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Solana Appreciated After Latest Development, What Are The Next Trading Levels?

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Solana Appreciated After Latest Development, What Are The Next Trading Levels?

Solana soared in double digits over the last 48 hours. The coin touched the $43 mark before it started to retrace on its chart again. In the last 24 hours, SOL just lost 0.1% of it value and stuck to its bullish price action.

Owing to its recent development, Solana has displayed a price rally. Technical outlook of SOL was also bullish at press time.

The altcoin witnessed an increase in buying strength. This has been influential in driving the price up. Solana has opened up permanent retail space in Manhattan.

These stores are specifically dedicated to all things related to cryptocurrencies.

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Solana Spaces, CEO Vibhu Norby also mentioned that these physical Solana retail stores have an intention to introduce approximately 100,000 people each month to the Solana ecosystem.

He also hinted that there are possibilities to open a virtual storefront soon in the future. A grant from the Solana Foundation has helped the Solana Spaces to set up a shop in Hudson Yards New York.

Solana Price Analysis: Four Hour Chart

Solana was priced at $42 on the four hour chart | Source: SOLUSD on TradingView

SOL was trading at $42 at the time of writing. The altcoin was finally able to break past the $40 price level. Overhead resistance for the coin stood at $47. SOL has struggled to move past that price zone for couple of weeks now.

For Solana to continue its bullish momentum, it has to trade above the $43 price ceiling level for a substantial period of time.

Nearest support line for the coin was at $40 and $38. If the coin loses the $38 price floor, the next support line awaits the altcoin at $36.

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Trading volume of Solana registered a small decline which indicated that selling pressure might have been on the rise.

Technical Analysis

Solana displayed a fall in buying strength on the four hour chart | Source: SOLUSD on TradingView

SOL had just touched the overbought price zone, however, as price gently moved south so did buying strength. Although there has been a fall in buyers, buying strength remained higher than selling strength at the time of writing.

The Relative Strength Index was slightly below the 60-mark which meant that buyers exceeded sellers on the chart. The price of SOL was above the 20-SMA line, the reading indicated that buyers were driving the price momentum on the chart. SOL was also above the 50-SMA and 200-SMA line, that indicated bullish force in the market.

Related Reading | Bitcoin Flirts With Hurdle At $24k, Why It Could Be In Early Days Of Recovery

Solana flashed buy signal on the four hour chart | Source: SOLUSD on TradingView

The altcoin reflected increased buying pressure on other indicators as well. Moving Average Convergence Divergence pictures price momentum and change in the same. MACD underwent bullish crossover and presented green signal bars which are tied to buy signals for the altcoin.

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Bollinger Bands depict price volatility and fluctuations in the same. The bands have opened up wide which indicated that price of the altcoin could experience further volatility. For SOL to maintain its bullish stance, buying pressure and broader market strength will be necessary.

Related Reading | Bitcoin Breaks $24k As Exchange Whale Ratio Declines

Featured image from LeewayHertz, chart from TradingView.com

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Monero Faces Pressure In Keeping Upward Pace – Will XMR Overcome Resistance?

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Monero Faces Pressure In Keeping Upward Pace – Will XMR Overcome Resistance?

Monero has its hands full trying to keep its momentum and rally forward. But, it must first overcome obstacles. As do other tokens.

The token is trying to keep up with the upward tilt. Remarkably, XMR price is trying hard to recover and keep up with the pace but it seems XMR is doing a great job as it’s currently on the green and winging it.

The daily price chart shows that XMR price is trying to soar upwards. Monero is gaining strides as it shoots up close to the top trendline of the channel. In order for XMR to rebound or go through the target resistance, the coin must maintain its current pace in terms of price.

Monero (XMR) Price Surges 4.33%

For XMR to shoot hoops at a bullish pace and breach the ascending parallel channel, the XMR bulls must push through its upward movement. However, it seems the bears are attempting to weaken the XMR market.

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With a frail market, it is challenging for XMR and other cryptocurrencies to recover. XMR investors must hold it off until such time that the bulls can maneuver and maintain the current position found at the top trendline of the ascending parallel channel.

According to CoinMarketCap, Monero price is currently trading at $167.68 or showing off an increase of 4.33%. Trading volume was seen to drop by 6.88% as depicted in the intraday trading session. As of press time, bears try to drag the token towards the lower trendline of the ascending channel.

Bulls’ Accumulation Pivotal For XMR Price Rally

It would need more buyers for XMR price to leap quickly closer to the top trendline of the channel. But, the volume change also indicates that boosting the bulls’ accumulation is pivotal for XMR price to surge. For XMR to show significant recovery on the daily price chart, XMR price must move closer to the upper trendline.

The daily price chart for XMR price shows the formation of a rising parallel channel. More so, the technical indicators for Monero show the token’s downward trend in terms of momentum. RSI at 58 also shows a downward movement for XMR which is gearing close to a neutral zone.

MACD is showing the downward movement of XMR as it glides under the signal line following a failed crossover. Hence, XMR investors will need to wait on the sidelines for any changes on the daily chart.

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XMR total market cap at $3.02 billion on the weekend chart | Source: TradingView.com    Featured image from The Market Periodical, Chart from TradingView.com

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Uniswap Price Falls Below $9 After It Met With A Sell-Off, What’s Next?

