DeFi Doom? ETH, SOL, MATIC, AVAX Bleed Red
The cryptocurrency market took a downturn on 17 August
The total DeFi TVL has also declined over the past week, with Ethereum, Solana, Polygon, and Avalanche all seeing significant drops.
Ethereum failed to reclaim the $1,700 support level and is now showing a fairly strong chance of another drop.
Solana may recover soon, but only if it can hold above the $20 support level.
Polygon needs to stay above the $0.54 support level, or it could decline further to $0.42 or lower.
Avalanche is in a descending triangle, and the sentiment around the token is bearish ahead of a $97.4 million token unlock scheduled for August 26
The end of last week was a tough one to pull through for investors in the crypto market.