Daily Market Review: BTC, ETH, SOL, NEAR, TIA

The global crypto market has since been on a steady decline following a notable peak of $2.7 trillion in March. Over the past 24 hours now, the valuation of the global crypto market cap has declined by 1% with a current valuation of $2.56 trillion. 

This decline comes against the backdrop of major cryptocurrency in the market such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), NEAR and Celestia (TIA) also facing a noticeable dip in their market prices. To dissect how these assets has contributed to the current decline in the overall crypto market, it is worth reviewing their market performance so far.

Performance of Major Cryptocurrencies and Technical Outlook:

Bitcoin (BTC)

Leading the pack on the list comes Bitcoin (BTC), the largest cryptocurrency ever by market capitalization. So far, Bitcoin has dipped by 1.1% in the past 24 hours. It is worth noting that this slight dip recorded today, appears to be a continuation of the pioneering crypto week-long downtrend of nearly 7% which has now brought BTC’s price to fall below $67,000, trading at $66,982, at the time of writing.

A technical analysis of the BTC’s chart shows that on the daily time frame, the asset was unable to break though the resistance found at the $71,000 levels and in doing so, it was also unable to break out of the downtrend found on the daily chart. This suggests that the asset may just continue its fall till it at least hits a major support that can cause a rebound. 

BTC is approaching 50% of the fib level after testing support on 4H time frame. | Source: BTCUSDT on TradingView

Zooming into the chart, on the 4-hour time frame, Bitcoin appears to have tapped into a major order block which might serve as a support, this suggests that BTC could see a short-term uptick in the next few days serving as a reversal to at least the 50% fibonacci level (as shown above) before the continuation of the downtrend on the daily chart.

Ethereum (ETH)

Coming second on the list is Ethereum (ETH) the second largest cryptocurrency by market capitalization. After having its share of a bullish phase last month following the US SEC approval of the spot Ethereum ETFs, Ethereum is currently following BTC closely in market performance.

So far, ETH has also recorded a notable decline of 7.8% in the past week. However, the past day has seen the asset showing signs of rebound. Particularly, over the past 24 hours, Ethereum has now increased by nearly a modest 0.6%, an opposite performance to BTC’s 0.9% decline over the same period.

On the technical front, while Ethereum didn’t tap into a major support on the 4-hour time frame, the asset however, tested a major breaker block zone on the daily after being unable to also break past its notable resistance. 

ETH seeing bullish momentum on the 4H time frame. | Source: ETHUSDT on TradingView

Currently ETH is seeing bullish signs given the engulfing candles to the upside found on the 4-hour time frame, however, this bullishness might just be temporary, as it appears it might just be a momentum to push price to go gather liquidity at the upside before continue the downtrend which is anticipated to continue as a result of price rejection at the $3,900 resistance level.

Solana (SOL)

Coming third as part of the big dogs in the crypto market is Solana (SOL). After also having a share of a temporary bullish phase earlier in April reaching a peak of $202, SOL is now currently seeing a notable retracement. Over the past 24 hours, the altcoin has declined 2.4% bringing its weekly shedded gains to 13.6% and its current price to $148.67, at the time of writing.

A technical outlook on the SOL chart shows that the asset’s current decline might just continue till the asset reaches the notable demand levels found between the $135 to $118 region. Should SOL reach these levels, it is likely to see a rebound from SOL that would likely bring the asset to break major resistance zones.

SOL approaching major demand zones on the 8H time frame chart. | Source: SOLUSDT on TradingView

NEAR

Despite ranking 20th among the largest crypto by market capitalization, according to Coingecko, NEAR appears third on our list. Over the past 24 hours, this altcoin has declined by 3.4% with a current trading price of $5.96. This decline appears to be a continuation of the asset’s week long down trend of nearly 20%.

According to the technical analysis done on NEAR’s daily chart, the asset has previously rejected from a notable resistance level, which has now resulted in the current plunge in its price. Notably, given the asset’s failure to break through this major resistance, it is likely to see a continuous drop in NEAR’s price till it takes out a notable swing low which is around the $4.3 price level.

NEAR is moving downward on the chart to take out a major swing low on the daily chart. | Source: NEARUSDT on TradingView

Celestia (TIA)

TIA, the native token to Celestia, a modular data availability network in the crypto industry comes last on this list. Currently, TIA trades at a price of $7.97, down by 1.5% in the past 24 hours and 24.6% in the past 7 days.

On the TIA’s 8-hour time frame chart, the asset has recently tested a major supply zone validation of a SELL setup whose target is $7.30 region — a major swing low. Notably, the validation of the SELL setup suggests that TIA is likely to continuing plunging till its reaches this target, and until then can we see a rebound in price.

TIA’s price is approaching a major swing low on the 8-hour chart. | TIAUSDT on TradingView

Disclaimer: The analysis provided in this article is for educational purposes only and should not be construed as financial advice. Investors are encouraged to conduct their own research (DYOR) and consider their financial situation before making any investment decisions.