Since the recent Solana downturn, Solana price prediction has remained a market headline.

Several Investors and market participants have their bags on the Solana chain, so it’s understandable for them to stay awake and always keep track of Solana price movements.

Unfortunately, the current momentum supports a bearish trend for the token. The possibility of a market crash after a downward spiral isn’t far-fetched, and it has prompted investors to start moving to more profitable projects.

Panshibi, a new meme coin, is discussed among market participants as a must-have in this bearish season because of its market appeal and huge upside potential. Today, we will examine the truth of the rumored market crash surrounding Solana’s price prediction and fact-check analysts’ bold forecast of a 45,000% rally for Panshibi this year.

Solana Price Prediction

The recent Bybit hack, arguably one of the most significant security breaches in the crypto market, has worsened Solana’s already declining price trajectory. Solana’s downward spiral began about two weeks ago when the LIBRA incident triggered a wave of investor disinterest in meme-related projects.

Solana suffered a double-digit loss on Tuesday, dumping 14.74% of its market value in the last 24 hours. Solana’s market value is currently pegged at $143, representing a massive 44% crash from its opening price a month ago. Analysts tracking the Solana price prediction have underscored the token’s downtrend, identifying key support and resistance levels that Solana has struggled to maintain.

Last week, buyers attempted to reclaim this level on several tries but were met with intense selling pressure. Failure to secure a daily close above $139, now acting as a firm resistance, would further confirm downside momentum. Experts are now predicting a very bearish outlook for Solana price prediction, with some speculating that Solana could even crash below $80 by March.

With Solana price prediction looking grim, investors are now pivoting to more promising projects like Panshibi, a meme coin gaining traction as the next viral crypto token.

Panshibi: Set to Lead the Market in 2025

Panshibi is a new viral memecoin that draws inspiration from the Pandas in Asian culture. Panshibi’s Panda mascot brought together a diverse community of folks in the Bamboo Valley, including Asian market participants, Panda enthusiasts, meme coin enthusiasts, etc.

In contrast to most other meme coins that do not possess any practical applications in the real world, Panshibi has a Social-Fi model that rewards users for participating in community quests. This interactive element distinguishes it from typical meme tokens and encourages long-term adoption.

To further boost investor confidence, Panshibi has implemented strict security measures. The project has locked its liquidity and team tokens, ensuring that early investors are protected from insider sell-offs. Additionally, Panshibi’s presale lasts only 60 days, after which all unsold tokens will be burned, increasing scarcity and adding to its market appeal.

With an aggressive marketing push and strong investor interest, Panshibi is en route to rally up to 45,000% this year.

Conclusion

Remember TRUMP, the celebrity meme token that witnessed a massive breakout just days after its launch earlier this year? Analysts are drawing direct comparisons between TRUMP and Panshibi, predicting that when Panshibi’s 60-day presale ends in a few weeks, it will experience similar parabolic price movements.

The future of Panshibi isn’t just bright it’s hugely profitable. And the opportunity is ripe for those who act early. SHIBI tokens are still available at a fair entry price of $0.005 each, but this window won’t last long.

Join the Panshibi presale today for $0.005 per token;

Telegram: https://t.me/panshibi

Twitter: https://x.com/panshibi_

Website: https://panshibi.com

This publication is sponsored. CryptoDnes does not endorse and is not responsible for the content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any action related to cryptocurrencies. CryptoDnes shall not be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any content, goods or services mentioned.

is shaping up to be the game-changer of 2025. At stage 4 of its presale, the token is now priced at $0.005, with 28 days left. Experts are saying that this Asian-inspired gem could outshine rivals, with a predicted 1,200% rise during presale and a jaw-dropping 145,000% surge after hitting Uniswap and major exchanges. While the Dogecoin price prediction warns of a crash to $0.10, Panshibi’s promise of huge gains is stealing the spotlight.

What makes Panshibi special? It fuses Asia, pandas and meme coin fun. Also, this trio is backed by social-fi and AI features. These features will include a staking perk where Token holders can stake $SHIBI for up to 1,200% yearly returns or join quests for prizes. 

