Key Takeaway:
Bitcoin, Solana, and JasmyCoin experienced significant sell-offs due to a decline in the crypto fear and greed index. The market cap for JasmyCoin dropped to $908 million, while Solana retreated to $120. Competition in Solana’s ecosystem has affected its performance, with Tron surpassing it in total value locked in DeFi assets. Both Solana and JasmyCoin are showing bearish signals, with potential death cross patterns forming in their moving averages.
Solana Facing Challenges
Solana, the fifth largest cryptocurrency, has seen a significant sell-off, dropping to $120 from a high of $209. Its ecosystem is facing challenges with the emergence of SunPump, which has gained significant traction and value. Solana’s technical indicators show bearish patterns, with a potential death cross on the horizon, indicating further downside potential.
JasmyCoin in Decline
JasmyCoin has also experienced a sharp decline, reaching a low of $0.01717. Despite positive news from major Japanese financial institutions, the token is facing a potential death cross pattern in its moving averages. The industry as a whole may be entering a prolonged crypto winter, posing risks for JasmyCoin and other altcoins.
