Though the market is currently not as favorable as some traders would like, Ethereum is displaying some strength as it approaches the $2,500 mark. Despite the fact that Ethereum has been rising lately, there are questions about whether there is enough momentum to keep the trend going given the lack of noticeable trading volume. 

The market might not have the purchasing power necessary to move ETH past significant resistance levels in the absence of enough volume. The $2,500 psychological barrier represents one of the first Ethereum resistance levels. This barrier is encountered by many traders.  

If Ethereum cannot break through with high volume, there is a strong likelihood that sellers will step in, causing a potential reversal. The next significant resistance level after $2,500 is approximately $2,750, where Ethereum has previously encountered rejections. 

Historically, these moving averages have been trustworthy predictors of market direction and act as dynamic resistance levels. It will take a significant spike in volume, which the market is not seeing right now to break above both of these moving averages. Ethereum is expected to reverse if it is unable to muster the strength to overcome these resistance levels.

Solana breakout around

After a protracted period of consolidation and sideways trading, Solana (SOL) is now beginning to show signs of a breakout. By surpassing its 100-day exponential moving average, which has historically served as a potent resistance zone, the asset has successfully overcome a significant technical obstacle. 

This development may herald a fresh bullish phase for Solana, particularly as it approaches the $150 price mark once more. For Solana the 100-day EMA has been a significant technical barrier. Overcoming this line is encouraging for investors hoping for upward momentum. 

The price is currently comfortably above this moving average, which gives SOL a stronger base on which to continue its upward trend. By drawing in new buyers and boosting market confidence, breaking above the 100 EMA has historically served as a bullish trigger.

The price threshold of $150 is the next significant level to keep an eye on. For both individual and institutional investors, this price point has psychological significance.  

As more traders join the fray, a move above $150 might serve as confirmation of a larger bullish trend and drive the price higher still. The 200-day EMA is currently serving as an additional level of support as Solana’s chart demonstrates continued strength. 

Furthermore, neutral momentum with room to rise before becoming overbought is indicated by the relative strength index, which is comfortably hovering around 53. The next major objective is the $160-$170 range, where more resistance might show up if Solana is able to hold its position above the 100 EMA and break through $150.

Dogecoin needs more

As it looks to regain momentum and rise higher, Dogecoin is approaching a crucial juncture. The asset has recently experienced a surge in value, but the way it is currently trading suggests that the next big price move will likely need to be driven by a large inflow of funds, perhaps $400 million in buying support.

In the absence of this buying pressure, DOGE might find it difficult to overcome significant resistance levels and might experience a possible price reversal. Dogecoin has surpassed some of its immediate resistance levels and is currently trading at about $0.117. The 200-day EMA, however, serves as a formidable resistance in the $0.12-0.13 range where the difficulty is ahead. 

It is unlikely that the asset will move much higher in the near future without the required volume, as DOGE has historically found it difficult to overcome this area. When examining the volume and liquidity required to overcome the existing resistance zones, the $400 million figure becomes relevant. 

This degree of purchasing support would enable DOGE to get through the current obstacle and continue rising. Without it, a loss of momentum on the market could trigger a sell-off and a return to the $0.10-$0.105 range. On the negative side, if buyers choose not to intervene, DOGE may experience a price reversal. 

Macro guru and Real Vision CEO Raoul Pal says he’s anticipating a “big breakout” for one crypto subsector.

In a new interview on the Empire podcast, the former Goldman Sachs executive says gaming applications are approaching a new phase of adoption that may help trigger growth in the digital asset class.

“When we start to see just straight-up user applications, we’re starting to see gaming, it’s starting to happen. I think that’s going to be a big breakout.” 

Pal adds that his expected surge in crypto adoption will not be limited to blockchain-based games. He says that he expects crypto applications to witness a massive surge in user adoption in the coming months.

“But we’ve got so many of these consumer apps. The old movement of Web2 to Web3 or ‘old internet’ to ‘new internet.’ That’s going to come at scale and I think we’re going to really start kicking off this cycle.”

Pal also believes that “the whole space goes up a lot,” predicting a 10X move for Solana (SOL) and a 4X or 5X rally for Bitcoin (BTC) from current prices.

