlook, with its price falling by 16% in seven days. The open interest in DOGE has shrunk from $8 billion to $3 billion in less than three months, indicating a lack of conviction among traders that the price will recover. Dogecoin has breached the lower trendline of its descending parallel channel, and technical indicators such as the RSI and Awesome Oscillator show a surge in selling activity. The declining stock price of Elon Musk’s Tesla could further impact Dogecoin, leading to more losses.

The TRUMP meme coin is also at risk of significant losses if the US economy falls into a recession. With the hype around meme coins cooling down, there is minimal chance that TR