Solana (SOL) is trading in the red, currently below $209 at the time of writing on Wednesday, having declined by more than 10% so far this week. On-chain and derivatives data further support the bearish view, as declines in daily active addresses, rises in short positions, and seller dominance. The technical outlook also suggests weakness in the momentum indicators, indicating a deeper correction on the horizon.
Pi Network (PI) ticks higher by nearly 3% at press time on Wednesday after three straight days of losses, which resulted in a record low of $0.1842. The intraday recovery aligns with net outflows from Centralized Exchanges (CEXs) and PI reserves, as well as the AI-enabled Know Your Customer (KYC) process going live. Still, the technical outlook suggests that the downside risk could persist as long as bearish momentum remains.
Bitcoin price failed to find support around the daily level of $116,000 on Friday and declined 3.19% over the next four days, closing below the 50-day Exponential Moving Average at $113,794. At the time of writing on Wednesday, it hovers at around $112,157. If BTC continues its ongoing correction, it could extend its decline to retest the next daily support at $107,245.