Also, early adopters will get access to the VIP Bamboo Club. With 1.2 billion tokens( 60% of the supply) in the presale, there is enough access to go round. Post-presale, unsold tokens get burned which would boost scarcity and increase the price. Also, after the launch, Panshibi will list on Uniswap and various DEXs. 

While the Dogecoin price prediction looks bleak, Panshibi is set to offer investors a safe and bright future. Speaking of safety, Panshibi boasts of a secure smart contract which has been audited by Consult.

Since the meme coin market increased by a huge 500% in market capitalization in 2024 and analysts see 2025 as a breakout year. At the forefront of this year will be Panshibi as it leads the charge. 

After launch, Panshibi’s next moves will also include production of exclusive NFTs and panda charity partnerships. This could make it the biggest meme coin yet with real life impacts. Also, holders who stake Panshibi will qualify for the 15% of supply that has been allocated for rewards.

XRP is currently showing signs of potential trend reversal, though the larger bearish divergence is still affecting its price. Over the past 24 hours, XRP briefly dipped below the $2.25-$2.30 support range, but as of now, it has not confirmed a daily close below this level. 

While this bounce offers a glimmer of hope for bulls, it’s important to remember that this does not guarantee the end of the bearish divergence. On larger time frames, the bearish trend is still visible, and the market is still under the influence of this pullback. The price could still face further challenges, especially if the larger bearish pattern continues to play out.

Key Support and Resistance Levels

XRP is currently testing resistance levels on the micro scale, specifically between $2.30 and $2.46. This zone is critical as it represents a pivot point between potential bullish and bearish scenarios. A break above this resistance could signal the start of a new bullish phase, while a failure to break through may indicate further downside risk.

The immediate support level that traders are watching is at $1.95. If the price drops below this level, the market may face further corrections. However, if support at $1.95 holds, there’s a good chance that the bullish momentum could resume. Should the price drop further, the next key support level lies at the February low of $1.77.

Bullish Scenario and Potential Price Targets

If XRP can successfully break above the $2.46 resistance, it could set the stage for a significant bullish movement. In the best-case scenario, this could lead to a price surge toward the $5 to $6 range, offering a substantial reward-to-risk ratio for investors. This would mark the start of a new uptrend, ideally following a five-wave pattern that would confirm the bottom is in place. If XRP breaks through the $2.83 resistance level, it would provide more confidence that the bearish scenario is invalidated and the market is in a strong uptrend.

Solana’s recent whale activity could mean good news for the leading altcoin – can this be the nudge that pushes it to a new ATH? 

Meanwhile, PlutoChain ($PLUTO) could draw attention for its hybrid Layer-2 solution that could highly improve Bitcoin’s scalability. 

With faster transactions, lower fees, and Ethereum compatibility, it could solve some of Bitcoin’s biggest limitations. 

Let’s check out all the details.

Solana Price Prediction: Major Whales Return And It Could Bring a 10X SOL Breakout 

Recent data reveals that two major Solana wallets have reactivated and made combined purchases worth $18.6 million in SOL. This whale activity comes as Solana consolidates around the $200 mark.

One of these wallets, tagged as “5qDx,” ended a two-month dormancy by withdrawing 61,319 SOL from Binance and OKX, a move worth $12.4 million at an average price of $202.53. This address has a strong track record, previously making two profitable SOL trades that netted $8.47 million.

Another wallet, “GJwCU,” broke a year-long silence with a $6.24 million purchase of 30,901 SOL. Historical data shows this address has also been highly profitable, with past trades generating over $8.15 million in gains.

Based on the current market structure, crypto analyst VipRoseTr suggests Solana could target $296, $339, and potentially $384. 

PlutoChain ($PLUTO) Is The Hybrid Layer-2 Upgrade That Could Make Bitcoin More Efficient

Bitcoin may have pioneered digital currency, but it still has major limitations. Slow transactions, high fees, and limited flexibility make it hard to use for everyday payments. With 10-minute block times and expensive transfers, Bitcoin struggles to scale for mass adoption.

