Cardano, Solana and Polygon slipped below their respective major support soon after Robinhood delisted the tokens.
The markets appear to have been largely impacted by the ongoing regulatory compliance that may force the tokens to form new lows in 2023.
Recently, the SEC charged Binance and Coinbase with violating US rules and regulations and also listed some tokens as securities. Since then, these tokens have maintained a bearish trend. Robinhood, one of the world’s largest trading platforms, has delisted Cardano (ADA), Solana (SOL), and Polygon (MATIC), all of which were listed as securities by the SEC.
Since then, the prices of these three tokens have plummeted by 22.23%, 21.89%, and 22.86%, respectively, being among the top losers for the day.
Cardano’s price dropped below the crucial ascending triangle earlier when the SEC’s crackdown surfaced. However, the bulls were believed to halt the bearish trend, but the fresh downfall triggered by the Robinhood exchange dragged the price close to the lowermost support. Presently, the price has however managed to rebound from $0.22 as it’s trading at $0.245, but the bearish influence continues to hover over the ADA price.
Hence, the upcoming couple of days may be extremely crucial for the asset as a drop below these levels may freeze all the bulls for a while. Besides, the Solana price also faced a double-digit loss as the price trembled down below $13. It was the then when FTX exchange collapsed that led the SOL price plunge to such a drastic extent. Moreover, the possibility of revisiting single-digit levels also haunts the Solana price rally.
The SOL price, as seen in the chart, has dropped below the decisive symmetrical triangle earlier due to the SEC’s crackdown. The squeeze continued, which pulled the price below major resistance at $15. The price is believed to drop below $10, but as the ADX is displaying some upward movement, the bearish action may wane before reaching a single-digit figure. However, it does not mean the price may trigger a rebound, as it may remain under an extended consolidation for a long time.
Lastly, Polygon’s price also underwent a similar price action as it dropped heavily and is currently trading around $0.6. It regained the levels it traded at the beginning of 2023 but currently holds acute selling pressure, which may keep the price consolidated below the crucial support, which has now turned into resistance.
The MATIC price is attempting very hard to sustain above major support at $0.5242, the lows from where it triggered a rebound. However, the RSI remains extremely bearish, which may restrict the bulls from raising the levels higher. Hence, the price may maintain a descending consolidation until market conditions ease but maintain its levels around $0.6.