Tag: Solana (Sol) Price

Crypto Price Analysis Feb-11: Ethereum, Ripple, Cardano, Solana and Shiba Inu

by CryptoPotato

This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Shiba Inu.

imgfridaypost

Ethereum (ETH)

ETH failed to push above $3,200 this week and fell back on the $3,000 support level yesterday, where the price is now consolidating. Despite this most recent pullback, the cryptocurrency had a stellar performance this week, with a 16% price increase in the past seven days.

The big question is if ETH can hold above $3,000. If it manages to do so, then bulls might be in a position for another shot at the $3,200 resistance in the coming week. If they fail, however, the cryptocurrency could fall to the next support level at $2,800, which would make it lose a critical psychological level ($3,000).

Looking ahead, the indicators remain bullish, which gives reasons to be optimistic. Buyers need to defend the $3,000 level. Otherwise, sellers may take over the price action in the coming week.

ETHUSD_2022-02-11_11-11-14
Chart by TradingView

Ripple (XRP)

XRP had a major breakout this week, with the price moving above the key resistance at $0.70 and quickly reaching $0.90 after that. Overall, it was a fantastic week for XRP with a 34% price increase.

However, it failed to push above $0.90 and is now found in a correction with support at $0.80. This is not surprising, considering the massive rally that happened not too long ago. If $0.80 fails, then XRP may fall all the way back on the $0.70 level, which is now acting as support (was resistance before the breakout).

The indicators are still bullish for XRP, and this pullback can also be explained by the daily RSI, which briefly entered overbought conditions during the rally and now fell back below 70 points. Once this correction is over, XRP may attempt a new rally to test the critical psychological level at $1.

XRPUSDT_2022-02-11_11-16-48
Chart by TradingView

Cardano (ADA)

ADA also had a good week, but the resistance at $1.2 did not allow it to move higher, and it has been struggling since then. Nevertheless, the cryptocurrency closes the last seven days in green with a nice 9% price increase.

Considering the ongoing correction, ADA may fall back on the key support at $1.1 before any renewed rally can be expected. Even if this happens, the overall price action remains bullish, and after the pullback, ADA may rally once more and try to cross above $1.2.

The indicators remain bullish and seem likely to stay if ADA does not fall under the key support. This should prepare it for a nice rally next week if the bullish momentum resumes. On the other hand, a drop under $1.1 would likely push ADA into a bearish trend.

ADAUSDT_2022-02-11_11-18-47
Chart by TradingView

Solana (SOL)

After a rally to $120, SOL failed to move higher, and since then, the price has been falling towards the key support at $100. It is unlikely for SOL to turn back right now, and a test of the key support appears probable. Despite the current correction, SOL still managed to close the past seven days in green with a 5% price increase.

Volume has been falling as price went higher last week, which was an early signal that SOL did not have the momentum to sustain the rally. The MACD remains bullish on the daily timeframe, but the histogram is showing a loss of momentum with lower highs.

Next week will be crucial for SOL, and buyers have to do their best to defend the $100 level. Any failure there will only embolden sellers to take SOL under $100, which would be a significant defeat.

SOLUSDT_2022-02-11_11-26-59
Chart by TradingView

Shiba Inu (SHIB)

SHIB has been the best performer from our list, with a 50% price increase in the past seven days after a major breakout from the descending channel (in blue on the chart). Now, the price is consolidating above the key support at $0.000029.

If this consolidation continues and the support level holds, then SHIB may chart another leg up, which could take it all the way to $0.000040. The indicators remain bullish for now, and the only concern is the decreasing volume, which may cast some doubts on the strength of this rally.

Looking ahead, SHIB has put an end to the downtrend and started a new surge with a bang. It is unlikely for SHIB to make a lower low considering this latest development. Therefore, the most probable scenario now seems to be a consolidation or continuation of the rally.

SHIBUSDT_2022-02-11_11-37-02
Chart by TradingView

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Crypto Price Analysis Feb-4: Ethereum, Ripple, Solana, Binance Coin, and Luna

by CryptoPotato

This week, we take a closer look at Ethereum, Ripple, Solana, Binance Coin, and Luna.

img1_cryptopost

Ethereum (ETH)

ETH had a very good week, rallying over 17%. Today, the cryptocurrency broke the critical resistance at $2,800 and the price appears ready to move higher towards the next target at $3,000. This latest move higher comes after ETH retested the key support level at $2,500 yesterday.