He also says that a massive trade – likely involving another layer-1 blockchain – will present itself.

“The main thing that I’m starting to think through is there is always another layer-1 race, which is early stage, when you don’t have proven network effects. That bet is actually a good bet. It’s not one you go all in on. But that bet was the Solana bet of the last cycle, the ETH bet of the previous cycle…

So, I’m thinking through that because I reckon there’s a really good trade to come, and it’s a lot of fun, but it comes very quickly, and it usually gets overvalued and then goes down 95% afterward.”

O

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

Generated Image: Midjourney

Solana has recently demonstrated impressive upward momentum, with its price rising steadily and now setting its sights on the $164 mark. As the cryptocurrency approaches this key resistance level, the focus now shifts to whether this bullish trend will lead to a significant breakthrough or face resistance. 

This article aims to provide a comprehensive technical analysis of Solana’s current price movement, focusing on its approach to the $164 resistance level. The goal is to assess whether the cryptocurrency’s bullish momentum can drive it through this key threshold, exploring potential scenarios for a major breakout or possible obstacles that could hinder further gains.

Over the past 24 hours, SOL’s price has increased by more than 5%, reaching approximately $154. During this period, the cryptocurrency’s market capitalization has surpassed $71 billion, and its trading volume has exceeded $2 billion. The market cap has risen by 5.85%, while trading volume has surged by 96,25%, indicating a notable rise in market activity.

Analysis Of Solana’s Price Performance

Solana’s price is currently bullish, rising above the 100-day Simple Moving Average (SMA) on the 4-hour chart. This positive movement indicates strong upward momentum, suggesting that the bulls are in control and may drive the price toward the next key resistance level of $164.

Also, the Relative Strength Index (RSI) indicator is currently at 71% showing that SOL is in overbought territory. A sustained overbought condition signals strong buying pressure suggesting that upbeat pressure remains strong in the market.

On the daily chart, SOL’s price is showing significant movement as it tries to break above the 100-day SMA following a rejection at the $137 mark. This bullish surge reflects strong buying pressure and positive market sentiment, increasing the likelihood that the $164 target could soon be attainable.

Finally, the 1-day RSI indicates that SOL’s bullish momentum is strengthening, with the signal line recently crossing above the 50% mark and currently sitting at 54%. The upward movement in the RSI suggests intensifying buying pressure and growing bullish sentiment for the asset. 

Short-Term Vs. Long-Term Outlook: What To Expect From SOL

If Solana can maintain its current bullish momentum to hit the $164 resistance level and close above, it may continue to move upward to challenge the $194 resistance level. When this level is breached, the digital asset may experience further price gain toward the $209 resistance level and possibly other levels above.

Conversely, should SOL pull back at $164, it will start to decline once more toward the $137 support level. Following a break below this level, the crypto asset may see further price decline to challenge the $118 support level and perhaps other levels below.

Featured image from iStock, chart from Tradingview.com

A closely followed crypto analyst believes that one Ethereum (ETH) competitor is gearing up for a massive breakout.

Jamie Coutts, the chief crypto analyst at Real Vision, says that Solana (SOL) is printing a bullish pattern against Bitcoin (BTC) based on the simple moving average (SMA) crossover on the daily chart.

“Solana’s relative strength is quite something. After consolidating against king Bitcoin, it looks like a breakout is on the horizon.”

The analyst shares a chart that suggests the SOL/BTC pair is entering an uptrend after the shorter-term SMA crossed the longer-term SMA, which has signaled rallies in the past.

SOL/BTC is trading for 0.002663 BTC ($172) at time of writing, down more than 1.7% in the last 24 hours.

Next up, the analyst says key metrics suggest Bitcoin is gearing up for a move to the upside, including a rise in open interest, or the total number of outstanding derivatives contracts for a given asset.

“Open interest at new all-time highs (ATHs), but funding is positive/neutral (seven-day average annualized 8.7%). Bitcoin is attempting to break out, and this time aggregate positioning is more balanced.”

He also says Bitcoin’s hash rate is flashing bullish as the 30-day SMA crosses the 90-day SMA.

