As a researcher with a background in cryptocurrency analysis, I’ve closely monitored the recent price movements of Solana (SOL) and Bitcoin (BTC). The past 24 hours have seen an intriguing development: while SOL price surged by 9.3% to $136.36, BTC dipped below $60,000 before recovering to around $61,327.
The price of Solana climbed by 9.3% over the past 24 hours, reaching a trading value of $136.36. Most altcoins have seen growth lately. In contrast, Bitcoin experienced a dip below $60,000 on the previous day, causing market turmoil, but has since rebounded and is now priced at approximately $61,327 during European trading hours on Tuesday.
Solana Price May Surge 24% If Bulls Hold This Level
A symmetrical triangle that previously shaped up on Solana’s daily chart has transformed into a descending triangle as a result of Bitcoin’s price decline the previous day. Although this development may raise some concerns, it’s important to note that Solana’s price behavior has been quite impressive in the past. The support level around $130 is also strong and reliable.
In the last 3.5 months, the level has undergone testing on four occasions. Remarkably, it managed to maintain its position during each instance. Nevertheless, this upcoming test could present a new challenge given the influence of Bitcoin market conditions.
The price of Solana (SOL) on the cryptocurrency market has recently brushed up against its 200-day moving average (MA), causing a minor rebound. This moving average is widely recognized for serving as reliable support points when dealing with financial instruments. According to CoinGecko’s data, there was a significant increase of 135% in Solana’s 24-hour trading volume, signaling growing investor attention towards this asset.
The price of Solana is predicted to rebound from this support level and reach the upper boundary of the descending triangle. This could lead to a significant increase of approximately 25% from the current rate, placing the asset at $171. Alternatively, if the support level gives way, Solana’s price may encounter additional supports at $98, $87, and $56.
Solana Price Watching Out For Bitcoin’s Next Move
Bitcoin encountered a setback last week when selling pressure caused its price to dip to a low of $58,456. Yet, bulls managed to regain control and propelled the asset above the crucial $60,000 support level by the end of the day. This level has been tested five times over the past four months, making it an essential area to monitor closely.
Bitcoin currently finds itself in a prolonged consolidation period, lasting approximately 4 months. At present, the cryptocurrency hovers near the bottom of this range. Should BTC rebound from its current position, it could potentially reach the upper boundary of this consolidation, which aligns with its previous all-time high ($73,838). As Bitcoin ascends, potential resistance levels can be expected around $65,000, $72,000, and $73,838. If the price continues to surge past these levels, it may enter uncharted territory. Conversely, if Bitcoin experiences a downturn, it might find support near its 200-day moving average ($58,600). In the event of a more significant pullback, the $49,800 and $43,800 levels could act as buffers to mitigate further declines.
Bottom Line
In the initial portion of 2024, Solana’s SOL price has shown remarkable progress. However, should Bitcoin’s price persistently decline, this could bode poorly not just for Solana but also for the larger cryptocurrency market.
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2024-06-25 10:46