You can also read this news on COINTURK NEWS: Crypto Market Faces Decline as Economic Concerns Take Hold
Last week, global economic concerns led to a significant decline in the cryptocurrency markets. Notable assets such as Solana (SOL) and XRP attracted attention due to sharp fluctuations. The pressure in the market was compounded by the U.S. customs tariffs and uncertainties in the stock market, negatively impacting digital assets. The Nasdaq 100 index falling below its 200-day moving average brought the correlation between tech stocks and cryptocurrencies back into focus. Experts highlighted that the next two weeks could provide critical signals for both the stock and cryptocurrency markets.
The wave of selling in global financial markets also reflected in the cryptocurrency sector. The positive sentiment since March has been replaced by economic fears. Increasing tariffs from the U.S. towards China and inflation concerns have led investors to shy away from risky assets. During this period, major cryptocurrencies like Bitcoin and Ethereum also experienced a loss in value, while the decline in altcoins became more pronounced.
Solana (SOL) struggled to surpass the $150 resistance level throughout the week. Maintaining the $130 level as a support line indicates a neutral trend in technical analysis. Investors believe SOL needs an increase in market volume to test the $160-$170 range in the short term. Meanwhile, XRP’s battle to stay above the $0.50 level has garnered attention.
XRP’s inability to break above the $0.55 resistance, combined with a decrease in trading volume, has limited its price movements. Technical indicators suggest weakening buying power for XRP, although it has not breached the $0.47 support level. The high correlation between both cryptocurrencies and stocks increases the expectation that a potential recovery in the Nasdaq could positively influence the cryptocurrency market.
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