After a brief rebound yesterday, the cryptocurrency market has again fallen into a slump today. The total market cap continues to consolidate sideways, Bitcoin's price is under pressure and retreating, while PUMP tokens have become the worst-performing asset of the day, with Solana struggling near support levels, and the overall market sentiment is heavily cautious.
Total market cap is stagnant, waiting to break through: volatility has decreased to a low level, with both buyers and sellers on the sidelines.
The total cryptocurrency market cap (#TOTAL) has performed poorly since the beginning of this week, getting stuck in a sideways range, unable to break through the $3.85 trillion resistance or fall below the $3.73 trillion support. This stalemate reflects market hesitation — both buyers and sellers are waiting for clear signals before pushing the market to the next step.
The average true range (ATR) indicator on the daily chart continues to decline, further confirming this lethargy. ATR measures volatility by calculating the average range between daily highs and lows, and its current downward trend indicates reduced price fluctuations, with the market entering a consolidation phase, leading traders to generally choose to 'stay put' and wait for a decisive move.
If demand rebounds, the total market cap may challenge the $3.85 trillion resistance level, and a breakthrough could lead to a rebound to $3.94 trillion.
However, if bears exert pressure and break below the $3.73 trillion support, it may further dip to $3.57 trillion.
Bitcoin approaches $110,000 support: price and volume are both declining, with buyer pressure easing.
Bitcoin is currently priced at $112,976, down slightly by 1% in the past 24 hours, while daily trading volume has decreased by 11%, with price and volume both declining, reflecting waning investor interest and insufficient buyer confidence.
Currently, Bitcoin's weekly downtrend is approaching the key support level of $111,961. If it falls below this level, it could trigger a deeper correction, with the price potentially dropping below $110,000.
Conversely, if buyer activity resumes, a rebound to $115,892 is possible, allowing bulls to regain control. Additionally, news of Ark 21Shares recently selling $64.4 million worth of Bitcoin has also heightened market caution.
PUMP drops 7%, leading the market decline: falling below short-term moving averages, facing a test of support levels.
The meme coin PUMP based on Solana performs the worst, with today's price dropping 7%. The daily chart shows that PUMP has fallen below the 20-day exponential moving average (currently at $0.0033 forming resistance), highlighting significant recent selling pressure.
The 20-day moving average reflects the average price of the asset over the past 20 days, and if the price falls below this line, it usually indicates a waning short-term bullish trend and increased selling pressure. Currently, PUMP faces the risk of falling to the $0.0022 support level.
If demand returns, it may rebound to $0.0032, but the short-term downward trend is hard to change.
Solana holds steady at $180 support: structure is bullish but trading volume is questionable, breaking through $188 is key.
Solana (SOL) has shown relative resilience, with bulls regaining the $180 area as support, maintaining a bullish structure on the daily chart. Positive signals include: on August 21, a whale increased its holdings by 60,000 SOL (worth $11.23 million), and futures data also shows a short-term optimistic bias.
In the long term, Solana's high throughput continues to attract institutional attention, but the current trend still has concerns: on the daily chart, the RSI indicator tracks upward momentum, but the on-balance volume (OBV) remains relatively flat; on the 4-hour chart, OBV has not increased with the price rise, and trading volume has been low during pullbacks, with RSI remaining neutral.
For Solana, breaking through $188 is key in the short term — this would confirm the effectiveness of the $180 support, and buyers may prepare to push further towards the $206 resistance level; if unable to break through, it may continue to oscillate in the range of $155.8 to $206.3.
