Crypto Summit Sparks Major Declines in Dogecoin Cardano Solana

Following the recent crypto summit, several major cryptocurrencies experienced significant declines. Dogecoin, Cardano, and Solana emerged as the top losers of the week, with their values dropping notably. The summit, which was attended by prominent crypto executives and key administration members, had a notable impact on the market, particularly for these altcoins.

Dogecoin, known for its meme-based origins, saw a substantial decrease in value, falling by nearly 8% within a 24-hour period. This decline was particularly significant as it marked a four-month low for the cryptocurrency. The drop in Dogecoin's value can be attributed to the overall market sentiment following the summit, where tokens that had previously benefited from pro-crypto buzz saw the most significant losses. As of March 9, 2025, DOGE is trading at approximately $0.1715, marking an 11.58% decrease from the previous day. Technical analysis indicates that DOGE is nearing a support level at $0.1750. If this support fails, the price could decline further to the $0.15-$0.17 range. However, some analysts remain optimistic, suggesting that maintaining support at the current level could trigger a rebound toward $2.74.

Cardano, another prominent altcoin, also experienced a notable decline. The cryptocurrency, which has been known for its focus on sustainability and scalability, faced a challenging week as its value retreated. The summit's outcomes, which included discussions on establishing a strategic BTC reserve, did not provide immediate benefits for altcoins like Cardano, leading to a decrease in investor confidence. Cardano has experienced a significant drop in trading volume, plummeting by 59% amid ongoing market uncertainty. The price of ADA has fallen to $0.776, extending its decline for the fourth consecutive day. The initial surge following the announcement of a strategic crypto reserve, which included ADA, has been overshadowed by subsequent market corrections. The fading hopes of ADA's inclusion in the reserve have contributed to its recent downturn. ADA may test the support level at $0.687 if the current trend continues.

Solana, a high-performance blockchain known for its speed and low transaction costs, also suffered losses. The cryptocurrency's value dropped, reflecting the broader market sentiment