Solayer (LAYER) price slid 27% in the past 24 hours and is currently trading at $1.27. The latest price drop saw LAYER retest a key support zone between $1.20 and $1.30. This level had previously offered support from March 27 to April 9 before a breakout rally saw the price surge to a high of $3.40 on May 5.
Since then, the price faced strong selling pressure with a huge leg down from $3.40 to the current $1.27, marking 62% decline from the peak. The rapid price crash and high trading volume at the time of press suggest strong selling activity and potential panic among traders.
As the bear market continues to exert pressure on crypto prices, Layer price has encountered significant difficulties in maintaining its recovery momentum. Despite showing promise with an initial rally from the $0.75 low to reach $1.70, the bulls were unable to sustain the gains, leading to a new leg down.
Moreover, traders on X, previously known as Twitter, are comparing LAYER price crash to what happened with Mantra (OM). One user said the this was likely caused by market makers pushing the price up to trap buyers before dumping it. The heavy drop, high volume, and wild price swings suggest panic selling and forced liquidations, he explained. Another user pointed out that the top 5 wallets held 74.68% of the available LAYER token.
"A similar scenario to what we saw with $OM is now unfolding with $LAYER, which is down -50% in the last 24 hours.After a parabolic rally, the price has broken down with high volatility and volume. A classic sign of distribution following a liquidity sweep.The structure of the… pic.twitter.com/fPbv734QEX"
Looking ahead, the key focus now is on whether LAYER price can carve out some support at the current $1.20 – $1.30 range, or if another leg down is coming. Should the price break below this zone, the $0.95 level and then $0.75 appear to be the next critical areas for potential support as they align with previous support zones that held during earlier corrections in the broader uptrend.
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