This price action puts an end to the correction and brings certain optimism to the market. The key question is if ETH can now move beyond the $3,000 resistance. A break above this level would consolidate the most recent gains and open the door to a more significant recovery.

However, the volume on this latest push is not that impressive. As the price moves higher, the bullish momentum has to intensify, otherwise, the price could be rejected at the key resistance by the sellers. The coming week will be decisive in where ETH moves next.

ETHUSD_2022-02-04_13-09-37
Chart by TradingView

Ripple (XRP)

This past week, XRP suffered from a flat trend with price moving sideways, lacking momentum to break away from its current range. The resistance at $0.65 and the support at $0.58 have kept the cryptocurrency in check, and any attempts by the bulls or bears to break away were stopped.

The most recent try to break below the key support level failed and bulls are back in control of the price but seem unable to push XRP to the important resistance. For this reason, in the past seven days, XRP only increased in price by 1%.

At the time of this post, XRP lacks momentum and volume appears flat. This makes any significant move unlikely in the near term. If BTC and ETH have a major breakout, XRP may attempt to break from this range in the coming week. Otherwise, the flat trend is likely to continue.

XRPUSDT_2022-02-04_13-15-32
Chart by TradingView

Solana (SOL)

SOL had a good week and also broke above the $100 level, which was a key resistance in the past seven days. Now, the price is consolidating just above this level, concluding the week with an impressive 17% increase.

The biggest challenge for SOL right now is if it can move higher towards the next key resistance at $130. The current price action and indicators support a continuation towards this key level, but a break above it appears unlikely at the time of this post.

Looking ahead, SOL is well-positioned to recover its losses from the most recent correction, and the current volume favors the bullish side of the market. So long this positive momentum is maintained, the cryptocurrency appears ready to move higher.

SOLUSDT_2022-02-04_13-22-02
Chart by TradingView

Binance Coin (BNB)

After BNB fell under $400, the price finally found support at the $335 level, which has stopped the cryptocurrency from moving lower – so far. Similar to XRP, the price action in the past seven days was flat, and BNB lost 3% of its dollar value.

Currently, BNB is consolidating and may attempt a rally in the coming week towards the key resistance at $418. Reclaiming this level would be essential if BNB is to move higher in the future. A failure, on the other hand, would mean the consolidation may take much longer.

The indicators favor the bulls at this time, but this bias may be soon put to the test as the price moves towards the key resistance. Either way, considering the latest price action, it is unlikely for BNB to fall much lower, and an uptrend seems more likely in the coming week.

BNBUSDT_2022-02-04_13-30-14
Chart by TradingView

Luna

Luna’s downtrend has ended this past week, with the price finding support at around $45. Now, the cryptocurrency is hovering below the key resistance at $54 which has prevented the price from moving higher in the past few days. Overall, Luna’s weekly performance was poor, with a 6% decline.

The indicators have not turned bullish yet and Luna appears to consolidate under the key resistance. Nevertheless, the RSI is making higher lows on the daily timeframe and the MACD could do a bullish crossover if this price action is maintained in the next few days.

Looking ahead, Luna is likely to attempt a break above the $54 level and may rally if successful. However, the current volume is weak and a breakout appears unlikely at this time. Luna may need another few days of consolidation before a breakout is attempted.

LUNAUSDT_2022-02-04_13-42-58
Chart by TradingView

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Market Watch: Bitcoin Slipped to $36.5K, Solana Crashed 10% Following $320M Bridge Hack

by CryptoPotato

Аfter touching a ten-day high above $39,000, bitcoin went on the downturn and dipped below $37,000. The altcoins have also retraced today, with Solana being the most substantial loser after an exploit on a network bridge for $320 million worth of ETH.

Bitcoin Slid Beneath $37K

The past several days were actually going rather well for the largest cryptocurrency. After dropping to $36,500 on Monday, as reported, the asset changed its trajectory and started to gain value.

This resulted in pushing above $38,000 and even a few consecutive attempts to challenge $39,000. The latest one came in a brief push above that level, which became the highest price tag in ten days.

However, BTC stalled for the following 12 hours, as reported yesterday. After being unable to challenge $39,000 once more, the bears stepped up and drove the cryptocurrency south. This time, bitcoin tanked to $36,500 once again.

As of now, it has recovered a few hundred dollars and sits around $37,000. As such, its market capitalization is close to breaking below $700 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in Red: SOL Dumps Double Digits

The altcoins registered impressive gains on Tuesday before stalling on Wednesday. Now, though, most are deep in the red.

