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Solana Holds Key Support To Avoid Drowning, How Long Can This Last?

The price of Solana (SOL) has been volatile against tether (USDT), causing more pain for hodlers. Despite showing such strength, the price of Solana (SOL) has risen from $30 in recent weeks to around $45, as many investors hoped for more relief rallies to around $60. Solana (SOL) prices were rejected and have continued to fall with no significant bounce. (Data from Binance)

Solana (SOL) Price Analysis On The Weekly Chart 

SOL’s price dropped from $250 to around $30, representing a drop of more than 70% from its all-time high. After touching a weekly low of $32, the price of SOL rallied to $45, demonstrating great strength as many set prices and expectations for a rally back to $60, but the price was met with rejection.

On the weekly chart, the price of SOL formed a downtrend line as it continued to respect this resistance line, bouncing off to continue its bearish run. Nonetheless, the price of SOL was rejected from the trendline resistance after a while, and it could not break this trendline.

SOL is trading above the key support level of $30; the price of SOL must remain above this level to avoid falling to $24-$20. With the price of SOL holding this support, we may be able to trade higher to the $35 region. A break below $30 would signal a return to lower demand zones and a reluctance of bulls to enter buy orders as there would be more agitation for lower prices.

To resume its bullish trend, SOL’s price must break and hold above the trendline resistance that is preventing the price of SOL from trending higher. If the price of SOL continues to reject the trendline resistance, the price may fall because there are more sell orders than buy orders.

Weekly resistance for the price of SOL – $45.

Weekly support for the price of SOL – $30.

Price Analysis Of SOL On The Daily (1D) Chart
Daily SOL Price Chart | Source: SOLUSDT On Tradingview.com

The daily timeframe for SOL prices continues to deteriorate as prices break to the downside, with prices ranging in a channel with $45 as resistance and $30 as support.

The price of SOL must break out of this range channel with significant volume to restore hope and relief to most investors. A break and close below $30 would be bad for the SOL structure because the price would face more sell orders and panic. If the price of SOL breaks and closes above $45, we may see a minor relief bounce to the $60-$80 range.

The Relative Strength Index (RSI) for SOL is above 40 on the daily chart, indicating more sell order volume. 

Daily resistance for the SOL price – $45.

Daily support for the SOL price – $30.

Featured Image From zipmex, Charts From Tradingview

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Crypto

Bitcoin (BTC) Will Test $14K Mark Instead Of Skyrocketing, Analyst

Despite Bitcoin recording substantial gains in the last few days, an analyst believes it’ll nosedive to $14k. Earlier this week, BTC experienced rocky times before giving the bulls something to cheer about. Despite the coin trading above its $20k resistance, popular trader Il Capo of Crypto believes it won’t hold this position for long.

The general sentiments surrounding bitcoin are positive, and investors are optimistic that the price will continue to rise. However, there is a lot of uncertainty regarding how far the price can go up. 

Related Reading: Bitcoin Bulls Snap Back With The Bollinger Bands | BTCUSD Analysis October 5, 2022

Analyst Sees BTC Nosediving To 14k Soon.

Il Capo of Crypto, a popular crypto swing trader with over 500k followers, shared some bearish sentiments about the coin. In his tweet on October 5th, he mentioned that Bitcoin would reach a local top between $20,400 – $20,100. After that, it’ll show bearish signs and tip over to new lows. 

20500-21000 hasn’t been touched and there’s no ltf distribution. Expecting the last leg up soon. Then ltf bearish signs, and reversal to new lows (14k-16k). – Il Capo of Crypto.

As of writing, Bitcoin still hasn’t crossed the $21.4k mark and is currently trading at $20,035. It has also recorded a 1.48% decrease in value since yesterday. The market cap of the cryptocurrency stands at $383 billion.

Other Experts Think Otherwise

On October 4th – 5th, Bitcoin (BTC) demonstrated strength by surpassing the $20,000 barrier after gaining 5% on the day. Some investors speculate the market to rise to $28,000 after the move liquidated $75 million in leverage short (bear) holdings. According to Mustache, the declining channel continues to apply its pressure. However, there may be sufficient strength to challenge the upper channel trendline at $21,500.

The price movement on October 4 coincided with better circumstances for global equities markets. The S&P 500 index rose 3.1%, and the tech-heavy Nasdaq Composite climbed 3.3% over the same time period.

Surprisingly, morale rose amid job opportunities in the United States falling by 1.1 million in August. The drop was the biggest since April 2020. This indicates that the aggressive tightening of money by the U.S. Federal Reserve could end sooner than expected. Bitcoin may have broken the $20,000 barrier due to widespread optimism. However, this does not mean institutional investors are satisfied with the current price.

Bitcoin’s price is currently trading above $20,000. | BTCUSD price chart from TradingView.com
What Next For Bitcoin

It seems like Bitcoin is going through a phase where it is consolidating. There is a possibility that the price will fall back to $19,000 as the bears attempt to take control. If this happens, we might see a retest of the $14,000 level, as Il Capo of Crypto suggested. Conversely, if the bulls manage to push the price higher, we might witness another run towards the $25,000 level.

Related Reading: GMX Token, Arbitrum Favorite Get Listed On Binance, What Next?

Recent news like the dollar DXY index drop and the Credit Suisse situation might help keep the market bullish. We can only see where the pioneer crypto moves in the coming days.

