Why is Crypto Crashing? Dust Settles Over SOL and ETH After Musk Storm

Call it the world’s weirdest breakup: Elon and Trump. So why is crypto crashing? This is the reason why. The love fest between the two men could be over.

They were fighting the entire time, but it finally hit a breaking point. Both egos are too big.

Knives are out and coins like Solana and Ethereum are wobbling but not spiraling. It’s bad, not catastrophic.

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Why is Crypto Crashing? Ethereum Price Struggles to Break $2,820

We are in the funniest clown-like timeline. Trump can post about having the runs on TruthSocial, and 100b will be wiped from the markets.

I’m starting to wonder if this is just a simulation to see how much a man can take before he reaches his tipping point? The market’s been jumpy since the Trump-Musk breakup. ETH can’t seem to break out with repeated stabs at the $2,820 line have gone nowhere, and confidence is fading.

SOL is a different story. There’s movement, there’s volume, and some traders are eyeing it as the better bet for a short-term bounce.

DISCOVER: The 12+ Hottest Crypto Presales to Buy Right Now

Bearish Signals for Ethereum:

Awesome Oscillator (AO): Initially flashing positive signs, the AO now shows red histogram bars, signaling weakening bullish momentum.
MACD Crossover: On the 4-hour chart, ETH has formed a bearish MACD crossover, further undermining confidence in a bullish breakout.
Supertrend Resistance: The red Supertrend line currently sits above ETH’s price, emphasizing bearish sentiment.

Adding to the caution is Ethereum’s netflow data from Glassnode. Between May 30 and June 4, significant outflows suggested bullish sentiment.

However, on June 6, inflows spiked to 93,484 ETH (~$230 million), indicating traders may be preparing to sell or lock profits.

If Ethereum fails to hold support at $2,280, a drop below $2,000 becomes increasingly likely. On the flip side, if bulls can retest $2,428 resistance with a more favorable setup, there’s potential for renewed bullish optimism.

Solana Recovers From Flash Crash Amid High-Volume Volatility

Solana slid 8.1% on the day, dipping from $154.48 to a low of $141.75 before clawing back to $147.40. The bounce was enough to sketch an ascending trendline—tentative, but not without potential.

Buyers stepped in hard around $142, marking that zone as a clear line of defense. On the upside, resistance remains firm at $150–$152. Volume spiked during the drop, suggesting traders haven’t abandoned ship, even with risk markets on edge.

SOL’s flash crash at 01:20, which briefly dropped prices to $144.93 on significant volume, was quickly followed by strong recovery buying. This points to a robust demand zone near $142 and adds weight to the ascending trendline now forming in SOL’s technical structure.

However, stabilization near $147.40 shows declining volume, signaling that bulls need more momentum to break through the upper resistance zone successfully.

Long story short: American politics are a soap opera these days.

European politics continue to be some mashup adaptation of Dante’s Inferno and 1984.

Why is Crypto Crashing Right Now? New Solana Layer 2 SOLX Breaks $44m Raised

Finally smashing through $44 million raised with $250,000 rolling in daily, the $SOLX presale shows no signs of slowing. The buzz suggests it could easily surpass that milestone as pro-Canadian crypto policies and Trump-era crypto strategies take shape. Elon-Trump feud be damned!

For early adopters, $SOLX offers a shot at a platform engineered for cross-chain DeFi, rapid dApp deployment, and robust multi-chain compatibility.

SolX: Building the Future of Web3

At SolX, we’re redefining the decentralized economy, creating value for our community, and pioneering innovations in Web3 infrastructure.

With milestones achieved and exciting plans ahead, the journey is just beginning.

— SolX (@SolX_DAO) January 28, 2025

Solaxy’s cross-chain bridge with ETH is another draw for the presale. A new bridge links Ethereum’s deep liquidity with Solana’s breakneck speeds and lower costs.

Meanwhile, the staking app is setting its own pace, boasting a staggering 322% APY. Over 3.48 billion SOLX tokens are locked away, bleeding supply and forcing some level of price stability into an otherwise chaotic market. Long-term investors might not find much flash here—but the predictability is hard to ignore.

Visit SOLX Here

Key Takeaways

Call it the world’s weirdest breakup: Elon and Trump. So why is crypto crashing? This is the reason why.

Solaxy’s cross-chain bridge with ETH is another draw for the presale. A new bridge links Ethereum’s deep liquidity with Solana’s breakneck speeds and lower costs.

The post Why is Crypto Crashing? Dust Settles Over SOL and ETH After Musk Storm appeared first on 99Bitcoins.

Why is Crypto Crashing? Dust Settles Over SOL and ETH After Musk Storm