Ethereum touched $2,800 two days ago, marking a multi-week high. However, a 3% decline since then has driven the second-largest cryptocurrency to below $2,700.

Similar daily price drops are evident from Binance Coin, Cardano, Ripple, Dogecoin, and Shiba Inu from the larger-cap alts. Polkadot, Terra, and Avalanche have charted more significant losses, while Solana has dumped the most.

Following an exploit against a Solana-based bridge called Wormhole, in which the perpetrators swiped $320 million worth of ETH, SOL started to tank in value. As of now, the asset is down by 10% in a day to below $100.

More declines come from Arweave (-13%), Convex Finance (-12%), Curve DAO Token (-10%), Kusama (-9%), Synthetix Network Token (-9%), The Sandbox (-8%), and others.

The crypto market cap is down by $110 billion since yesterday’s peak and sits around $1.650 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Bitcoin Spiked to 10-Day High: Solana and Terra (LUNA) Explode 17% (Market Watch)

by CryptoPotato

After dipping below $37,000 yesterday, bitcoin went on the offensive and added more than $2,000 in hours to tap a new 10-day high. The alternative coins are also well in the green, with notable gains registered from Ethereum, Solana, Terra, and others.

Bitcoin Taps $39K

The past several days have been highly volatile for the primary cryptocurrency. Just on Thursday, it dipped to $35,500 on two separate occasions before it started to regain some value and touched $38,000 during the weekend.

It even spiked to $38,600 as reported on Sunday, but the bears stepped in and didn’t allow any further gains. Just the opposite, they pushed the asset south, and BTC dumped below $38,000 hours later.

The situation worsened yesterday as bitcoin dropped by another $1,000. However, this is where the bulls came to play. In the following hours, BTC started to regain value rapidly and exceeded $38,000.

Moreover, it initiated another leg up that resulted in briefly touching $39,000, which became the highest price tag in about ten days. As of now, bitcoin has retraced slightly, but its market capitalization has shot up to well above $700 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins See Green

The alternative coins bled out yesterday, but most are well in the green now. Ethereum leads the way with a massive 10% increase that has driven the second-largest crypto to just shy of $2,800.

Binance Coin, Cardano, and Dogecoin have recorded more modest price gains of around 4% each. More increases come from Ripple, Avalanche, Shiba Inu, MATIIC, Polkadot, CRO, and others.

The most significant gainers from the larger-cap altcoins are Solana and Terra. Both have jumped by around 17% on a daily scale. As a result, SOL has reclaimed the coveted $100 mark, while LUNA sits above $50.

More daily increases come from LooksRare (19%), Osmosis (15%), Mina Protocol (14%), Cosmos (14%), Aave (13%), Gala (12%), Curve DAO Token (11%), and others.

The crypto market cap is up by around $100 billion in a day and sits close to $1.8 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Weekend Watch: Crypto Recovery – Bitcoin Eyes $38K, SOL Spikes 8%

by CryptoPotato

Bitcoin’s recovery attempts continue with the asset aiming to overcome $38,000. Most alternative coins have produced even more significant gains since yesterday. Ethereum is up by 7%, while Solana has jumped by 8%.

Bitcoin Eyes $38K

Ever since bitcoin failed to breach $39,000 on Wednesday, as the Federal Reserve said it will increase the interest rates in March, the asset was unable to display any notable gains.

In fact, it dropped to $35,500 hours after the Fed meeting and was halted in its tracks when it tried to bounce off. After the second dip to the aforementioned local bottom, though, the situation started to change.

This time, BTC spiked above $37,000, dipped once more to beneath that line, and went on the offensive again in the past 24 hours. As of now, the asset stands close to $38,000, and its market capitalization has reclaimed the $700 billion mark.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts See Green: SOL 8% Up

The alternative coins suffered in the past few weeks, but the overall landscape today is significantly more positive. Ethereum, which struggled to remain above $2,000 last week, now trades above $2,550. This comes after an impressive 7% increase from the second-largest crypto.




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Solana and Avalanche are among the best performers from the top 10 largest digital assets. SOL is up by 8%, while AVAX has gained 9%.

More gains come from Binance Coin (2%), Cardano (4%), Ripple (3.5%), Terra (1%), Polkadot (5%), Dogecoin (3%), and MATIC (6.5%).

Further price increases are evident from Flow (17%), Celsius Network (15%), LooksRare (13%), The Sandbox (11%), Kadena (11%), eCash (10%), and CRO (10%).