“Bitcoin hash rate recovery is one of the best signals for network health. A simple 30- and 90-day moving average cross produces: 67% win record, profit factor of 2.18, Sharpe [ratio] 1.88 and Sortino [ratio] 2.64.

HODL outperforms this strategy, but it can be an effective risk management tool for cautious investors. When you regress hash rate and price, it’s clear they are very interdependent. A growing hash rate says BTC is going higher.”

Bitcoin is trading for $64,722 at time of writing, down more than 2% in the last 24 hours.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

Generated Image: Midjourney

Solana (SOL) is flashing green across the board. The asset is up by 14% in the weekly charts, 6.1% in the 14-day charts, and 8.4% over the previous month. SOL has also rallied by nearly 471% since July 2023. SOL has seen a boom in trading activity, which suggests aggressive buying amongst investors. This, in turn, is bullish news for the token and signals a potential rally incoming.

At press time, Solana’s SOL is back up to over $157. Over the past three weeks, Solana has been in an interesting position, as Solana ETFs being proposed sparked optimism around the token. The Solana Network has also had a very positive 2024, especially due to its meme coins.

SOL’s latest rally is in conjunction with a larger market recovery. Bitcoin (BTC) has reclaimed the $65,000 level recently and the global crypto market cap has climbed in 24 hours to over $2.52 trillion. While BTC has fallen back to $63,000, SOL still benefits from the temporary pump and has room to climb.

Also Read: Ethereum: Will ETH ETF Have a Bigger Impact Than Bitcoin Did?

Is Solana SOL On The Way To $180?

Recent patterns in SOL’s price have indicated a surge to over $175, perhaps even $180. Prominent cryptocurrency analyst Ali Martinez took to X and shared that SOL is forming a “W” pattern. Analysis of the pattern suggests that SOL could rise to $174. Hitting $174 from current price levels would require a rally of over 8.75%. SOL is more than capable of rallying 8.7%, given its performance in 2024 thus far.

If the bulls hold the reigns for Solana, the network’s token could blow up alongside Bitcoin. However, the difference between those two assets is that Bitcoin ETFs had their hype a few months ago. On the other hand, the hype around Solana ETFs has only just begun. Therefore, the SOL token could be headed for a $180 valuation in the coming months.

Also Read: Ripple: XRP Claims $0.60, Can It Breakthrough To $0.75 This Weekend?

Beyond July, August, and September, it could also be bullish if the SEC makes any decisions on the Solana ETFs. After $180, Solana Bulls may begin speculating a $200 value for the coin. Although extreme, the prediction isn’t impossible, as nothing is impossible in the crypto market. We watched Bitcoin explode to an all-time high following ETF approval in just over a month. Therefore, if a Solana ETF is considered and approved, Solana’s ATH of $259.96 can be tested.

Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the opinion of the author.

World inventory market indices have been in a freefall over the previous two weeks. Bitcoin has additionally seen extreme losses over the identical time interval, measuring near a 35% drop. Given this backdrop, the altcoin market has additionally quickly shed worth. Ethereum Basic noticed a near-term bullish market construction break. But, this might seemingly not be sufficient to reverse the robust downtrend for the altcoin.

ETC- 4-Hour Chart

On the H4 chart, it may be seen that the value has set a sequence of decrease highs since late Could. What will not be proven on the charts is that this downtrend stretches again to early April.

On the time of writing, there have been two zones of nonetheless resistance for ETC. The higher one was $18, and the decrease one at $14.8, each demarcated by pink packing containers. Furthermore, the 38.2% Fibonacci retracement stage added confluence to the $18 resistance zone.

ETC broke previous the $15.3 stage up to now couple of days of buying and selling. This flipped the near-term market construction to bullish. The $13.89 assist additionally seemed to have been defended.

But, the upper timeframe bias stays strongly bearish. Due to this fact, a shorting alternative may quickly current itself.

ETC- 1 Hour Chart

The H1 chart highlighted the bullish construction flip, however the $16.15 stage has not but been overwhelmed. In actual fact, the sweep of this stage the day gone by earlier than a transfer decrease prompt that the pattern was firmly bearish.

Therefore, The complete area from $14.6 to $16.1 can be utilized to enter a brief place. Bearish divergence on a timeframe increased than the H1 may supply a extra exact entry.

