Solayer's Brutal 62% Crash in Just 48 Hours: Was It a Market Maker Trap?

LAYER Plummets 27% in a Day, Now Testing Crucial Support

Hang onto your hats, crypto fans! Solayer (LAYER) just took a wild 62% nosedive in a mere two days, with a jaw-dropping 27% drop in the last 24 hours alone. Talk about a rollercoaster! Right now, it's trading at a shaky $1.27, desperately trying to hold onto a key support zone between $1.20 and $1.30. This zone was rock solid from March 27 to April 9, but after a breakout rally that spiked the price to a dizzying $3.40 on May 5, it's been nothing but a bloodbath. We've gone from $3.40 all the way down to $1.27. Ouch!

Traders Cry Foul: Was It a Pump-and-Dump by Market Makers?

Over on X, traders are going nuts, drawing eerie parallels between LAYER's crash and what went down with Mantra (OM). One user didn't hold back, claiming this was a classic case of market makers pumping up the price to sucker in retail buyers before pulling the rug out. The massive drop, sky-high volume, and crazy price swings? Sounds like panic selling and forced liquidations to me, they said. And get this—another user spilled the beans that the top 5 wallets are clutching a whopping 74.68% of all the LAYER tokens out there. Talk about concentration!

What's Next for LAYER? Eyes on the Support Zone

So, what's the deal moving forward? All eyes are glued to whether LAYER can dig in its heels and hold steady within that $1.20 to $1.30 range. If it can't, buckle up because we might be headed for another drop. If it breaks below that zone, watch out for $0.95 and then $0.75—these are the next big battlegrounds, aligning with past support zones that kept things afloat during earlier dips in the broader uptrend. It's gonna be a wild ride, folks!