Two altcoins are leading the rally while the majority of the market cools off
Cryptocurrencies Near Protocol and Solana are facing a strong wave of buying power in the rebounding market, posting growth of 11% and 7% respectively in the past 24 hours. But the rapid price increase may have been caused by purely technical reasons, according to TradingView.
As the chart of NEAR token suggests, a more than 32% gain was observed by the market as the crypto industry faced a sudden recovery with the total capitalization exceeding $2 trillion once again. The price of the token now stays at $11 while trading at approximately $8 only two days ago.
Previously, U.Today reported that NEAR has entered the “Alameda List” of crypto-related projects that have received significant funding from investors. Near was in second place with $150 million in funding.
As for market performance, the explosive growth behind the token is more likely caused by the short-squeeze that was due to an overwhelming number of short orders on the market. The sudden appearance of buying power caused a cascade of liquidations.
A similar situation was seen on Solana which showed less impressive but still significant growth in the market. The Ethereum killer was able to pull back above the $100 threshold and hit the local resistance line at $105.
The long-term performance of Solana, unfortunately, has been far from positive as the asset lost almost 60% of its value from the current ATH of $261. On the positive side, the downfall of the coin has slowed down significantly as it trades in the descending rangebound since the end of January. At press time, SOL trades at $104.
