On March 7, United States Federal Reserve Chairman Jerome Powell warned that interest rates might remain higher for longer than previously anticipated. This boosted

SOL/USDT

Solana (SOL) remains in a firm bear grip. The failure to start a rebound off the crucial support at $19.68 shows that buyers may not be jumping in to buy.

The bears have yanked the price below $19.68 on March 8. This indicates the start of the next leg of the correction. The bears will try to strengthen their position further by pulling the SOL/USDT pair toward the next major support near $15.

If bulls want to prevent this collapse, they will have to quickly push the price back above the 20-day EMA ($21.80). That may start a relief rally to the resistance line, where the bears may again pose a strong challenge.

DOT/USDT

Polkadot (DOT) turned down and broke below the support at $5.73 on March 8. This indicates that the bears are trying to solidify their position further.

There is a strong support at $5.56 but if this level cracks, the DOT/USDT pair may enter a downward spiral. The next support is much lower at $4.80.

Contrary to this assumption, if the price rebounds off $5.56, the pair could reach the 20-day EMA ($6.30). During downtrends, the bears try to sell on rallies to the 20-day EMA. If the price turns down from this level, the likelihood of a break below $5.56 increases.

If bulls want to make their presence felt, they will have to drive the price above the moving averages.

LTC/USDT

Litecoin (LTC) turned down and broke below the immediate support of $85 on March 7. This indicates the resumption of the correction.

The LTC/USDT pair could first fall to the $81 support. The bounce off this level may face selling near the 20-day EMA ($92). If the price turns down from the 20-day EMA, the next stop could be the vital support at $75. This level is likely to attract solid buying by the bulls.

The farther the price moves away from the local top of $106, the longer it will take for the pair to resume its uptrend. The recovery is likely to pick up momentum after the price sustains above the moving averages.