Crypto Market Bleeds $40B; Solana, Berachain, Shadow in Spotlight

The cryptocurrency market has witnessed a downturn, with a collective loss of $40 billion in market capitalization over the past 24 hours. Despite the broader sell-off, certain altcoins have garnered significant attention, with Solana (SOL), Berachain (BERA), and Shadow (SHADOW) emerging as the most searched assets of the day.

Solana (SOL) has extended its price decline for another consecutive day, trading at a year-to-date low of $158.88 at press time, a decrease of nearly 10% over the past 24 hours. This decline has pushed SOL's price below a long-term ascending parallel channel for the first time since June 2023. This pattern, which forms when an asset's price consistently moves between two upward-sloping parallel trendlines, typically signals a buy trend. However, SOL's break below this pattern confirms rising selling pressure, potentially leading to further declines if the asset fails to reclaim the channel. In this scenario, the altcoin's price could drop to $136.62. Conversely, if coin accumulation resumes, it could drive SOL's value up to $220.58.

Layer-1 (L1) coin BERA is another asset trending today. As of this writing, it trades at $6.94, down 5% over the past 24 hours. However, a look at its performance on an hourly chart reveals a steady uptick in BERA's demand, hinting at a potential rebound in the near term. For example, its Relative Strength Index (RSI) has broken above the center line and is in an upward trend at press time. This indicator measures an asset's oversold and overbought market conditions. When set up this way, it signals a potential shift toward stronger buying pressure. This suggests that BERA buyers are gaining control, increasing the likelihood of a price rebound. In this case, BERA's price could climb to $8.62 and rally toward its all-time high of $15.50. On the other hand, if the decline continues, the coin's price could fall to $5.44.

SHADOW has bucked the broader market trend, climbing by 34% over the past day. It trades at $160.27 at press time and is po