The cryptocurrency market has resumed its downward trend, losing $40 billion in market capitalization over the past 24 hours.
Amid widespread selling, some altcoins stood out as the most searched assets over the past day, including Solana (SOL), Bera (BERA), and Shadow (SHADOW).
Solana (SOL)
Solana is a trending altcoin that continues to decline. At the time of reporting, it is trading at $158.88, its lowest level of the year, with the SOL price dropping nearly 10% in the last 24 hours.
The decline in SOL has pushed the price below the long-term bullish parallel channel it had been trading in since June 2023. This channel is formed when an asset's price consistently moves between two upward-sloping parallel trend lines, indicating a bullish trend.
However, the breakdown of SOL below this pattern confirms that selling pressure is increasing, and if the asset fails to recover the channel, it could lead to further downside. In this case, the altcoin's price could drop to $136.62.
Conversely, if coin accumulation resumes, SOL's value could be driven up to $220.58.
Bera (BERA)
The layer-1 (L1) coin BERA is another trending asset today. It is currently trading at $6.94, down 5% in the last 24 hours.
However, the hourly chart shows that BERA's demand has been steadily increasing, suggesting a potential short-term rebound. For example, the Relative Strength Index (RSI) has crossed above the centerline, indicating an upward trend.
This indicator measures the market's overbought and oversold conditions. When set up this way, it signals the potential for a shift to strong buying pressure. This suggests that BERA buyers are gaining control, and the likelihood of a price rebound is increasing. In this case, BERA's price could rise to $8.62 and potentially rally to its all-time high of $15.50.
However, if the downtrend continues, the coin's price could fall to $5.44.
Shadow (SHADOW)
SHADOW has bucked the broader market trend, surging 34% over the past day. It is currently trading at $160.27 and appears poised to continue this upward momentum.
The rising On-Balance Volume (OBV) on the token's hourly chart supports this bullish outlook. This momentum indicator measures the cumulative buying and selling pressure on an asset by adding volume on up days and subtracting volume on down days.
The rising OBV indicates strong buying interest. This suggests that SHADOW's price can continue to rise as demand increases. If so, it could break above the resistance level of $162.44 and reach $210.55.
However, if demand wanes, SHADOW could lose its recent gains and fall to $132.68.
