Dramatic 62% plunge in Solayer prices within two days - what led to this sudden drop?
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Holy smokes, Solayer's (LAYER) price has plummeted 62% in just two days, with a nasty 27% dive in the last 24 hours ain't helping either! Some folks think market makers might've orchestrated the rally to trap retail buyers, only to unload their positions afterwards. As it stands, LAYER is currently trading at $1.27, testing the waters of a key support zone hovering between $1.20 and $1.30 — a level that held tight from March 27 to April 9 before the price skyrocketed to $3.40 on May 5. Since then, it's been one hell of a ride downhill to $1.27.
The folks on Reddit are drawing comparisons between the LAYER price crash and what went down with Mantra (MANTRA). One user suggested this could be another case of market makers pushing the price up to ensnare buyers before unloading their stocks. The sudden drop, high volume, and erratic price swings all point towards panic selling and forced liquidations, he explained. Another user called attention to the top 5 wallets owning a whopping 74.68% of the available LAYER tokens.
As for Mantra, they're aiming to burn 300m $OM tokens to rebuild trust. The question now is whether LAYER can establish a solid base within the current $1.20 - $1.30 range or if another leg down is on the horizon. If the price breaks below this zone, the $0.95 level and then $0.75 seem like the next probable areas for potential support because they align with previous support zones that held during earlier corrections in the broader uptrend.
While a direct tie between Solayer's price crash and Mantra's situation isn't evident, both events seem to be part of the bigger picture influenced by factors affecting investor sentiment. Market makers play a pivotal role by providing liquidity and helping set market prices. They can shake things up by adjusting their positions in response to changing market conditions, potentially amplifying price fluctuations.
Pretty wild times in the crypto world, huh? Keep an eye on those LAYER and Mantra movements!
- The crash in Solayer's (LAYER) price has sparked discussions on Reddit, with users drawing parallels between the current situation and the Mantra (MANTRA) incident.
- Some users suggest that market makers might have manipulated the LAYER price to entice buyers and later sell off their positions.
- As the LAYER price is testing the key support zone between $1.20 and $1.30, the question arises whether it can establish a solid base or face another downward trend.
- If the LAYER price breaks below this zone, the next potential support could be at $0.95 and then $0.75, areas aligned with previous support zones from earlier corrections.
- The burning of 300m $OM tokens by Mantra is an attempt to rebuild trust in their project, signaling a shift in crypto finance strategy.
- Market makers, who play a vital role in providing liquidity and setting market prices, can significantly influence the crypto market by adjusting their positions in response to changing market conditions, potentially leading to amplified price fluctuations in technologies like crypto, token, and DEX, as well as during ICO or market phases.