The cumulative market cap of all crypto assets has increased by about $50 billion in a day to just over $1.7 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Crypto Price Analysis Jan-28: Ethereum, Ripple, Cardano, Solana, and Luna

by CryptoPotato

This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Luna,

Ethereum (ETH)

This past week, ETH finally found support after a significant crash under the $3,000 level. The support at $2,200 managed to stop the downtrend, and now the price is found in a consolidation mode below the key resistance at $2,550. It was not an easy week for ETH, losing 20% of its dollar value.

The cryptocurrency attempted to rally this past Wednesday, briefly reaching $2,725 before sellers pushed the price back below the key resistance. Since then, ETH has not managed to retest the level and has moved sideways. While this shows some indecision in the price action, at least this most recent move has prevented ETH from dropping lower.

As price consolidates, market participants become more uneasy because there is no way to know if this consolidation precedes a further correction or a recovery. The indicators do not bring any confidence on the buyer side, and the overall market appears weak.

ETHUSD_2022-01-28_11-37-55
Chart by TradingView

Ripple (XRP)

XRP has been moving just above the key support level at $0.58 for most days in the past week after a significant drop last Friday. Overall, XRP fell by 17% compared to seven days ago and has failed to recover most of the recent losses.

The current price action does not inspire confidence, and a retest of the key support appears likely. The resistance is found at $0.65, and the last retest was sharply rejected by the bears. Since then, the price has been on a slow descent towards support.

Looking ahead, XRP lacks buying pressure to attempt a breakout, and if the market remains weak, it may be that sellers will take advantage and push the cryptocurrency lower yet again. The RSI on the daily timeframe has not left the oversold area in over a week now. This signals a strong downtrend as the bias remains bearish for XRP.

XRPUSDT_2022-01-28_11-46-45
Chart by TradingView

Cardano (ADA)

ADA appears on a clear path towards testing the support at $1 after failing to rally beyond the resistance at $1.1. Price has continued to make lower highs, and in the past seven days, ADA lost 19% of its dollar value.

Moreover, ever since the cryptocurrency made its all-time high at $3.1, the trend has been bearish, with lower lows and lower highs. The most recent lower low was made last Saturday. This re-confirms the bearish trend, and continuation is the most likely outcome. Volume has also decreased substantially, which may explain why the price is hesitating on where to go next.

A break below $1 might have a major psychological impact on ADA’s future price action. Therefore, it’s expected to see a significant battle over the coming days as buyers and sellers will fight for dominance around this key level.

ADAUSDT_2022-01-28_11-56-26
Chart by TradingView

Solana (SOL)

SOL mirrors ADA and shows a similar level of uncertainty just above the key support at $79. The price action remains bearish with lower highs and lower lows after a failure to break above the key resistance at $100. A retest of the support appears likely, and SOL closed the past seven days in red, losing 30% of its value.

Sellers continue to dominate the price action, with five red daily candles in the past seven days. Moreover, the daily RSI has been moving flat in the oversold area at around 24 points for over a week. The failure of SOL to rally and move away from such extremes is a warning sign that sellers may not have finished their job yet.

Looking ahead, SOL has a good chance to stop the downtrend at the $79 support level. Then, if buyers return to the market, it can attempt a recovery.

SOLUSDT_2022-01-28_12-11-27
Chart by TradingView

Luna

Luna lost a key support level yesterday, falling under $54, and now the price appears ready to move lower. If buyers cannot stop this selloff, then Luna is likely to fall to the next support level at $42. Overall, it had a very disappointing week, losing 33% of its value over the past seven days.

The former support level at $54 has now turned into resistance, and the indicators are in a free fall. The daily RSI has not yet reached the oversold area, indicating that Luna can continue to fall for quite some time until it reaches this extreme that may attract buyers again.

The MACD histogram and moving averages are also expanding downward, with little evidence this selloff will end soon. Right now, the sellers dominate the chart with six red candles in the past seven days.

LUNAUSDT_2022-01-28_12-22-42
Chart by TradingView

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Solana Price Analysis: After SOL Rejected Below $100, This is The Support Level to Watch

by CryptoPotato

Over the weekend, SOL lost the $100 support level, which turned it into resistance. Unsurprisingly, following the negative sentiment, the SOL price dropped today to $80.

Key Support levels: $79, $56

Key Resistance level: $100, $130

On Sunday, SOL rejected attempting to break above $100 and, by doing so, confirmed the level as resistance. Earlier today, the price took a nosedive reaching $80 for a short period before a slight recovery.