The RSI on the hourly was preventing with the impartial 50 mark. Even when the hourly RSI climbs increased, it could not counsel a pattern reversal. The OBV noticed a spike increased on the day gone by of buying and selling, whereas the CMF climbed to -0.04.

Taken collectively, it prompt the presence of some shopping for strain. But, it wasn’t overwhelming strain, and may not imply a pattern reversal to the bullish aspect.

Conclusion

The upper timeframe bias stays bearish, regardless of the bullish break on the decrease timeframes. The $16.15 stage stays unbroken, and the $14.8 can be a zone of resistance.

Due to this fact, a brief place will be scaled into between the $14.8 and $16.1 ranges, with a stop-loss simply above $16.3. To the south, the 23.6% Fibonacci extension stage at $10.13 might be a bearish goal.

• Stress on important cryptos continues, nonetheless promising sign seen
• Cardano: proof-of-stake crypto
• ADA has taken a dive
• Solana taking over Ethereum
• SOL underperformed Ethereum

Will probably be an understatement to say it has been a bumpy journey throughout the cryptocurrency asset class. From a long-term perspective, the price of cryptos has exploded since quietly emerged on the scene at 5 cents per token. Whereas the worth movement in digital currencies since November 2021 has been bearish, on the current $43,011 per Bitcoin at time of publication, the appreciation has been mind-blowing.

Bitcoin gave begin to , and the two most extraordinarily valued tokens by market cap are the grandparents of an entire 18,383 tokens, with the number of rising day-after-day. Cryptocurrencies with the very best 10 market caps throughout the asset class are worth larger than $23.1 billion, which isn’t chump change.

(ADA) and (SOL) are part of that elite class. Though ADA and SOL have corrected as a result of the 2021 highs they proceed to attract quite a lot of consideration.

Stress On Foremost Cryptos Continues, Nonetheless Promising Indicators Seen

Bitcoin and Ethereum prices proceed to sit down down at ranges nearer to the Jan. 24 lows than the Nov. 10, 2021, highs.

Provide: CQG

At $43,257 on Mar. 24, shut by had been spherical $8,670 above the Jan. 23 low and larger than $23,000 beneath the Nov. 10 extreme.

Provide: CQG

On the $3,053.50 diploma on Mar. 24, shut by had been about $816.50 above the Jan. 24 low and $1,848 beneath the Nov. 10 extreme.

Within the meantime, Bitcoin and Ethereum prices have made lower highs and higher lows as a result of the Jan. 24 low. The rising wedge pattern implies that the principle cryptos have gotten tightly coiled springs that will break larger or lower, and sooner barely than later. Given the long-term developments, the probabilities proceed to favor larger prices.

Bitcoin and Ethereum are the market leaders, nonetheless quite a lot of the extraordinarily capitalized followers will seemingly monitor them like obedient puppies.

Cardano: Proof-Of-Stake Crypto

Cardano is a public blockchain platform. It’s open-source and decentralized, using a proof-of-stake protocol, requiring far a lot much less energy than the proof-of-work protocol. Cardano facilitates peer-to-peer transactions with its native cryptocurrency, ADA.

Cardano has been spherical since 2015, primarily based by Ethereum co-founder Charles Hoskinson. On Mar. 24, ADA is the seventh-leading cryptocurrency, with a market cap of larger than $38.5 billion.

Provide: Investing.com

ADA Has Taken A Dive

Cardano’s ADA began shopping for and promoting in October 2017 at 2.6 cents per token.

Provide: CoinMarketCap

The chart highlights that ADA reached a extreme of $2.9682 in September 2021 sooner than correcting. At $1.14 on Mar. 24, ADA has taken a extreme dive nonetheless continues to have substantial market cap and liquidity, preserving it attention-grabbing for retailers and merchants.

Solana Taking On Ethereum

Solana is a public blockchain platform with smart contract efficiency. Solana’s native cryptocurrency is SOL, and Solana claims to provide faster transaction situations and reduce costs than its principal competitor, Ethereum.

On Mar. 24, SOL was the ninth-leading cryptocurrency.

Provide: Investing.com

At $97.32, SOL’s market cap stands at larger than $31 billion.

