Solana Plummets 38.33% in a Month, Ethereum Drops 28.21% Amid Bearish Trends

Solana (SOL) has recently experienced a significant decline, hitting multi-month lows, while Ethereum (ETH) has struggled to maintain key support levels. These developments have raised questions about the current market direction and whether a bearish trend is taking hold.

Ethereum has seen a consistent selling pressure over the past month, with a 28.21% drop, and a 19.27% decline over the last six months. This bearish trend has kept the coin lower, despite moments of resilience. The historical decline suggests that traders remain cautious, with any potential reversal likely requiring strong positive news to shift overall sentiment. Currently, Ethereum is trading between $1766 and $3021, with a key support level at $1294 and resistance at $3803. Technical indicators signal a bearish setup, aided by a low RSI and negative momentum readings. However, a break above resistance could suggest emerging bullish strength. Traders might consider operating within these levels, employing careful stops to manage risk effectively.

Solana has also experienced a significant drop, with a 38.33% decline over the past month and a 7.16% decrease over the last six months. The cryptocurrency has fluctuated between $104 and $213, with a one-week decrease of 13.36% contributing to this downward trend. Oscillator and momentum readings indicated ongoing selling pressure, highlighting increased volatility and the necessity for vigilant market observation. Current prices are situated between $104 and $213, with resistance at $277 and another level near $386. Support is established at $60. Bearish signals dominate, accompanied by a negative momentum and a moderate RSI of 35.13, which leaves the trend uncertain. Traders might explore buying near support while watching for price movements toward resistance.

Solana's recent drop to $115 marked a 24.5% loss over five consecutive days, pushing the price to a seven-month low. This decline indicates a bearish trend, with large investors seeing this as an opportunity to accumulate Solana tokens worth millions as prices fell to four-month lows. This accumulation occurred amidst an approaching bearish technical pattern, suggesting that smart money is positioning itself for a potential rebound. Solana is nearing a critical technical jun