The cryptocurrency market has seen a severe fall in recent months, leaving investors and traders looking for a ray of optimism.
Despite the uncertainties, researchers have been researching market movements and forecasting a possible local bottom for three big cryptocurrencies: Ethereum (ETH), Solana (SOL), and Cardano (ADA).
The Ethereum (ETH) foundation just transferred $64.4 million in Ethereum (ETH), perhaps causing Ethereum (ETH) to drop even more.
Furthermore, the prices of Solana (SOL) are down owing to the Ethereum (ETF). The Ether ETF revelation also corresponds with Solana’s diminishing market dominance.
Since May 20, SOL’s cryptocurrency market share has decreased from 3.30% to 2.82%. And as for Cardano (ADA), the chart paints a dismal portrait.
Cardano (ADA) has steadily trended downward after failing to maintain its support levels and violating key support zones.
Here we will discuss the price downturn of Ethereum (ETH), Solana (SOL), and Cardano (ADA) and the reasons for it.
Crypto market correction: Solana and Cardano hit hard
The price of Solana’s native token, Solana (SOL), has fallen 3.27% in the last 24 hours to $143.50, underperforming the broader crypto market. The decline is attributed to the outperformance of Ethereum, stagnant inflows into the Solana (SOL) ecosystem, and a broader market correction.
The SOL/ETH pair has dropped 22.65% since May 20, coinciding with increasing odds of regulatory approvals for spot Ethereum (ETH) ETFs in the US. Solana’s (SOL) market dominance has also declined, with its crypto market share falling from 3.30% to 2.82% since May 20.
Another interesting coin Cardano (ADA) has reached its lowest position since 2024 as a result of the latest dip, which may imply more major issues with the ecosystem. Technical signs indicate that the asset is having trouble gaining upward momentum. The 50-day EMA and 200-day EMA both show a negative trend.
Since the trading volume of Cardano (ADA) has remained relatively low, indicating a lack of buying pressure, the volume bars add to the diminishing interest. The Relative Strength Index (RSI) is now hovering near the oversold level, which might indicate a buying opportunity.
Ethereum (ETH), Solana (SOL), and Cardano (ADA) price analysis
The crypto market is experiencing a downturn, with Ethereum (ETH) down 2.45% to $3,429, Solana (SOL) down 3.6% to $138, and Cardano (ADA) down 6.89% to $0.376. The 24-hour trading volumes are $19 billion for ETH, $3.55 billion for SOL, and $575 million for ADA, respectively.
The market capitalization rankings are #2 for ETH, #5 for SOL, and #10 for ADA, with circulating supplies of 122.28 million ETH, 461.79 million SOL, and 35.73 billion ADA. The maximum supply for ADA is 45 billion.
Local bottom ahead? Expert forecasts and Algotech’s opportunity
Experts anticipate that Ethereum, Solana, and Cardano will have a local bottom as the cryptocurrency market continues to change.
Other altcoins like Algotech’s cutting-edge trading platform and token (ALGT) provide traders with a glimmer of optimism in this turbulence.
ALGT, its ERC-20 token, entitles holders to governance rights and a steady source of income.
The success of ALGT’s presale—more than 80% of tokens were sold—and its anticipated 1,200% growth following its debut make it a desirable option for traders looking for a haven, particularly when the cryptocurrency market signals a local bottom.
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