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Solana is showing signs of gearing up for a potential breakthrough above the $160 price mark. The fact that the aforementioned price level coincides with the 50 EMA makes it a little more important for the price.
Solana is facing the 50-day EMA near $160, which is a key resistance level in technical analysis. This EMA serves as a measure of medium-term market trends and has historically served as a strong resistance or support level depending on the direction of the market. For Solana, overcoming this mark would indicate strong bullish sentiment and potentially lead to higher price levels.
However, the path to overcoming this resistance is challenged by declining trading volumes. Typically, a decrease in volume can indicate a lack of confidence in the direction of the market, and that traders may be cautious and waiting for more definitive signs before committing to larger positions. suggests. This could mean that for Solana to approach $160, a significant catalyst or market event is needed to increase confidence and trading activity.
Another technical aspect to keep an eye on is the possibility of a “neckline” breakout around $160. This term refers to an important level in a chart pattern, such as a head and shoulders or inverse head and shoulders, whose breaking can cause large price movements. A definitive close above this level could justify the bullish forecast and trigger a new wave of buying interest.
Will Ethereum do that?
Ethereum is currently unable to break through the 100 EMA threshold. An important observation is that it cannot exceed the 100-day EMA, which is a technical indicator that serves as a measure of the medium-term trend of an asset.
Currently, Ethereum is trading below $3,100 and is struggling to establish a clear uptrend. This price point is very important, as falling below this price point poses considerable risk to Ethereum's valuation. A sustained position below the 100 EMA not only highlights market bearishness, but also sets up a potential scenario where Ethereum could test the 50 EMA.
A potential move towards the 50 EMA is significant. This indicator is often seen as an indicator of short-term trends. A decline to this level could strengthen the bearish outlook, suggesting that a price decline may be just a matter of time.
cardano resistance
Cardano is facing a key moment on the chart, facing a major resistance level at $0.46. This resistance has acted as a strong barrier, preventing the price from rising in recent weeks. However, the latest trading activity indicates that a potential breakthrough may be on the horizon.
The $0.46 resistance level is not just a random number. It has been tested many times over the past few months and has become a key focus for traders. Every time ADA approaches this level, selling pressure increases, pushing the price down. However, current market trends suggest that change may be on the way.
A recent spike in trading volume has been observed as ADA approaches this key resistance level once again. An increase in volume usually indicates increased interest from traders and can often precede a large price move. If buyers can overpower sellers, we may witness ADA break through this resistance level.
Furthermore, the relative strength index shows that ADA is moving towards a neutral point, with its current value approaching 50. This suggests that selling pressure is easing and buying interest is increasing, which could tip the balance of forces in favor of ADA. bulls.
The RSI trending towards the midline of 50 is particularly important as it suggests market sentiment is moving from bearish to potentially bullish. If the RSI continues to rise and remains stable, this would support the scenario of stronger upward momentum.
A successful breakout of the $0.46 resistance would open the door for further upside and a possible test of higher resistance. On the other hand, failure to break through could lead to consolidation or setbacks, leading to lower support levels.
About the author
Armand Sirignan
