The altcoin market is experiencing extreme volatility, and while most coins have benefited from a clear upward trajectory, some important cryptocurrencies have fallen. In this article, we highlight the performance of Cardano (ADA) and Solana (SOL).
Cardano (ADA) is Confused: Could It Rise Again Soon?
decreased Cardano coin price (ADA) It was up 3.6% last night after encountering rejection at the key $0.6 resistance level, which is preventing it from reaching higher levels. At the time of writing, Cardano is trading at $0.5862.
Although ADA managed to bounce strongly after hitting support at $0.47, it is now facing an unexpected reaction. The cryptocurrency faced the same situation on February 16 last year when it surpassed $0.6. Then after some time the price dropped to $0.57. Now the situation appears to be repeating itself with selling pressure that seems uncontrollable by market speculators.
- 👈 For the latest Cardano (ADA) price analysis from BeInCrypto,Click here>
View currency levels for the last 7 days using charts Queen Gekko. We found that Cardano (ADA) recorded a weekly high of $0.6382. Although it recorded a yearly peak of $0.66 on December 14 last year, a level it has not reached since mid-May 2022.
We also note that the cryptocurrency managed to consolidate above the support level at $0.58, which may indicate renewed buying pressure. Therefore, we can assume that the bulls have not yet finished testing the resistance at $0.6, which should be tested again in the coming hours.
The Relative Strength Index, RSI, for ADA continues to point low and shows a reading below 40. This indicates that the bears are looking to break through the $0.58 support, above which the bulls should hold the price. If he wants to ensure the health of the ADA bull market. But if the bulls fail, it will be more dangerous to break the support level at $0.53. This represents a complete reversal of ADA's upward trajectory since early February.
In case of a bounce above, ADA will have to overcome the $0.60 resistance. Then $0.64, and the next key point is reached at $0.7. Breaking the $0.9 resistance will be a game changer.
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Solana (SOL) Fails to Benefit from Market Rally: Is Sub-$100 Yield on the Horizon?
Unlike many other cryptocurrencies that reached new highs, it continued Solana Coin (SOL) It retreated this week, hitting a low of $100.60, its lowest since Feb. 8.
At the current price of $102.64, SOL has registered a decline of approximately 4% in 24 hours and 12.1% in a week, making it the worst-performing coin in the top ten in the cryptocurrency market at the time of writing.
👈 For the latest Solana (SOL) price analysis from BeInCrypto,Click here>
From the point of view of technical analysis, there is reason to believe that the price of Solana at the moment will not fall further, and may even rebound. In fact, the cryptocurrency has been approaching a clear upward trend line since January 23rd.
A break of $100 would be a major bearish signal and would put the 100-day EMA at $88. In terms of upside potential, the February 14 peak at $118.7 and the $120 level represent the first resistance zone to consider in the event of a SOL rally.
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