SOL Underperforming Ethereum

SOL began shopping for and promoting in April 2020 at 78.0 cents per token.

Provide: CoinMarketCap

It reached a extreme of $258.93 in November 2021. SOL’s worth has dramatically corrected over the earlier months. Like ADA, it provides liquidity for retailers and merchants and is throughout the elite excessive 10 of the asset class.

ADA and SOL will seemingly adjust to Bitcoin and Ethereum as soon as they escape of the current wedge patterns. This makes ADA and SOL partaking choices to the two excessive cryptos.

Nonetheless, merchants and retailers must solely make investments capital they’re eager to lose in any cryptocurrency. A reward is on a regular basis a carry out of risks, and the potential for unbelievable proportion constructive elements goes hand in hand with the possibility of an entire loss.

Cryptocurrency costs and investor sentiment reversed course on Dec. 15 after Federal Reserve chairman Jerome Powell confirmed the financial institution’s plan to hike rates of interest in 2022 and decelerate the bond buying program that had been in play for the reason that emergence of the coronavirus in March 2020.

Following the announcement, Bitcoin (BTC) value tacked on a 1.65% achieve, bringing the worth above $49,000 and Ether trekked again above the $4,000 mark. Altcoins adopted swimsuit with their ordinary double-digit good points and for the second, it seems as if bulls have taken again management of the market.

Knowledge from Cointelegraph Markets Professional and TradingView reveals that the most important gainers over the previous 24-hours have been ECOMI (OMI), Aragon (ANT) and RAMP.

ECOMI migrates to Immutable

ECOMI is a expertise firm targeted on constructing a blockchain-based digital collectibles market the place customers should purchase and share nonfungible tokens (NFTs) throughout the social community service utilizing the mission’s native OMI token as a medium of alternate.

VORTECS™ knowledge from Cointelegraph Markets Professional started to detect a bullish outlook for OMI on Dec. 1, previous to the current value rise.

The VORTECS™ Rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market situations derived from a mixture of knowledge factors together with market sentiment, buying and selling quantity, current value actions and Twitter exercise.

As seen within the chart above, the VORTECS™ Rating for OMI climbed into the inexperienced zone and reached a excessive of 81 on Dec. 1, round 96 hours earlier than the worth started to extend 39% over the following ten days.

The constructing momentum for OMI comes because the ECOMI ecosystem migrates to Immutable, an Ethereum (ETH) scaling answer particularly designed for NFT tasks.

Aragon hosts a DAO hackathon

Aragon Ethereum network-based protocol that helps decentralized autonomous organizations (DAOs) growing governance buildings to encourage neighborhood engagement.

VORTECS™ knowledge from Cointelegraph Markets Professional started to detect a bullish outlook for ANT on Dec. 12, previous to the current value rise.

As seen within the chart above, the VORTECS™ Rating for ANT started to choose up on Dec. 12 and reached a excessive of 70 round two hours earlier than the worth started to extend 60% over the following two days.

The rally in ANT value is going down concurrently a DAO international hackathon goals to draw builders to the Aragon ecosystem and there are rumors that the DAOpunks NFT mission conduct an airdrop to ANT holders.

Associated: Bitcoin sheds ‘dumb cash’ as retail buys most BTC since March 2020 crash

RAMP advantages from liquidity mining incentives

RAMP is a multi-chain decentralized finance (DeFi) protocol that helps traders turn into extra capital environment friendly.

Knowledge from Cointelegraph Markets Professional and TradingView reveals that after hitting a low of $0.179 on Dec. 14, the worth of RAMP spiked 52.56% to a day by day excessive at $0.274 on Dec. 15 as its 24-hour buying and selling quantity surged 800% to $54.2 million.

The worth spike for RAMP got here after the launch of a liquidity mining incentive program resulted in a pointy uptick within the whole worth locked within the protocol. Presently there may be $63.3 million invested throughout Ethereum, Polygon and Binance Good Chain.

The general cryptocurrency market cap now stands at $2.126 trillion and Bitcoin’s dominance price is 41.7%.

The views and opinions expressed listed here are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes threat, it’s best to conduct your personal analysis when making a call.