PlutoChain ($PLUTO) may be able to solve this with a hybrid Layer-2 solution built to improve Bitcoin’s speed and efficiency. Its network could process block times in just two seconds, making transactions much faster than Bitcoin’s current system.

Lower fees could be another big advantage. PlutoChain’s design could reduce transaction costs, making small payments more practical. Its Ethereum Virtual Machine (EVM) compatibility also means it could support DeFi apps, NFTs, and AI-powered blockchain tools—things Bitcoin wasn’t designed for.

Early tests show PlutoChain handling 43,200 transactions in a single day while staying stable. 

Security is a priority, with audits from SolidProof, QuillAudits, and Assure DeFi. Regular stress tests and code reviews help keep the network safe.

PlutoChain could change how Bitcoin is used. Instead of just being a store of value, it could help Bitcoin take on a bigger role in decentralized finance. It might bring together Bitcoin’s security and Ethereum’s flexibility, making blockchain transactions faster, cheaper, and more versatile.

Final Thoughts

If Solana’s whales keep buying, it could signal growing confidence and a possible breakout. At the same time, PlutoChain ($PLUTO), a new Layer-2 solution, might enhance Bitcoin’s speed and cost-efficiency. 

By working alongside Bitcoin without changing its core infrastructure, PlutoChain could help reduce congestion and streamline transactions, potentially making Bitcoin more practical for everyday use.

——-

Please keep in mind that this article is not financial advice. All crypto tokens are volatile, and trading involves risk. Always do your own research and consult a qualified expert before joining any crypto venture. Mention of any tokens in this article does not guarantee future performance. Statements regarding the future carry risks and are not assured to be updated.

Dogecoin’s price has dropped to below $0.24 signaling a bearish pressure.

The price drop indicates a descending triangle breakdown pattern triggering the investors’ concern.

Amid this bearish realm, the network usage of Doge significantly declined, which points to weak demand.

Analysts have started questioning if the DOGE price is about to fall below the $0.20 psychological technical support level.

Dogecoin Price Confirms Triangle Breakdown

Dogecoin’s 4-hour chart shows a descending triangle pattern, with a strong resistance trendline keeping the bearish momentum intact.

The price fell below the support level of $0.2341 due to failure in breaking over the overhead resistances.

Consequently, the price touched a seven-day low of $0.2264. This is in line with the breakdown of the triangle pattern.

The MACD and the signal lines have turned downwards, and the negative histogram bars have expanded as selling pressure intensifies.

These indicators suggest growing bearish momentum in the market.

In addition, the current levels show that the Dogecoin price is near to the S1 support level of $0.2283.

If the price breaks below this level, then it may continue falling down. They believe that the fall might reach the S3 support level of $0.1936.

If this is the case, Dogecoin price will be below the $0.20 level for the first time in two months.

Network Activity Plummets: A Sign of Weakening Demand?

More so, Crypto analyst Ali Martinez recently pointed to a significant drop in the network activity of DOGE.

Whale transactions have reduced to 66 while the daily active addresses are below 60 000.

This is the lowest activity recorded on this network since October 2024, pointing to diminished engagement on the network.

Notably, low levels of network traffic can be a sign of decreased customer demand.

If the number of users declines, the price is likely to drop. Historically, poor network participation has resulted in long bear runs in the market.

Technical Indicators Point to Further Declines

The technical indicators currently predict additional losses for Dogecoin.

The Relative Strength Index (RSI) produces downward trends indicating rising selling activity on the market.

The bearish trend will accelerate if Dogecoin drops further below its oversold area.

Additionally, the Bollinger Bands have widened, indicating increased price volatility.

The recent drop below the lower band suggests that sellers are dominating the market.

If buying pressure does not return soon, Dogecoin price may continue declining toward the next major support level.

On-chain data strengthens the bearish outlook. An increase in exchange inflows means that many traders are transferring DOGE to exchange platforms with intentions of selling.

