As the broader crypto market is under speculations due to bearish trends and sluggish momentum of Bitcoin at the $66k level, many altcoins are witnessing a price drop. With crucial events approaching, investors are shifting towards projects with massive potential rather than taking bets on legacy projects prone to limited growth and slow price momentum.
After a significant surge in price, Solana (SOL) and Near Protocol (NEAR) are witnessing a sliding momentum in recent days. Despite the meme coin rally, Solana struggles to maintain market dominance, while Near Protocol is also entering a correction phase. Traders embrace another emerging project in the DeFi sector for significant growth within weeks.
Despite Solana-based meme coins continuing to rally, SOL prices continue to suffer from a declining trend. The downward trend was initiated at the start of April when the ecosystem faced a blow from a 20% drop in open interests. Traders are pulling back from long-term positions in the token, indicating a shift in market sentiment and an uncertain trajectory for SOL.
The decrease in open positions has led to massive sell-offs, with investors divesting their tokens for profit or seeking better prospects. Notably, a surge of long liquidations reached a two-week high of $11 million leading the trading volume of Solana to fall by 21%.
Amid these downturns in the ecosystem, SOL tokens are facing significant selling pressure. The token is trading above $185 with a 1.5% decline in 24 hours, and the chart shows a declining trend on the weekly chart as well. While some analysts foresee this as a potential entry point for future gains, others predict a further price plunge in the next few days.
With the uncertainty surrounding the altcoins, some are projected for recovery, while some can show price dumps. Near Protocol (NEAR) is also under speculation due to its bearish price momentum. The token has declined by 7% on the weekly chart with possible downturns in the upcoming days.
Leading analysts indicate that the NEAR price is entering a neutral zone from which a surge like early January can be observed. If bulls fail to maintain their dominance, the price can further retest the $5 mark. Fibonacci retracement levels indicate that if the token continues its recovery towards a $7.5 mark, the price may initially face selling pressures.
NEAR’s price has dropped below the 20-day EMA, signalling a high sell-off rate in the past few days. Trading at $6.7, the token’s future trajectory is uncertain as it can take flight in either direction. Amid these speculations, investors are shifting to DTX Exchange (DTX), expecting to yield 25x returns as the project offers unprecedented growth opportunities.
DTX Exchange (DTX) aims to transform the trading sector with its hybrid platform, which features 1000x leverage and robust security features, including no KYC requirements and non-custodial wallets. Through DTX’s trading platform, traders can maximize their profits across various markets, including forex, cryptocurrencies, equities, and contract-for-differences (CFDs).
DTX aims to make trading accessible for new entrants with its secure trading strategies. Due to the decentralized nature of DTX Exchange, the project grants users governance rights and access to potential airdrops. Prioritizing user security, the platform empowers them to fully control their private keys, offering DTX wallets and multi-tier accounts.
Within just two days of the public presale, DTX successfully raised $100k. Experts believe that DTX is the next big thing in the crypto sector. Alongside promising trading prospects, the project offers massive returns on investments, with DTX tokens currently priced at $0.02. The token is expected to moonshot in the next stages as investors rush to buy it at this low entry price.
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