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Solana is making a vigorous attempt to regain its previous highs after a difficult period. The asset has recently approached the $140 price level, and technical indicators suggest that a reversal could be near.
Solana is currently testing the 100-day EMA, which is roughly in line with the $140 level. This is an important watershed for cryptocurrencies, as the 100 EMA often serves as an important barometer of bullish or bearish trends. The increase in trading volume that accompanies this price movement adds a surprising twist to the story. Typically, an increase in volume that accompanies a test of a major moving average indicates a likely breakout.
If Solana manages to break above the 100 EMA, the next important resistance level will be around the $150 price range. Once this barrier is overcome, a more sustained bull market could begin. The increased volume supports the breakout hypothesis and suggests increased investor interest and possible accumulation at these levels.
On the support side, Solana finds solid ground around $115, as shown by the price reaction so far in the region. A strong rebound from this support could further solidify the foundation for the upward trajectory. However, if this level cannot be sustained, Solana could face downward pressure and test lower support levels, possibly around $100.
A successful rally above the 100 EMA could lead to a rally towards $150 and above, which could be an important recovery step for Solana.
Bitcoin reaches critical levels
Bitcoin is once again approaching the $60,000 critical value, indicating the potential for further significant gains. Currently, the cryptocurrency is hovering around the 100-day EMA, sitting around $59,000.
Despite being close to this important level, the current market tempo suggests investors are remaining cautious. Trading volumes and price movements suggest a slower-than-expected rise, which could impact Bitcoin's ability to smoothly cross the $60,000 mark.
Resistance immediately after $60,000 can be seen around the $63,500 mark, which Bitcoin has approached but failed to break decisively in recent trading sessions. If Bitcoin can maintain its momentum and break through the $60,000 resistance, it will likely be set to test higher resistance around $66,000.
On the downside, the level of support is clearly visible. The strongest immediate support lies at $52,100, a level that has historically withstood bearish economic downturns well. In the event of a pullback in Bitcoin, holding above this support will be important to maintain bullish sentiment in the market.
Dogecoin's great performance
Dogecoin's market shows that holdings are highly concentrated, with 63% of Dogecoin's total supply held by large holders, apart from 80% of the asset's profitability. This concentration can lead to increased price volatility, as decisions by a small number of people can have a large impact on prices in the market. Furthermore, looking at the composition of holders by holding period reveals that the majority (65%) have held their tokens for more than a year, indicating strong holder loyalty and long-term speculation. I am.
Dogecoin market-wide signals are mostly bearish, with on-chain signals showing slightly bearish sentiment with a slight decrease in monetary indicators and large trades. This may suggest investors are taking a cautious approach in response to recent price movements and broader market conditions. Exchange data reveals $278.73 million in outflows, as some investors have removed their holdings from exchanges for long-term holdings or in response to market uncertainty. This may indicate that you are moving it to your personal wallet.
Looking at Dogecoin’s price chart, it is currently testing an important support level around $0.12, represented by the 200 EMA. If this level is maintained, further declines will be prevented. However, if it breaks out, Dogecoin could reach even lower prices. The top resistance level is near $0.15334, and a breakout above this could indicate a recovery.
About the author
Armand Sirignan
