As an experienced analyst, I have closely monitored the cryptocurrency market for several years, and I can see some interesting trends emerging this week. While most coins are experiencing a bullish run, there are exceptions like Solana (SOL) and Binance Coin (BNB).
Most cryptocurrencies have begun the new week with a positive trend as indicated by CoinMarketCap. Yet, there are certain coins that buck this trend and exhibit different price movements.
SOL/USD
The price of Solana (SOL) has risen by 1.12% over the last 24 hours.
As an analyst, I’ve observed that buyers have taken control on the daily chart. However, it’s crucial to exercise patience and wait for the bar to close before considering entering a trade. If the closing price lands near the current levels, there’s a possibility we may encounter a resistance test at $158.50 by week’s end.
SOL is trading at $146.49 at press time.
BNB/USD
Binance Coin (BNB) is less of a gainer than SOL, going up by 0.38% since yesterday.
From a technical standpoint, the BNB token’s price hasn’t built up sufficient momentum for a rise yet. It’s important to keep an eye on the crucial level of around $600 at present.
Should the price bar rise above it without a prolonged wick, an advance could potentially trigger a test of the $630-$640 zone in the near term.
BNB is trading at $594.7 at press time.
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2024-05-13 18:48