Ethereum exchange supply hit multi-month lows, indicating substantial accumulation.
Solana price weakens as bears threaten a move below $163 – $165.
ZEC lost 25% the past 24 hours after robust gains over the previous few sessions.
Cryptocurrencies displayed mixed performances on Tuesday, with most tokens losing momentum after yesterday’s gains.
The value of all digital tokens lost 2% the last 24 hours to $3.51 trillion as Bitcoin hovered at $104,340.
This article evaluates the current altcoin landscape by analyzing Ethereum, Solana, and Zcash.
Ethereum exchange supply hits record lows
The second-largest cryptocurrency exhibits a bullish catalyst amidst broader market sluggishness.
CryptoQuant reveals that the amount of Ethereum on the leading crypto exchange by volume, Binance, has plummeted continuously in the past few sessions, now at levels last seen in May this year.
ETH reserves on exchanges peak in June and July, before steady declines.
Notably, this trend indicates asset movement into private or cold wallets, which is bullish as it reduces selling pressure.
CryptoQuant analyst added:
If the current trend of declining Ethereum supply on Binance continues, we may see a decrease in liquidity available for sale. This could support the possibility of price stabilization and potentially a return to an upward trend as market risk appetite improves.
Thus, Ethereum remains poised for impressive recoveries once the broader market regains momentum.
The current whale activity signals investor conviction in ETH’s potential rebound in the upcoming sessions.
ETH is trading at $3,544 after a 1.75% dip in the last 24 hours.
Solana tests vital support
SOL traded in the red today after shedding over 3% of its value on the previous day.
Hovering at $162 during this publication, the digital token trades at a key support zone that could shape its trajectory in the coming sessions.
Crypto analyst @LordOfAlts highlights a visible ascending trendline that SOL has tested several times, confirming robust support at the $163 – $165 region.
Solana is trading just below this barrier, indicating significant weakness.
A confirmed breakdown could trigger sharper declines.
SOL has its next support zone at $155, below which it can plunge to the $150 psychological zone.
On the other side, reclaiming $170 could shift Solana’s short-term bias to bullish.
Zcash leads the downside
ZEC recorded one of the most bearish performances today.
It lost more than 25% of its value as the privacy-crypto hype fades amid profit-booking.
ZEC is trading at $485, with an over 150% uptick in daily trading volume, highlighting amplified activity possibly from profit-takers.
Zcash could slide further amid bull exhaustion after an over 275% increase in the past month.
Failure to steady above $488 could lead to deeper slides to $371, a roughly 23% slump from ZEC’s market price.
Meanwhile, broader market sentiments continue to influence altcoins’ trends.
Bitcoin, which sets the tone of the market amid uncertainty, trades at $104,501.
Failure to hold above $103,000 could trigger slides to the psychological mark at $100,000, where buyers can catalyze bounce-backs.
Amplified selling pressure could drop Bitcoin’s price to $90,000 – $93,000.
