At press time, Ethereum is trading at the 21-day moving average with numerous attempts to break it since Dec. 20. However, the descending tendency in the trading volume on the asset led to a deceleration of the rally and the return to the local trend line support.
Unfortunately, the descending tendency on the volume indicator might hint at an upcoming trend reversal and lead to a further drop. The only scenario in which we would see a return of buying power on the market is a breakout from the 50-day moving average.In the last few weeks, Solana has been experiencing one of the biggest outflows from the asset, which was caused by the holiday season and the lack of trading activities.
At press time, Solana remains one of the most actively used networks on the market, with the highest number of processed transactions in comparison to other chains. Nevertheless, the price performance of the asset is still suppressed, with SOL being down by more than 93% from the ATH.The lack of use cases has been a major problem for the prominent meme coin throughout the years.
According to market performance, we are already witnessing the aforementioned effect, with DOGE's price showing a 5% return since the beginning of the year.