If this continues, the surge in supply will continue to push down prices even lower.

Bullish Hopes: Could DOGE Price Stage Another Explosive Rally?

Despite bearish signals, some analysts remain optimistic. Trader Tardigrade, a popular analyst, expects that Dogecoin price is in the process of forming the fourth falling wedge pattern.

If this happens, Dogecoin price could record another rally.

Interestingly, past downtrends from falling wedge formations have resulted in substantial gains.

Dogecoin price surged 88% in the last quarter of 2023 after its wedge breakout.

There was another breakout in early November that resulted in a 208% increase in price.

The last wedge breakout occurred in late 2024, further increasing Dogecoin by 445% and reaching nearly $0.50.

Furthermore, the DOGE price is trading near the support area of the fourth falling wedge pattern.

Hence, history shows that a breakout could fuel a price gain. Some analysts predict that a confirmed breakout could propel Dogecoin price to $0.50 once again.

However, for this to happen, buyers must regain control and drive demand higher.

At the time of writing, Dogecoin price was $0.2264, with a 4.2% drop in the past 24 hours.

It is evident that if the selling pressure continues, the price may slide down towards the $0.20 level.

However, if bullish momentum is regained, a recovery rally may be seen in the next few weeks.

The cryptocurrency market has crashed over 8.85% overnight with a trading volume of $187.56 billion. With this, the crypto-verse is now valued at $2.86 Trillion. Reportedly, the cryptocurrency market has wiped out over $260 billion in 36 hours, making it the worst-performing period of the year.

Considering the present market trends, whale investors and institutions have entered a FOMO-like situation and are micro-monitoring the price action of these tokens. Are you one of many who are planning on investing in these tokens but are concerned about their short-term prediction? Read our article now!

Bitcoin (BTC)

Bitcoin price today has lost 8.23% in 24 hours with a trading volume of $88.621 billion. Notably, it has dropped by 7.39% in seven days and has crashed 17.28% this month. Notably, with a market cap of $1.725 Trillion, it has a market dominance of 60.3188%.

The Simple Moving Average (SMA) displays a bearish curve in the daily time frame. This indicates an increase in the negative price action for the Bitcoin price in the market. Moreover, the MACD indicator records a rising red histogram, suggesting a bearish sentiment this week.

If the bulls regain momentum, the price of Bitcoin could prepare to head toward its upper high of $95,000 this week. On the contrary, a bearish reversal could result in it plunging toward its crucial low of $85,000 in the upcoming time.

Planning on investing in BTC tokens but are concerned with questions like, “How low will Bitcoin go?” Read our latest Bitcoin Price Prediction today to uncover the long-term mysteries!

Ethereum (ETH)

The price of Ethereum has crashed by ~9.50% in 24 hours with a trading volume of $42.797 billion, a change of +68.73%. Moreover, this altcoin has lost 8.08% over the past week and 27.67% in 30 days. With a market cap of $291.316 billion, it has a dominance of 10.1745%.

The EMA 50/200-day records a Death Cross in the Ethereum price chart. On the other hand, the RSI indicator drops toward its oversold in the daily time frame. This suggests rising uncertainty for the largest altcoin this week.

If the market favors the bulls, the price of ETH token could retest its upper resistance level of $2,870 in the upcoming time. However, a sustained bearish action could pull the price of this altcoin toward its low of $2,175 this month.

Are you wondering whether the ETH price will achieve a new high during the altcoin season this year? Read CoinPedia’s latest Ethereum Price Prediction today to unfold riddles!

Ripple (XRP)

The price of XRP has plunged ~11% in 24 hours with a trading volume of $14.015 billion, a change of +192.13%. Furthermore, it has dropped 12.93% over the last seven days, highlighting an increase in the selling-over-buying pressure for the altcoin in the market.

The Moving Average Convergence Divergence (MACD) records a rising red histogram. Moreover, the SMA indicator shows a negative curve in the Ripple price chart, indicating a bearish outlook for the 04th largest crypto token in the market.

