As the broader cryptocurrency market grapples with significant downturns, Ethereum (ETH) and Solana (SOL) have emerged as some of the hardest-hit assets among the top ten digital currencies.
On top of that, recent allegations by market experts on social media suggest potential market manipulation by major players in the space, raising further concerns for investors.
Ethereum Falls Below $2,600: Potential End To Altseason
Over the past few days, on-chain data has surfaced, indicating large-scale selling of Ethereum and Solana tokens primarily by Binance (BNB), the world’s largest cryptocurrency exchange.
Market expert Crypto Rover highlighted that these sales, which occurred over a span of just 48 hours, have contributed to a staggering 7% drop in Ethereum and a 12% decline in Solana’s value.
Related Reading
Ethereum has now breached its critical support level of $2,600, a point that analysts like Ali Martinez caution could signal the end of the altcoin season if confirmed on higher time frames.
Martinez notes that the next significant threshold for the Ethereum holders is set at $2,300; falling below this level could jeopardize the psychologically crucial $2,000 mark.
For Solana, the situation is similarly dire. The asset has retraced below its major support level at $150, settling around $140. This decline represents a considerable 51% gap from its all-time high of $293 reached in January.
The bearish sentiment surrounding Solana is further underscored by a stark drop in network activity. Martinez pointed out that Solana’s active addresses have plummeted by 60%, falling from an impressive all-time high of 18.5 million in October to just 7.3 million.
Market Manipulation Allegations Arise
Amidst these troubling developments, voices within the crypto community are suggesting that the market turbulence may not be coincidental.
Experts like Marty Party have expressed concerns about the role of Binance, asserting that the exchange may have offloaded its holdings in Solana and Ethereum to cover fines imposed by the Department of Justice (DOJ) while also profiting from liquidating leveraged futures positions.
Such actions have been characterized as “manipulative,” with Marty noting the timing of these sales. Doctor Profit, another market expert, also suggests that…
Click Here to Read the Full Original Article at NewsBTC…
