Crypto Fear and Greed Index Drops to 12 Amid Bitcoin Decline

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 1 hour ago

SOL-2.761%

BTC-1.066%

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Fear Index Plummets: On June 6, the Crypto Fear and Greed Index fell to 12, indicating extreme fear in the market, down from 13 on June 5, reflecting a pessimistic outlook among investors regarding market conditions.
Bitcoin Price Decline: Bitcoin's price dropped to $61,100, marking its lowest level since February, and the overall market decline has led to widespread losses across major coins, further exacerbating investor anxiety.
Increased Fund Outflows: According to JPMorgan, spot Bitcoin ETFs recorded their 13th consecutive day of net outflows, with nearly $400 million withdrawn on Wednesday alone, totaling over $4 billion in outflows since mid-May, indicating significant selling pressure from institutional investors.
Historical Low Points: The Fear and Greed Index reading of 12 is close to historical lows typically associated with market capitulation; while past instances have led to eventual recoveries, the timing has varied significantly, prompting investors to approach the current situation with caution.

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Technical Analysis for SOL

Technical Sentiment Analysis for Solana (SOL). As of , Solana (SOL) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 8 technical signals, shows that 5 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for SOL stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, SOL is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Solana (SOL) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	39.123	49.626	62.413	72.916	85.703	96.206	108.993
Fibonacci	49.626	58.523	64.02	72.916	81.813	87.31	96.206

About SOL

Solana is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland.To learn more about this project, check out our deep dive of Solana.The Solana protocol is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.Because of the innovative hybrid consensus model, Solana enjoys interest from small-time traders and institutional traders alike. A significant focus for the Solana Foundation is to make decentralized finance accessible on a larger scale.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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