Suppose, a bullish trend reversal occurs, in that case, the XRP price could retest its upper high of $3.00. On the flip side, if the bears maintain dominance, this could pull the price toward its important support level of $2.00 this month.

Curious to understand the possibilities of this altcoin achieving a new ATH this 2025? Read the latest XRP Price Prediction today!

FAQs

When looking at Solana price prediction, I can’t help but think about the massive potential this blockchain holds. 

I’ve watched SOL surge in value before, and with its speed and low fees, it’s no surprise people are wondering if it can hit $1,000. 

But instead of guessing, I trust Dawgz AI to handle the numbers. 

With automated trade bots running 24/7, it helps me maximize ROI while keeping up with market trends. 

Solana’s growth depends on adoption, institutional interest, and overall crypto market performance. 

If you’re serious about trading SOL, Dawgz AI is the smartest way to stay ahead.

What Makes Solana a Strong Contender?

Solana’s rise in the crypto market has been nothing short of impressive. 

It offers high-speed transactions at low costs, making it one of the strongest alternatives to Ethereum.

Solana’s Blockchain Technology and Speed

The Solana blockchain was designed to handle thousands of transactions per second, significantly faster than Bitcoin or Ethereum.

Its unique Proof-of-History mechanism allows for quick processing times, which has attracted many developers to the Solana ecosystem.

Institutional Interest in Solana

Major investors see potential in Solana SOL, with millions pouring into projects built on the network. 

This growing adoption has led to an increase in market cap, reinforcing confidence in Solana’s long-term success.

Factors That Could Push SOL to $1,000

Predicting whether Solana price will hit $1,000 depends on several factors.

While its technology is impressive, its future price will be influenced by market trends and adoption.

Network Growth and Real-World Adoption

If more developers build on Solana SOL, demand for SOL tokens will increase, driving up the sol price. 

The more widely used the network becomes, the higher the potential for price growth.

Institutional Investment and Market Trends

With large firms showing interest in Solana Labs and its projects, the market capitalization of Solana could rise significantly. 

If big investors continue backing Solana, reaching a higher sol price prediction becomes more realistic.

Bitcoin and Crypto Market Influence

The crypto market plays a significant role in Solana’s trajectory. 

If Bitcoin and Ethereum experience a bull run, Solana price forecast models suggest SOL could follow suit. 

A rising tide lifts all boats, and a strong market could push the price of Solana higher.

Dawgz AI vs. Solana: Smarter Ways to Trade

Rather than waiting for Solana to hit $1,000, traders can use $DAGZ to take advantage of price fluctuations.

AI-Powered Trading for Better Decision-Making

Dawgz AI uses automated bots to analyze the solana market in real time. 

It tracks Solana price prediction trends, allowing traders to buy and sell at the right moments.

Staking and Passive Income Opportunities

Holding SOL can be risky, but Dawgz AI provides ETH staking rewards with competitive APY. 

This guarantees that even during market downturns, traders continue earning.

Market Insights and Real-Time Data Tracking

Dawgz AI analyzes sol price prediction data, monitoring trends and resistance levels. 

With access to a Solana prediction table, traders can make better decisions and optimize their average trading price.

Expert Predictions & Market Outlook for SOL

While no one can predict the price of Solana with certainty, analysts have outlined possible scenarios.

Bullish Scenario: SOL Hits $1,000

If adoption continues and institutional backing strengthens, Solana could surpass its previous highest price and move toward $1,000. 

Many Solana price forecast models suggest that in a strong bull market, this target is possible.

Bearish Scenario: SOL Struggles to Break New Highs

If network issues persist and competition grows, Solana could struggle to maintain an average price above $500. 

In this case, reaching $1,000 may take longer than expected.

Moderate Scenario: Gradual Growth Over Time

If Solana sees steady adoption without major breakthroughs, it could gradually rise, maintaining an average trading price between $250–$600 over the next few years.

Should You Buy and Hold SOL or Trade Smart with Dawgz AI?

Investors wondering whether to buy Solana or trade it should consider the risks of long-term holding.

