Some of the price decline initiated by Bitcoin altcoin ‘s seem to have followed. Therefore, today’s biggest losers will be discussed in this news.
Solana Comes to the Losing Side After Impressive Entries
Koinfinans.com As we reported solana (SOL) joined the top 5 losing altcoins. It fell to $69 on December 11, losing 5% in the previous 24 hours. As noted, the token experienced significant inflows in the week ending December 3. However, the outflows likely did not extend until December 11. It is also worth noting that CoinShares’ new weekly report cannot be confirmed yet.
As seen in the chart above, SOL has repeatedly tested the $75 resistance in previous days. If the decline continues, a possible target for Solana token will hold at the next available resistance/support at around $68 or 2% below the current value.
Was the Cardano (ADA) Fall Short-Lived?
Cardano (ADA) lost more than 4.5% of its value in the previous 24 hours. As a result, the ADA/USD exchange rate stood at $0.55.
It is noteworthy that the correction came after the 74% rise between December 1-9, which took ADA to $ 0.64, the highest level since June 2022.
However, there has been an increase in the number of Cardano whales since the beginning of October. Given this, it is possible that the correction will be short-lived. As a result, ADA addresses with balances greater than $1 million and $10 million reached their highest level of the year despite the price correction.
In general, a high number of whales indicates high confidence from large investors in an asset’s returns. Additionally, retailers tend to follow the whales. Therefore, large investors are likely to influence the market in the direction they choose. Therefore, the charts above paint a positive outlook for the coin.
It is clear that ADA whales play an important role. However, the token may not increase its price immediately as the mentioned headwinds for the top 5 altcoin losers continue.
BNB Loses 2%, Among the Top 5 Losing Altcoins
Binance coin (BNB) fell 2% to $233 on December 11, following a month of horizontal consolidation due to the exchange’s legal troubles.
Additionally, the token retested its 200-day exponential moving average (200-day EMA) as resistance on December 11. Additionally, he pointed out further declines in the coming sessions. However, as mentioned, the 5 top loser altcoins depend on Bitcoin price action and the overall crypto climate. If the crypto correction is short-lived, BNB coin price will recover. The following sessions will shed more light on market expectations.
Ethereum (ETH) down 4% on December 11
Ethereum (ETH) fell 4% today to $2,245. The leading altcoin rose 20% between December 1-9, reaching $2,400.
Meanwhile, Ethereum inflows totaled $30 million in the week ending December 3, nullifying monthly outflows. According to CoinShares, year-to-date inflow has been just $10 million.
Dogecoin (DOGE) Joins the Top 5 Losing Altcoins
DOGE followed the decline and joined the top 5 losing altcoins on December 11. Dogecoin token reached $0.098 in the European session after experiencing a 4% decline in its valuation. Moreover, the coin failed to conquer a $0.1 resistance line that has hindered the token’s upward attempts since June 2022.
However, like other entries on the list, DOGE’s correction came after a 30% one-month rally triggered by overall bullish sentiment in the market.
If the decline continues, the target price for DOGE could be $0.088 or 8 lower than the current value.