Crypto Market Tracking – Cardano, Luna, and Solana Recovers
Crypto market tracking says more than $200 billion was pumped back into the crypto market. Top ten altcoins such as Luna, Cardano, and Solana are undergoing an active recovery phase, regaining 10 to 20% of their value in the last 24 hours.
Cardano has moved out of the oversold zone as per crypto market tracking.
Santiment analysts have presented a solid and oversold screener for ADA, MATIC, CRO, and LINK, taking into account transaction volume, high market capitalization, and active addresses, all of which lead to low returns right now. According to U.Today, ADA’s Relative Strength Index has dropped below 30 and has reached the highly oversold zone. The market should expect a short-term bounce whenever an indicator indicates oversold assets.
In the instance of ADA, the rebound occurred far sooner than expected, with the token regaining at least 10% of its value in the last 24 hours. However, the rebound is only hypothetical, as no key resistance points have been broken.
According to the current crypto market tracking, ADA is trading at $0.8 and is still in a substantial downturn, which has resulted in a 70 percent loss for all Cardano investors.
Luna is leading the charge for a comeback.
Before the weekend, LUNA began a rise, clearing the $55 resistance level on Saturday. On the same day, Luna’s effort to break beyond the $60 barrier was met with swift rejection, with the token reverting to $54. Buyers attempted a second challenge before the weekend ended but were unsuccessful. As per the current crypto market tracking, LUNA traded at $56.89, up 30% from the local low of $43.
Solana is a market follower. The altcoin appeared to be on track to recoup January losses, as shown in the 12-hour chart below, as it attempted to complete a V-shaped rebound. If the current upward trend continues, the cryptocurrency might grow by almost 25% to achieve the $70 target set by its governing chart pattern.
Despite a more grounded performance, Solana could recoup over half of the value it had lost the day before. SOL remains in the downturn that resulted in a 27 percent loss despite a brief comeback. Solana is currently trading at $87, having reached $75 during yesterday’s market sell-off.