Holding SOL for years could be profitable, but market crashes can erase gains quickly. 

Dawgz AI allows traders to make profits in both bullish and bearish conditions by tracking the Solana cost in real-time.

Rather than waiting for Solana to hit an arbitrary number, Dawgz AI optimizes every trade.

With its market cap tracking tools and SOL price forecast insights, it ensures traders make the most of every price movement.

Conclusion 

The Solana price prediction is exciting, but nothing in the cryptocurrency market is guaranteed. 

While some analysts see a bullish scenario pushing SOL to new highs, others believe competition and market shifts could slow Solana’s growth. 

Instead of waiting for the expected price to hit, I use Dawgz AI to trade smarter. 

It tracks market sentiment, adjusts strategies, and reacts to trading volume in real time. 

Even if SOL surges or dips, $DAGZ guarantees, I never miss an opportunity. 

If you’re thinking about SOL trading, forget speculation – let Dawgz AI handle the numbers while you focus on making the best moves.

Frequently Asked Questions

How much will Solana be in 2025?

The price prediction 2025 for Solana depends on several factors, including market conditions, adoption, and competition. 

If a bullish trend continues, Sol could trade between $250 and $500, assuming increased trading volume and more institutional interest. 

The price of Sol will also depend on technological advancements, as upgrades to the high-performance blockchain platform could drive widespread adoption.

Instead of waiting for SOL to hit a certain price, I use Dawgz AI to track price action in real time. 

With automated trading, I don’t have to guess – I profit whether the price of Sol goes up or down. 

Dawgz AI guarantees that even if SOL follows a moving average pattern, my trades are optimized for maximum gains.

Can Sol reach $1000?

For Sol to reach $1,000, it would require a major shift in the crypto world, including a surge in total value locked in decentralized finance. 

While not impossible, Solana would need sustained widespread adoption, increased market sentiment, and major developments in smart contracts and scalability. 

Some analysts believe that if SOL follows a bullish trend, it could hit $1,000 in the long run, but short-term growth may be slower.

Instead of hoping for SOL to reach its highest price, I use Dawgz AI to monitor price action and make smarter trades. 

Can Solana reach $500?

Hitting $500 is a more realistic target for Sol, especially if market conditions remain favorable. 

Many experts see this as an achievable long-term forecast, assuming Solana’s innovative approach continues to gain traction. 

If Solana keeps improving its proof of history (PoH) system and attracts more developers for smart contracts, demand for SOL could push the price of Sol to new highs.

Rather than waiting for Sol to reach $500, I trade smarter with Dawgz AI. 

Its automated system analyzes moving average trends and reacts instantly to price action, ensuring I don’t miss trading opportunities.

How high could Solana go?

The potential highest price for SOL depends on future technological advancements, adoption, and competition. 

Some long-term projections see Solana exceeding $1,000, while others predict a cap near $500–$750 based on current growth patterns. 

Its proof of history mechanism and low transaction fees make it an attractive option for developers and users, which could drive higher demand.

Instead of speculating, I rely on Dawgz AI to track price action and adapt to market shifts. 

The future is uncertain, but with Dawgz AI, I stay ahead in the market.

Disclaimer: This content is provided by a sponsor. FinanceFeeds does not independently verify the legitimacy, credibility, claims, or financial viability of the information or description of services mentioned. As such, we bear no responsibility for any potential risks, inaccuracies, or misleading representations related to the content. This post does not constitute financial advice or a recommendation and should not be treated as such. We strongly advise seeking independent financial guidance from a qualified and regulated professional before engaging in any investment or financial activities. Please review our full disclaimer for more details.

U.Today – Sellers are controlling the situation at the beginning of the week, according to CoinStats.

The price of (BNB) has fallen by 3.11% over the last 24 hours.

On the hourly chart, the rate of BNB has made a false breakout of the local support of $633.28. As most of the ATR has been passed, there are low chances of seeing sharp moves by the end of the day.

On the bigger time frame, the price of the native exchange coin keeps falling after yesterday’s bearish closure.

