Solana’s Potential Move Towards $120
Solana has been gaining attention from investors due to its robust blockchain platform. Recent price action indicates a possible move towards the $120 mark. A detailed analysis of its price reveals that SOL is currently trading in an ascending channel, suggesting bullish sentiment among traders.
The support and resistance levels play a crucial role in understanding Solana’s potential trajectory. The $100 level serves as a strong support base, indicated by the lower boundary of the ascending channel and reinforced by the 50-day moving average. This level has been tested multiple times, making it a significant psychological and technical stronghold for the price.
Resistance is observed near the upper trend line of the channel, just above the $110 mark. A break above this resistance could pave the way toward the $120 target. The 100-day and 200-day moving averages, currently at $88.21 and $67.23, respectively, continue to slope upwards, providing additional layers of support and confirming the long-term uptrend.
If the bullish momentum continues, a push past the current resistance could see Solana testing $120 in the foreseeable future, representing a significant psychological level and a new foothold for the cryptocurrency.
Starknet’s Volatility Surge After Binance Listing
Starknet’s listing on Binance has triggered a significant surge in volatility for the asset, as anticipated. The recent price chart for STRK shows a notable spike in trading activity, with prices briefly touching a high before settling around $3.0625, marking the current resistance level.
The sharp increase in volume accompanying this surge is a classic indicator of heightened investor interest and market volatility. Support levels, post-listing, seem to be forming around the $2.8624 mark, aligning with the price just before the listing announcement. Monitoring this level closely is essential, as a sustained fall below could signal a bearish outlook, while stability above it may indicate consolidation before a potential uptrend.
It’s important to note that projects with significant token airdrops often face substantial selling pressure after market listings.
Cardano’s Ascendancy in the Altcoin Market
Cardano is vying for dominance in the altcoin market, marked by significant gains and standout performance. A technical analysis of ADA’s price chart reveals a compelling bullish trend, breaking out of a consolidation pattern with the price hovering around $0.6376.
The support levels for ADA are well-established, with the immediate one at the $0.5017 mark, aligned with the 50-day moving average. This level has acted as a springboard for the price recently, and its strength is crucial for maintaining the upward momentum. Additional support is found at the $0.4446 level, near the 200-day moving average, providing a robust safety net for potential pullbacks.
On the resistance side, the first significant level is around $0.7, acting as a psychological barrier in the past and potentially testing ADA’s bullish case. A sustained move above this level could open the door to higher valuations, with the next resistance possibly forming around the $0.8 to $0.9 range.
