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Binance and Coinbase have faced charges from the SEC for violating US regulations, resulting in a bearish trend for certain tokens. To add to the turmoil, Robinhood, a prominent trading platform, delisted Cardano (ADA), Solana (SOL), and Polygon (MATIC) after they were classified as securities by the SEC. Consequently, these tokens have witnessed significant price drops of 22.23%, 21.89%, and 22.86%, respectively, making them top losers for the day.
Let's take a closer look at each token's situation. Cardano's price dipped below a critical ascending triangle when news of the SEC crackdown emerged. Despite attempts by the bulls to halt the bearish trend, the recent downfall triggered by Robinhood has pushed the price closer to the lower support level. While there has been a rebound to $0.245 from $0.22, the influence of bears continues to linger over ADA's price. The next few days will be crucial as breaching these levels could impact bullish sentiment.
Solana also experienced a double-digit loss, dropping below $13 due to FTX exchange issues. The possibility of revisiting single-digit levels is a concern for Solana's price rally. The chart shows a drop below a decisive symmetrical triangle as a result of the SEC crackdown. While the ADX indicates some upward movement, further bearish action could be limited before reaching single-digit figures. However, a rebound might not be immediate, as an extended consolidation phase is possible.
Similarly, Polygon's price witnessed a significant drop and is currently trading around $0.6. Despite reclaiming early 2023 levels, acute selling pressure is keeping the price consolidated below crucial resistance-turned-support levels. The MATIC price is struggling to stay above major support at $0.5242, displaying bearish signs through the RSI. A descending consolidation phase may persist until market conditions improve, with levels around $0.6 being maintained.
Let's take a closer look at each token's situation. Cardano's price dipped below a critical ascending triangle when news of the SEC crackdown emerged. Despite attempts by the bulls to halt the bearish trend, the recent downfall triggered by Robinhood has pushed the price closer to the lower support level. While there has been a rebound to $0.245 from $0.22, the influence of bears continues to linger over ADA's price. The next few days will be crucial as breaching these levels could impact bullish sentiment.
Solana also experienced a double-digit loss, dropping below $13 due to FTX exchange issues. The possibility of revisiting single-digit levels is a concern for Solana's price rally. The chart shows a drop below a decisive symmetrical triangle as a result of the SEC crackdown. While the ADX indicates some upward movement, further bearish action could be limited before reaching single-digit figures. However, a rebound might not be immediate, as an extended consolidation phase is possible.
Similarly, Polygon's price witnessed a significant drop and is currently trading around $0.6. Despite reclaiming early 2023 levels, acute selling pressure is keeping the price consolidated below crucial resistance-turned-support levels. The MATIC price is struggling to stay above major support at $0.5242, displaying bearish signs through the RSI. A descending consolidation phase may persist until market conditions improve, with levels around $0.6 being maintained.