Featured image from Pixabay and chart from TradingView.com

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Crypto

Ripple (XRP) Continues Positive Moves, Added Over 12% In A Week

Ripple (XRP) has been steadily climbing, adding over 12.50% in the past seven days. This is despite its ongoing case with the SEC coupled with the overall bearish market sentiments. 

The bulls have managed to keep the XRP token flying high above $0.48 and are edging to break through its $0.50 resistance. XRP experienced a rocky start last week Wednesday, falling below its $0.44 floor price. However, the coin quickly gained momentum the next day, adding over 13% gains before the end of the trading day.

Related Reading: Low Volatility Crypto Market Supplies Surprisingly Stable State Of Fear

Ripple Closed Its Best Month In 2022

September was a good month for Ripple as it closed out the best month since the beginning of the year. In the previous week, XRP’s price on the weekly chart approached a significant resistance level at $0.56. However, it was unsuccessful in breaking through that level. 

This resistance is a combination of the yellow rising line and the horizontal barrier seen in red. By the way, a weekly red candle following several consecutive green candles is not uncommon by any means. 

XRP retested the $0.56 level again on the 29th but couldn’t sustain it. It finally closed the month with a $0.49 high. Upward momentum is anticipated once the price of the asset breaks and sustains a closing above $0.56.  We might see this soon enough unless it drops below the $0.4 support level. 

XRP’s price is currently trading at $0.4929. | Source: XRPUSD price chart from TradingView.com
XRP Holds Its End Against BTC

XRP’s over 12% weekly gain isn’t the only thing that caught our attention. The asset also held its end against Bitcoin (BTC). Although the XRP/USD exchange rate is down 0.5%, it is up 1.5% to 3% against BTC. In comparison to Bitcoin, the XRP price has increased by more than 50% over the previous three weeks. This puts XRP at levels not seen since the summer of 2021.

XRP price movement might have several causes. Of course, the primary driver is the SEC’s legal battle with Ripple, which seeks to recognize XRP as a security. Recent events seem to favor XRP and Ripple, but the final verdict is not yet out.

The second, less obvious explanation may be today’s announcement about SWIFT and CBDC tests. SWIFT successfully tested several technologies with CBDC. Financial institutions from France and Germany, including their central banks and commercial counterparts, participated in the experiments. They explored using CBDC worldwide and converting it to fiat if needed.

What Next For Ripple

Ripple is currently trading at $0.4928 and is set to retest the $0.50 resistance floor. As long as buyers outnumber sellers, this uptrend is likely to continue. However, if the price reaches a critical level of $0.44, bears may come in as they did on September 23.

Related Reading: XRP Price Could Get A 23% Boost From This Bullish Formation Breakout

The 12% weekly gain demonstrates that buyers are dedicated to taking XRP over $0.50 and $0.55. Achieving this goal will pave the way for the token to go to $0.70 soon.

Featured image from Pixabay and chart from TradingView.com

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Crypto

Bitcoin Blows The Highest Daily Candle Since Last 24 Days

After wading through a declining path for weeks, the crypto market and Bitcoin have suddenly entered another phase. The past few days have proved to be favorable for prices in the market. Almost all crypto assets are making impressive northward movements.

For the primary cryptocurrency, its moves to reclaim value are commendable. Bitcoin has reached the $20,000 region as it made more gains. In addition, the token finally closed a daily candle across the critical level.

Also, the altcoins are making significant progress with positive movements during the trading hours of the last few days.

Bitcoin Closes Daily Candle Above $20K

The $20K is one of the critical levels for Bitcoin. Over the past few weeks, BTC went down below this mark due to the solid bearish pull in the crypto market. But the leading crypto asset is gradually bringing back its value this week.

Bitcoin has finally closed a daily candle higher than $20,000 for the first time since September 17. This new feat strengthens the token positively, hovering between $18,000 and $24,000 for some months. Furthermore, this new position is the highest daily close for BTC in almost 24 days.

This recent price movement has stirred lots of participants in the crypto space. Many are watching to see the sustainability of BTC on this level.

At the time of writing, BTC is trading at around $20,247, indicating an increase of 0.44% over the past 24 hours. Its market cap has grown to $385.8 billion. Also, BTC’s dominance over the altcoins sits at about 40.19%, with a rise of 0.23% within the past day.

Bitcoin Surpasses The $20,000 mark l BTCUSDT on Tradingview.com
Most Altcoins Gained With GMX As Top Performer

The broader crypto market is feeling the bullish trend too. The altcoin has shown positive value reclaim within the past few days.

Most of the altcoins are in the green though some have not shown a massive increase in value over the past day. For the top 10 crypto assets by market cap, Dogecoin (DOGE) and Ripple (XRP) take the lead. They recorded about 6.2% and 3.6% gains in the values.

GMX, the native token of the GMX cryptocurrency, proved to be the top performer among the altcoins over the past 24 hours. The token amassed over 30% gain in its value. It is trading at around $55.27 at the time of press.

The performance of GMX could be in connection with the recent announcement from Binance to list the token in its innovative zone. However, EVMOS emerged as the top loser. The crypto lost more than 4% over the past day.

The impressive outplay of all the cryptocurrencies pushed the cumulative market capitalization to $960.13 billion. This figure shows an increase of about 0.34% over the past 24 hours.

Featured image from Pixabay and TradingView.com

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