ATOM Sinks 5% Amid Altcoin Weakness. Faces Key Support Test

Cosmos Hub’s native token plunged as intense distribution activity weighed on prices, while late-session volatility suggests fragile recovery prospects. Cosmos Hub’s ATOM token suffered a steep decline over the past 24 hours, falling from $5.08 to $4.82 as institutional participants intensified liquidation activity. The 5.1% drop was accompanied by a surge in trading volume, with a peak of 7.73 million tokens changing hands during a particularly heavy sell-off between 09:00 and 14:00 UTC on July 23. The sharp move reinforced resistance around the $5.07-$5.13 range, while accumulation interest surfaced in the $4.78-$4.88 zone, offering tentative support. However, persistent breakdowns below the $5.00 threshold highlighted ongoing distribution pressure that could challenge recovery attempts without sustained buying momentum. During the final hour of trading on July 23, ATOM experienced pronounced volatility. The price tumbled from $4.90 to a session low of $4.78 before rebounding to $4.81. This recovery, while notable, came on declining volume—potentially signaling exhaustion among short-term buyers. Akash Network AKT$1.4189, another Cosmos-based project, continues to show strength in long-term forecasts, with a potential target of $6.19 in 2025, contrasting ATOM’s current technical fragility. Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy. Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings. CoinDesk Analytics is CoinDesk's AI-powered tool that, with the help of human reporters, generates market data analysis, price movement reports, and financial content focused on cryptocurrency and blockchain markets. All content produced by CoinDesk Analytics is undergoes human editing by CoinDesk's editorial team before publication. The tool synthesizes market data and information from CoinDesk Data and other sources to create timely market reports, with all external sources clearly attributed within each article. CoinDesk Analytics operates under CoinDesk's AI content guidelines, which prioritize accuracy, transparency, and editorial oversight. Learn more about CoinDesk's approach to AI-generated content in our AI policy. https://www.coindesk.com/business/2025/07/23/atom-sinks-5-amid-altcoin-weakness-faces-key-support-test #crypto #bitcoin #ethereum #cryptocurrency #news #blockchain #litecoin #cryptonews #cryptonewstoday #cryptoworld #cryptonewstoday ***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT! This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research. bitcoin, blockchain, crypto, cryptocurrency, altcoin, investment, ethereum, bitcoin crash, xrp, cardano, ripple