The cryptocurrency market witnessed a mixed session on Tuesday as various tokens reacted to platform updates, regulatory filings, and technical shifts. While the GRAM token faced downward pressure following a major app store removal involving Telegram, other networks like Solana and Algorand captured investor attention through institutional moves and rebounding momentum indicators.
GRAM Faces Pressure After Telegram App Store Removal
The GRAM token extended its losses on Tuesday after Apple pulled Telegram from its iOS App Store worldwide, with neither Apple nor Telegram issuing an official statement regarding the removal. The development weighed on the token, pushing it down by 3% to briefly touch $1.29 earlier in the session.
From a technical standpoint, GRAM exhibits a contracting price structure characterized by a falling wedge formation on the daily timeframe. The Relative Strength Index hovers around 37, signaling firm bearish momentum and leaving room for additional downside before touching oversold territory.
A decisive daily close above the overhead resistance near $1.44 could pave the way toward the center pivot and R1 levels at $1.53 and $1.71, respectively. Conversely, a sustained close beneath $1.29 would confirm a bearish breakout, placing focus on the S1 and S2 support levels located at $1.23 and $1.05.
U.S. Securities and Exchange Commission
Solana Holds Steady Amid BlackRock Filing and Technical Tests
Solana maintained a resilient stance supported by encouraging fundamental catalysts, most notably BlackRock submitting a filing to issue tokenized fund shares on the Solana network. The asset management giant plans to introduce the Daily Reinvestment Stablecoin Reserve Vehicle, a move aimed at expanding stablecoin liquidity within the ecosystem.
Live market data indicates Solana (SOL) currently trades at $73.64. Technically, SOL trades below its 50-day Exponential Moving Average at $75.63 and the 200-day EMA at $91.19. The cryptocurrency remains constrained beneath a downward resistance trendline at $75.81, indicating that recent bounces face overhead limitations.
The RSI reading of 46 reflects a neutral outlook, while the MACD indicator rests marginally below its signal and zero lines, pointing toward subdued near-term momentum. Reclaiming the 50-day EMA is viewed as a prerequisite for a sustained recovery toward the 200-day EMA, whereas a break below the descending support near $71.50 risks extending the pullback toward the February 6 low of $67.50.
Algorand Extends Rebound Momentum
Algorand climbed higher on Tuesday, building upon its recovery from a recent record low of $0.0757. ALGO trades above its 50-period EMA at $0.0875, providing a constructive foundation for near-term price action, though it remains well below the longer-term 200-period EMA benchmark at $0.1096.
Momentum indicators show improving characteristics as the MACD crosses above its signal line into positive territory, alongside an RSI reading climbing to 63 toward overbought levels. Immediate upside resistance is marked by the May 8 high of $0.1000, while pullbacks are expected to find initial buyer interest near the 50-period EMA support.
