Altcoins Bleed Harder Than Bitcoin: SOL, ADA, MNT Down Over 15% This Week

Altcoins are facing a significant downturn, with some popular names experiencing alarming drops. Specifically, Solana (SOL), Cardano (ADA), and Mantle (MNT) have each plummeted by over 15% this week. The article delves into the reasons behind this sharp decline and explores which cryptocurrencies might bounce back stronger in the near future.

Solana Dips but Eyes Growth as Support Levels Hold Firm

Source: tradingview 

Solana's price has seen a drop recently, with its current value fluctuating between around $124 and $161. Despite this downturn, it finds support at just under $111, suggesting a possible rebound. If it manages to break past the resistance level near $185, it could aim for higher targets around $222, indicating a potential growth of about 37% from current levels. This possibility hinges on market trends and investor sentiment aligning positively. With Solana's current technical indicators showing mixed signals, it remains to be seen whether it can overcome recent losses and climb upwards.

Cardano (ADA) Eyes Recovery Amid Market Challenges

Source: tradingview 

Cardano (ADA) finds itself swinging between $0.44 and $0.57 right now. The coin has faced a rough patch over the past month, dropping by more than a quarter in value. However, analysts see some potential for a rebound. If ADA breaks above the nearby resistance at $0.65, it might aim for the next resistance at $0.78. That would be nearly a 40% increase from the lower end of the current range. On the downside, support levels at $0.39 and then $0.26 could catch falling prices. Despite recent declines, ADA remains a key player, and its path will likely be shaped by broader market trends.

Mantle (MNT) Battles Declines, Eyes Potential Rebound

Source: tradingview 

Mantle (MNT) is facing some challenges, with its current price between a dollar and a little more than a third. Recently, it's seen a dip of over a third of its value this month. However, there's room for hope. Indicators suggest it could rebound to nearby resistance levels. If MNT can rise to about $1.46, it would see an increase of around ten percent from its top current range. Should it climb to the higher resistance level, the gain could exceed a quarter of its present value. The past half-year shows MNT's ability to climb nearly fifty percent, hinting at its possible recovery path.

Conclusion

SOL, ADA, and MNT have experienced significant drops of over 15% in the past week. These declines suggest that these coins are currently facing more challenges compared to Bitcoin. While Bitcoin remains relatively stable, the recent performance of these altcoins highlights the volatility in the market. Investors should monitor the situation closely as market conditions continue to evolve.

 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.