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Uniswap Price Falls Below $9 After It Met With A Sell-Off, What’s Next?

Uniswap price at the current moment has displayed a downward movement on its chart. The coin lost the $9 price mark and was moving closer to its local support level.

Over the last 24 hours, UNI depreciated considerably by 6%. Most gains that UNI logged were lost over the past week.

The technical indicator for UNI has depicted mixed trading signals. The buyers in the market have left owing to the recent fall in price.

For Uniswap price to pick up momentum, buying strength and demand for the coin remain quite crucial.

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As selling pressure mounted, UNI started to flash bearish price signals on its chart. The price of the altcoin needs to experience a breakout for the bulls to drive the price momentum.

The coin broke below its $8.40 support line and fell below that. An increase in demand for the coin can help UNI recover over the next trading sessions.

Uniswap Price Analysis: Four-Hour Chart

Uniswap was priced at $8.30 on the four hour chart | Source: UNIUSD on TradingView

The altcoin was priced at $8.30 at the time of writing. Uniswap lost its immediate support line and the bears have changed that level to a resistance mark for the coin.

Overhead resistance for the altcoin was at $8.76, however, a tough price ceiling for the altcoin was at $9.30.

The coin has tried to break past the mentioned price mark a couple of times but was met with sellers in the market. The immediate price floor for the coin stood at $7.80.

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Although over the past few weeks UNI has recovered considerably, the demand for UNI has to keep growing.

The volume of UNI traded in the last session has declined as there has been a fall in buying strength.

Technical Analysis

Uniswap depicted a small rise in buying pressure on the four hour chart | Source: UNIUSD on TradingView

UNI had moved closer to the oversold zone over the last trading sessions, however, it did not touch that zone. At the moment, the coin has low buying strength but the coin was not overbought.

The Relative Strength Index noted an uptick below the half-line signifying that the demand for the altcoin could register an increase over the next sessions.

Uniswap price was seen below the 20-SMA line, this signalled bearishness in the market. It also depicted that the sellers were driving the price momentum in the market.

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Uniswap painted sell signal on the four hour chart | Source: UNIUSD on TradingView

The altcoin has flashed bearish signals on most technical indicators. UNI registered a sell signal on the four-hour chart. Moving Average Convergence Divergence depicts the price momentum and change in the momentum.

As demand for UNI has remained low, MACD underwent a bearish crossover and displayed red histograms.

The red histograms were sell signal for UNI. Chaikin Money Flow determined the capital inflows and outflows.

CMF was below the half-line as capital inflows were less than outflows at the time of writing. With increased demand and buying strength, the coin will attempt to move up on its chart.

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Chainlink Price Above $8, Can It Go Past Its Immediate Resistance?

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Chainlink Price Above $8, Can It Go Past Its Immediate Resistance?

Chainlink price has been trading in an upside channel over the past few trading sessions. The altcoin has managed to move past the $8 level, it is now eyeing the next important resistance mark. The technical outlook of the coin has turned positive as buying strength increased on the chart.

Over the last 24 hours, the coin moved up the chart by 2% and in the past week, LINK logged 14.7% appreciation. Chainlink price also managed to revisit the $8.80 mark however, the coin has experienced tough resistance at that price mark.

For Chainlink to move past the aforementioned price ceiling, buying strength has to remain high in the market. Once LINK topples over the $8.80 price ceiling, it could target $9, thereby, invalidating the bearish thesis completely. It is important to note that a small dip in demand for the altcoin can bring back the bears

Chainlink Price Analysis: Four-Hour Chart

Chainlink price was at $8.70 on the four hour chart | Source: LINKUSD on TradingView

LINK was priced at $8.72 at the time of writing. The altcoin retraced briefly after it touched the $8.80 price mark. The immediate price ceiling for LINK stood at $8.80 and a push above that level will propel Chainlink’s price to $10.

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The local support level for LINK was at $8.16 and a fall below that will make the coin trade near the $7.60 price mark. The amount of Chainlink traded in the past session increased. This reading meant that bullish pressure had started to build in the market and that buying strength increased over the last trading sessions.

Technical Analysis

Chainlink depicted increased buying strength on the four hour chart | Source: LINKUSD on TradingView

The altcoin has depicted trading on an upside in an ascending trendline. Chainlink price formed higher highs and higher lows signifying positive price change.

If LINK doesn’t break past the immediate resistance mark, the coin can lose its current price momentum.

The altcoin had just visited the overbought zone after which it travelled south briefly. The Relative Strength Index was positive above the 60-mark depicting increased buying strength.

Chainlink price was above the 20-SMA line. A reading above the 20-SMA line indicates that buyers were driving the price momentum in the market.

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Chainlink flashed buy signal on the four hour chart | Source: LINKUSD on TradingView

LINK has depicted an increased buy signal on the four-hour chart. Indicators also captured the increase in demand. Moving Average Convergence Divergence portrays the current price momentum and possible reversals in the same. MACD underwent a bullish crossover and formed green signal bars on the indicator.

These green signal bars are buying signals for the coin. If buyers continue to act on it, the Chainlink price could soon topple over $8.80. Parabolic SAR depicts the trend, the indicator, however, hasn’t painted a positive picture. It started to form a dotted line above the candlestick, this could be in the anticipation of a fall in price over the next trading sessions.

Featured image from Yahoo Finance, chart from TradingView.com

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