As of November 4th, four major cryptocurrencies are exhibiting weakness in the market. Solana has fallen beneath the crucial $100 mark, while Ethereum hovers around $2,317, attempting to reverse its downtrend. NEAR Protocol is trading at roughly $4.02, struggling below short-term averages, and Zcash is attempting to reclaim the $1,300 level, lingering at $1,288.
Solana Faces Accelerated Selling Pressure
Following a bullish surge in September, Solana retreated from its October high of $124, now trading at $92.69. The asset’s descent below all significant moving averages indicates that sellers maintain control in the daily outlook. Losing support at the $98 region, which played a key role during September’s recovery, renders Solana vulnerable in the short term.
Solana’s $98 to $100 range is now critical, with a sustained performance below this area suggesting continued weakness.
The increased trading volume has accentuated the technical significance of this recent downturn. The nearest support lies at $90, with further declines potentially targeting $85, then $80. Conversely, reclaiming the $100 level would signify a potential resurgence in buying interest.
Ethereum Struggles to Mount a Recovery
Ethereum observed a defensive pivot after reaching between $2,750 and $2,800 in early October, now charting lower highs and lows, under pressure. As of November 4th, Ethereum trades around $2,317 as it shows limited recovery after flirting with the $2,200 mark. Nevertheless, prices remain beneath short-term averages within the $2,400 to $2,500 range.
A sustainable rally in Ethereum would require stability above $2,350, followed by $2,400.
Immediate supports are found at $2,250 and $2,200. A break below these levels might invite a deeper correction towards $2,100. Meanwhile, the long-term average around $2,300 highlights the significance of this price area for short-term directional bias.
NEAR Weakens as Zcash Eyes Resistance
Following an October peak near $6, NEAR Protocol has pulled back to $4.02. The asset struggled to surpass resistance between $4.30 and $4.60, limiting buyer strength short-term. However, trading above long-term averages around $3.65 and $3, suggests that the broader picture isn’t entirely bearish. Support levels lie at $3.80 and $3.65.
Zcash, on the other hand, rebounded from its recent low around $1,150 to reach $1,288. Its consistent attempts to overcome the $1,300 threshold throughout October spotlights this level short-term. Sustained trading above could open pathways to $1,350, and subsequently $1,400. Nonetheless, low trading volumes necessitate further confirmation for this uptick to be deemed a solid break.
In terms of the Relative Strength Index, a parallel pattern is visible across all four assets. Solana and NEAR approach oversold regions, while Ethereum shows signs of easing pressure through leveling indicators. Although Zcash’s index has improved towards a neutral 50, a conclusive shift in trend has yet to be verified.