If the sutuation does not change by the end of the day, the correction is likely to continue to the $600-$620 area.

From the midterm point of view, the picture is less clear. However, if the weekly candle is below the previous bar’s low of $630, traders may witness further downward move to the vital zone of $600.

Binance Coin is trading at $637 at press time.

This content was originally published on U.Today

• Bitcoin price falls below $90,000 on Tuesday after dropping 4.89% the previous day.
• The total liquidations are $1.34 billion, with 367,500 traders wiped out in the past 24 hours.
• After its recent exchange compromise, Bybit loses around $2 billion in BTC from reserves.

Bitcoin (BTC) continues to trade in red, reaching a low of $88,200 during Tuesday’s early Europen trading session and hitting the lowest level since mid-November after falling 4.89% the previous day. This price pullback triggered a wave of liquidation in the crypto market, totaling $1.34 billion, with 367,500 traders wiped out in the past 24 hours. Moreover, after its recent compromise, Bybit loses around $2 billion in BTC from reserves.

Bitcoin dips below $90,000, wiping $1.02 billion from the crypto market 

Bitcoin continues to edge down, reaching a low of $88,200 during Tuesday’s early Europen trading session after falling 4.89% the previous day. This pullback has triggered a series of liquidations in the crypto market totaling $1.34 billion and wiping 367,500 traders in the past 24 hours, according to Coinglass data. The largest single liquidation order happened on Binance – BTC/USDT, worth $20.80 million.

Strong liquidations like this could spark Fear, Uncertainty, and Doubt (FUD) among Bitcoin investors, raising selling pressure and leading to a further decline in BTC price.

Total Liquidations chart. Source: Coinglass

This correction was fueled by last week’s news that the Bybit cryptocurrency exchange was compromised, and funds worth $1.4 billion were stolen. This compromise caused Bybit to lose around $2 billion in BTC from its reserve, according to CryptoQuant data. 

A total amount of 20,190 BTC has been drained from Bybit’s reserve from Friday to Tuesday, reaching reverse levels seen in early March 2024. This was mostly because the exchange did not stop withdrawals after the ETH hack, and investors tend to withdraw funds given the uncertainty in the market.

Bitcoin exchange reserve Bybit chart. Source: CryptoQuant

In an exclusive interview, James Toledano, Chief Operating Officer at Unity Wallet, told FXStreet, “A major security breach at Bybit hasn’t helped on the sentiment front, shaken investor sentiment, leading to broader sell-offs across crypto assets.”

Toledano continued, “Although Bybit did raise enough to cover the losses and restore confidence and funds to their customers. But this again just highlights the importance of truly decentralized self-custodial services and wallets to store digital assets.”

Bitcoin Price Forecast: BTC heading toward $85,000 mark

Bitcoin price broke out of its prolonged consolidation phase on Monday, slipping below the $94,000 support level and closing at $91,552 after a 4.89% decline. At the time of writing on Tuesday, it continues to trade down by 2.45% at $89,300.

If BTC continues its correction, it could extend the decline to test its next support level at $85,000.

The daily chart’s Relative Strength Index (RSI) reads 30, pointing downwards and approaching its oversold levels, indicating strong bearish momentum.

BTC/USDT daily chart

However, if BTC recovers, it could extend the recovery to retest its $100,000 psychological level.

There are no reversal signals on the cryptocurrency market so far, according to CoinStats.

DOGE/USD

The price of DOGE has declined by 10.46% over the last day.

On the hourly chart, the rate of DOGE is on its way back to the local support of $0.1972. If bears’ pressure continues, one can expect a test of the $0.19-$0.1950 zone soon.

On the bigger time frame, traders should pay attention to the candle’s closure in terms of the $0.20377 level. 

Related

If it happens around it or below, the energy might be enough for a further decline to the support of $0.1750.

On the weekly chart, there are no reversal signals so far. If the bar closes below $0.20 and with no long wick, one can expect a test of the $0.15-$0.17 range shortly.

DOGE is trading at $0.2026 at press time.