After a huge crash, inspired by Trump’s massive tariffs on Canada, Mexico, and China, the crypto market may have bottomed. Is now a good time to buy the leading layer 1s in $ETH, $SOL, and $SUI?
Massive 35% weekend correction for $ETH
Source: TradingView
The $ETH price suffered a fearful dump through Saturday and into Monday. Even with a much bigger market cap than either $SOL or $SUI, the $ETH price was the one that went down by far the hardest.
As can be seen in the daily chart above, the price plummeted 35% from the top on Saturday, down to the bottom on Monday. That bottom was the major horizontal support at $2,150. Just below this is the 0.786 Fibonacci at $2,000.
Therefore, it might be imagined that a bottom has been made for the price of $ETH. To add to this thesis, the price has recovered to just under $2,600, which is a 20% move up from the low.
The $2,150 level was probably where to start buying in again. That said, if buying now, is the upside for $ETH really worth it when there are other potentially far better buys? Also, with the traditional markets opening now, there could still be room for buys lower down.
Will $SOL flip major $202 support into resistance?
Source: TradingView
While not in the same league as $ETH for its massive spike to the downside, $SOL did suffer its own 24% fall over the same period. This took the price down through the $185 major support, and also the 0.618 Fibonacci. The price has since recovered, but has only succeeded in confirming the major $202 support as new resistance, as long as it remains below for the rest of Monday. The next major support is at $160, with the 0.786 Fibonacci below this at $150.
While there could still be more downside to come for $SOL, all the shorter term Stochastic RSIs, up to the daily, have now bottomed. This would point to the current bounce potentially continuing.
Humongous 41% correction for $SUI: Will the bounce continue?
Source: TradingView
$SUI has been by far the biggest gainer among the top layer 1 blockchain networks. However, after a simply huge 41% correction just over the course of the weekend and into Monday, the $SUI rocket came back down to earth with a shuddering bump.
It can be seen in the chart above that the price came all the way down to the 0.618 Fibonacci, so actually what could be a very healthy move. The price bounced there, but was rejected at the underside of the ascending bull market trend.
Like $SOL, the $SUI short-term Stochastic RSIs have all bottomed, with the main difference being that the weekly Stochastic RSI is also at the bottom. Once this dip is absorbed, it may well be that $SUI once more leads the layer 1s higher.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.