Solana remains in the green while wider crypto market slips into minor correction

THERE'S a slight contraction in crypto this morning seeing the market leaders shave between 1-2% off yesterday’s prices. It’s mostly red across the markets at the moment, with Solana being among a few that have recorded modest gains overnight. 

Market indicators remain virtually unchanged since yesterday. The Fear and Greed Index continues to hover in 'Neutral' after spending a few weeks in 'Fear', while moving averages on TradingView still continue to indicate a 'Buy' position. 

Where to from here as the weekend approaches? Will we see more downside or is another mini-rally imminent? 

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In the Markets

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Total crypto market cap

$2.35 trillion (-0.95%)

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What Bitcoin did yesterday

Daily high $65,102 |  Daily low $63,253

Bitcoin market capitalisation

$1.25 trillion (-1.63%)

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Bitcoin volume

$27.6 billion (-6.66%)

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CoinDesk Large Cap Select Index 

-0.18%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies and gives a general indication of the overall performance of the crypto market. 

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SP500

-0.78%

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Fear and Greed Index

57 (Neutral) 

The Fear and Greed Index measures volatility, market momentum/ volume, social media, surveys, dominance, and Google search trends to gauge market sentiment.

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Bitcoin’s market dominance

55.05

The Bitcoin Market Dominance indicator measures the percentage of total cryptocurrency market capitalisation represented by Bitcoin at a given time.

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Bitcoin Relative Strength Index (RSI)

53.3

Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.

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Post Script…

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Cautionary Notes

It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.

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