$79-80 support likely be tested again if buyers do not place orders. However, SOL is extremely oversold right now, and a temp correction may take place at any moment in the next hours or days.

SOLUSDT_2022-01-24_18-19-42
Chart by TradingView

Technical Indicators

Trading Volume: Selling volume was very high over the past four days, a bad sign for the bulls, but follows the overall market sentiment, along with fundamental reasons regarding the Solana network conjunctions.

RSI: The RSI has entered the oversold area at 20 points on the daily timeframe. Such a low RSI level was not seen since December 2020, which is extremely low. The RSI rarely stayed at such levels for long.

MACD: The daily MACD has been bearish for almost a week and there are no signs that this condition will end any time soon. Both the histogram and moving averages are making lower lows.

SOLUSDT_2022-01-24_18-20-06
Chart by TradingView

Bias

The current bias is bearish. SOL is currently suffering from an extreme sell-off, which might trigger a temp correction towards $100.

Short-Term Prediction for SOL Price

At some point, the sellers will become exhausted and it will be too costly to continue to push price lower in terms of risk/reward ratio. At that point, SOL has a good chance to enter a strong relief rally that can take it back towards $100 or above.

Until that happens, the sellers have the upper hand and the critical support at $79 must hold to reverse this downtrend.

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Bitcoin Fights to Maintain $35K: SOL Down 19% on Network Issues (Market Watch)

by CryptoPotato

After yesterday’s brief signs of revivals in the crypto market, the situation today seems quite gloomy once more. Bitcoin is close to breaking below $35,000, while most altcoins are in a much worse shape, including a massive 19% dump from Solana.

Bitcoin to Lose $35K?

Bitcoin traded above $43,000 last week before the whole landscape changed and the bears stepped up. In the next 24 hours, the cryptocurrency fell by $5,000 to a six-month low of around $38,000.

While this was already a massive correction, the asset headed further south, as reported. Bitcoin dumped to its lowest price position since late July 2021 at around $34,000 on Saturday.

Thus, it lost almost $10,000 in a few days. Sunday seemed more optimistic as BTC reclaimed some ground and even exceeded $36,000 at one point. However, it turned out to be a false breakout.

Since then, BTC lost nearly $3,000 and now stands well beneath $35,000. As such, its market capitalization is just over $650 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Dump Hard: SOL Down Double Digits

The alternative coins also suffered lately with brief recovery attempts yesterday. Now, though, red has taken over once more.

Ethereum stood above $3,300 on Thursday before the market-wide correction drove the second-largest crypto down by $1,000. Yesterday, ETH bounced off to above $2,500, but another 8% decline since then has driven it to below $2,400.

More daily losses are evident from Binance Coin (-8%), Cardano (-12%), Ripple (-6.5%), Terra (-10%), Polkadot (-12%), Dogecoin (-7%), Avalanche (-10%), and Shiba Inu (-13%).

Solana is among the worst performers since yesterday amid network issues reported from users and the blockchain protocol itself. SOL has dumped by nearly 20% and now sits at $85. This is SOL’s lowest price level since August.

More losses come from NEAR Protocol (-20%), Harmony (-18%), Theta Network (-16%), Oasis Network (-16%), Polygon (-16%), Curve DAO Token (-16%), Quant (-16%), Fantom (-15%), and many others.

The cryptocurrency market cap has declined by $100 billion in a day to under $1.7 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Crypto Price Analysis Jan-21: Ethereum, Ripple, Cardano, Solana, and Polkadot

by CryptoPotato

This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Polkadot.

img1_cryptopost

Ethereum (ETH)

Last night, the significant market crash pushed ETH’s price under the critical support of $3,000, which will now act as resistance. Unfortunately, the loss of this crucial psychological level is a major blow to most market participants and sets the stage for ETH to potentially explore lower levels this year. Compared to seven days ago, ETH lost 11.4% of its dollar value.

The outlook on the market is very bearish, and one of the possible scenarios is for ETH’s price to rally and confirm the $3,000 level as resistance, after which the correction may continue. The current support is now found at $2,800 but appears weak.

Looking ahead, considering this latest breakdown in market structure, ETH has a good chance to fall lower in 2022. Targets such as $2,000 or below are now a very real possibility due to the current price action. The only way this can be avoided is if ETH reclaims the $3,000 level and turns it into support again.

