Ethereum was, for a few moments, trading at $2,500. It later lost that momentum and is now dancing around $2,478.42, a slip of 1.90% in the last 24 hours. That said, the overall crypto market is optimistic about the performance of ETH since it signifies that other cryptos see a similar trend on the horizon. For instance, ADA has found a massive breakthrough. Solana remains on a different side of the coin.
Analysts believe that the market is finding momentum. Ethereum network, for example, is riding high on the ERC-404 token standard. It is poised to boost interoperability in the ecosystem. Plus, it brings with it a commitment to pull the price up to $3,000. That journey is far-fetched since the token has slipped past $2,400 in a negative turn. The resistance level remains at $2,500. Thereby, setting a stage for $2,600 and finally for $3k.
Alternatively, there is an estimate that the token may go down to $2,300. This stems from the fact that Solana is not precisely performing up to the market. The network has reported outage issues in the near past to upset the community. That is causing a ripple effect to some extent, pulling back the price to the said level.
Blockchain enthusiasts remain optimistic about the technology. But if issues persist, the story may turn the page for the worse. SOL is down by 5.54% in the last 24 hours, exchanging hands at $103.74 at the time of writing this article. It is only safe to assume that the native token has felt more pressure than other tokens in the market. It continues to reflect a rise of 6.165 in the last 7 days and a surge of 4.855 in the last 30 days.
The technical analysis of ADA by Cardano draws a bullish picture. There is a chance that it is earning a significant level of confidence from the investors. The only condition is that it closes above $0.515. Sustaining the momentum will allow ADA to chase $0.580 with an uptick in the market valuation.
Cardano’s ADA is exchanging hands at $0.532, with the market cap down by 4% and the 24-hour volume plummeting by 29.82%. According to the Cardano forecast, ADA may still be looking to secure the spot at the resistance level of $0.485. Only after the token has slipped below the mark will the community panic for a while.
SOL’s resistance level is $98.89 for the token to target $112. It is only the breakdown instances that are hampering the growth. Solana is tasked with absorbing the buying pressure.
ETH, ADA, and SOL are in turmoil, except that SOL has a greater responsibility for taking care of its network. ETH and ADA pretty much have to focus on their respective targets.
