The cryptocurrency market is facing significant pressure from current economic circumstances, leading to fluctuations in asset values and impacting the prices of major cryptocurrencies like Solana (SOL) and Chiliz (CHZ). Recent geopolitical events have further exacerbated the situation. 2023 has been characterized by uncertainty as the U.S. markets experienced a recent downturn of 7%, while bond responses remain unenthusiastic despite positive inflation data. Adding to this volatility, former President Trump’s announcement of a 90-day tariff freeze has introduced an element of uncertainty, with its effectiveness still unclear. This context has led to both Solana and Chiliz facing significant challenges in the market.
Analysts have highlighted potential declines for both SOL Coin and CHZ:
**Solana (SOL):** Facing pressure from the ongoing conflict between China and the cryptocurrency industry, SOL’s price may fall towards $104 with difficulty breaking through the $122 mark.
**Chiliz (CHZ):** Recent analysis suggests that CHZ Coin lost crucial support at its level of $0.059. Currently, it is projected to stabilize around $0.034, raising concerns about a potential retreat down to $0.03.
Both these assets offer short-term trading opportunities for investors who may capitalize on the current price fluctuations.
The cryptocurrency market remains dynamic and influenced by external factors, creating both challenges and opportunities for traders in the near term.