ETHUSD_2022-01-21_10-37-56
Chart by TradingView

Ripple (XRP)

XRP did not fare better after last night, losing the key support at $0.70, which is now being contested between bulls and bears. Overall, the cryptocurrency lost 9.9% of its price in the past week. The next key support level is found at $0.65 and may provide a short relief if the decline continues.

What is interesting to note about the XRP price action is that the drop yesterday was quite shallow if we compare it to BTC or ETH. This signals that the market already considers XRP to be at a significant discount. This may, of course, change in the future if the market remains bearish, but the bears were not as aggressive in this case.

Earlier this week, XRP gave some bullish signals, such as the higher lows on RSI and bullish MACD. However, due to this last drop in price, those signals have now been invalidated.

XRPUSDT_2022-01-21_10-59-06
Chart by TradingView

Cardano (ADA)

ADA’s price action this past week resembles a roller coaster with price volatility being off the charts. After it rallied to $1.6, the price dropped back to $1.2. These are swings exceeding 30% in a few days. The key support just above $1 has not been tested during this most recent drop, but it did push ADA to erase most of its recent gains. Overall, the cryptocurrency is back where it was last week.

The resistance above $1.5 will likely not be tested any time soon considering current market conditions and the indicators on ADA are quickly turning bearish. It would be interesting to see how it performs in the coming week if the market remains bearish.

Looking ahead, Cardano just saw the release of its first decentralized automated market maker called SundaeSwap, which seems to have had a very difficult rollout with transactions stuck and huge slippage. The creators warned that they may face bottlenecks on the network, but this does not seem to bode well for ADA holders.

ADAUSDT_2022-01-21_11-12-01
Chart by TradingView

Solana (SOL)

Yesterday night, SOL broke below the key support at $132, and the decline has temporarily stopped at the $120 level. However, this breakdown signals that SOL may fall to the next key support in the next few days found at $113.

The previous support has turned into resistance, and unless SOL moves above $132, it seems unlikely that this downtrend will end anytime soon. Overall, SOL had a terrible week, losing 15.6% of its value.

With this latest crash, the RSI has entered the oversold area (<30 points) on the daily timeframe, and the MACD did a bearish crossover. These are key signals that the bears have full control of the price action.

The overall picture for SOL is bleak, and the question is if it will manage to maintain a price level above $100. A failure there will signal a much deeper correction for SOL in 2022.

SOLUSDT_2022-01-21_11-13-20
Chart by TradingView

Polkadot (DOT)

DOT also lost its key support at $24, ending a long consolidation period within a large price range ($24 – $32) that started in December 2021. Now, the price appears set to test the next key support level at $20. Due to this most recent price action, DOT has lost 11.2% of its valuation in a week.

The resistance is found at $24, as former support levels turn into resistance during an indecisive market. The indicators also continue to signal a bearish price action.

The coming week may see a general bounce across the market, and DOT may retest the $24 level. It is, however, important to keep an eye on the bigger picture and not be lured into potential traps.

DOTUSDT_2022-01-21_11-21-42
Chart by TradingView

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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Solana Price Analysis: SOL Revisits $130, What’s Next?

by CryptoPotato

Key Support levels: $130

Key Resistance level: $155, $170

SOL fell back to the critical support at $130 in the past few days, failing to maintain its rally from last week. Buyers might be interested at current price levels since the last time it visited this, key level bulls came in force and pushed SOL into a relief rally.

The resistance currently sits at $155. This level represents the biggest challenge for any possible rally.

SOLUSDT_2022-01-19_14-34-59
Chart by TradingView

Technical Indicators

Trading Volume: The volume decreased as the price fell, which does not favor the bears. Therefore, buyers may have a great chance to reverse the current price action back into an uptrend.

RSI: The RSI on the daily timeframe remains bearish with lower highs and lower lows. There are no signs yet of a possible reversal.

MACD: While the daily MACD is on the positive side, there was barely any momentum to reflect this in terms of price, and now the moving averages are closing in for a bearish crossover. If the buyers fail to step in soon, then it is unlikely for the downtrend to stop.

SOLUSDT_2022-01-19_14-34-22
Chart by TradingView

Bias

The current bias is bearish. Nevertheless, the bulls have a good shot to push SOL higher from the key support level as sellers seem indecisive considering the volume profile.

Short-Term Prediction for SOL Price

SOL was unable to push above the key resistance at $155 last week, and the price suffered. Now, it is back on the key support at $130, and it’s possible for the bulls to step up once there. It is likely that SOL will be very much influenced by the market leaders in the face of BTC and ETH in its next move.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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