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The crypto market is still a little fickle: Bitcoin (BTC) is trading within narrow limits, while Solana (SOL) is under selling pressure. A big reason for the fall in Solana is the Libra Token scam, which has broken down investor confidence and triggered a general sell-off in altcoins.
Bitcoin Holds Steady, Market Uncertainty Persists
Bitcoin's trading had been more or less static, fluctuating between $95,500 and $97,200 as everyone was waiting for a clear directional breakout.
BTC Market Summary:
- Current Price: $96,300
- Resistance Level: $97,500
- Support Level: $94,800
- 24H Change: -0.3%
Bitcoin's consolidation period reflects a dearth of robust buying pressure, with investors keeping a close eye on macroeconomic factors and regulatory updates. If BTC cannot break above $97,500, a retest of the $94K support may be in the cards.
Solana Price Crashes Amid Libra Token Scam Fallout
As opposed to Bitcoin, Solana (SOL) has taken a beating, falling more than 7% over the last 24 hours as the effects of the Libra Token scam continue to weigh on market sentiment.
SOL Market Update:
- Current Price: $105
- Support Level: $100
- Resistance Price: $115
- 24H Change: -7.2%
Libra Token Scam: What Did It Do?
The Libra Token scam consisted of fake projects misrepresenting association with Meta's (formerly Facebook) Libra project. These scam tokens:
- Rug-pulled investors, losing millions in liquidity.
- Afflicted Solana's ecosystem, with a number of counterfeit Libra tokens being minted on Solana-based DEXs.
- Induced panic selling and SOL's price plummeted accordingly.
Solana's Future: Will It Bounce Back?
Although Solana is still among the best-performing blockchains, the latest security issues and scams have been casting doubts over investors' confidence. Experts predict:
- In case SOL retains above $100, a bounce back to $115-$120 is feasible.
- If downward pressure persists, a more serious correction to the $90-$95 level will follow.
What's Next for Crypto?
- Market trend in Bitcoin's consolidation – If BTC re-breaks through, it will cause altcoins to bounce back.
- Solana needs to regain investors' trust – The ecosystem should strengthen security policies to avoid repeated scams.
- Regulatory actions will affect market stability – Governments will probe Libra Token scams and influence the crypto mood.
While Bitcoin is fluctuating within a narrow band, Solana is battling in the wake of the Libra Token scam. Investors should keep an eye on the critical support levels, remain aware of market trends, and remain alert for fake projects. The coming days will prove decisive in assessing whether Solana will recover or if more decline lies ahead.