- Altcoin market took a hit after Bitcoin declined against the escalating Russia / Ukraine crisis.
- Solana (SOL), Cosmos (ATOM), and NEAR Protocol (NEAR) lost over 20% in a week.
YEREVAN (CoinChapter.com) – The cryptocurrency market hit the previous week, as global powers work to relieve the rising tension between Russia and Ukraine. Bitcoin (BTC) has lost 8% since Feb. 9, and many altcoins followed suit, plunging over 10% in a week. However, NEAR (NEAR), Solana (SOL), and Cosmos (ATOM) plunged harder, registering 24.9%, 21.3%, and 21.2% losses, respectively.
#1 NEAR Protocol
As mentioned, decentralized application-building platform NEAR’s same-name token lost almost 25% in the previous week. As a result, the digital asset traded at $10.3 on Feb. 14, 50% lower than its all-time high a month prior.
NEAR held on to significant resistance-turned-support at $10.0. However, it threatened an additional 12% drop to another support trendline, relevant since mid-August 2021.
Meanwhile, Near Protocol announced several developments on the platform, including the upcoming deployment of InsureAce.io, a decentralized multi-chain insurance protocol. The latter received a development grant from NEAR Protocol and announced the launch would occur “very soon.”
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In detail, the Protocol launched the Near Grants Program(NGP) a year ago. The ecosystem revealed a $250 million investment in several DeFi initiatives, which they believe would “greatly benefit their system” and community.
#2 Solana (SOL)
One of the biggest Ethereum competitors, Solana, dropped in confluence with Bitcoin, losing 21.3% in the previous week. As a result, the SOL/USD exchange rate stood at $94.4 on Feb. 14 and flashed ambiguous hints on the daily chart. Moreover, the token traded in a formation dubbed the “Descending Channel.”
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The latter entails two parallel trendlines with a negative slope. The trendlines drove the price down as the setup progressed, and SOL retested the Channel’s resistance on Feb. 8, confirming the short-term bearish bias. The plunge halted at $94.2. However, Solana bulls might not have much to celebrate, as a further 40% drop to the formation’s support is still on the table.
#3 Cosmos (ATOM)
The self-proclaimed Internet of Blockchains, Cosmos, had a tough time in the previous week. Its native ATOM lost 21.1% and 5.3% in the last 24 hours. However, it traded within a bullish formation instead of SOL and NEAR. ATOM formed an Ascending Triangle, potentially taking the token above $44.0.
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ATOM retested the Triangle’s support trendline on Feb. 14, as CoinChapter predicted it would in the previous review. If the digital asset successfully holds the support in the upcoming session, it could eye a 57% rally. On the other hand, if the support fails, ATOM could decline 17% and reach $21.20.