Bitcoin and Solana show price strength

Overview

  • Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network.
  • Solana is a decentralized blockchain built to enable scalable, user-friendly apps for the world.

Here’s the market analysis of Bitcoin and Solana. The analysis tells us about the recent trend in the price pattern of Bitcoin and Solana.

Bitcoin

Currently trading at $58,655.65, Bitcoin is up by 2.71%. Starting off the day at a low of $57,425.06 levels, Bitcoin is currently rallying upwards, owing to dominance from the investors. If we look at the daily chart of Bitcoin today, we see the coin to be mildly bullish, the coin started at low levels, rose to early intraday high of $58,248.09 levels, before making a bullish reversal. Later today, after testing the first support at $57,362.49 levels, it moved upwards. At $57,328.80 levels, Bitcoin made a bullish breakout and has been rallying upwards since. Bitcoin left the first major resistance sitting at $58,043.73 untested and reached the intraday high at $58,874.52 levels. On the hourly chart, Bitcoin is consolidating in a three drives pattern, and is most likely to break on the upside.

Market Indicators:

Hourly RSI: The hourly RSI is currently at 51 levels, showing mild price strength owing to pressure from seller’s side. The RSI is likely to move higher up further.

Fibonacci Retracement levels: 23.6%: $56,442.65, 38.2%: $57,125.70, 61.6%: $58,229.81

Major support level: $56,179.73

Major resistance level: $59,015.19

Conclusion

On the upside prices may move towards $59,000 levels. The first major resistance sits at $58,933.79. In event of an extended rally upwards, the second major resistance sits at FIB 78.6 levels. Barring an extended crypto rally, the first major resistance is likely to cap the upside. On the downside a fall below $55,800 levels, will bring the first major support level $55,338.83 in play.

Solana

Solana currently trading at $214.53 level, is up by 4.13%. The coin started the day at $207.94 levels, rallied upwards to reach the early intraday high of $211.67 levels. During the early day it tested the first support level at 204.76 before making a reversal. Solana tested the next major support at $202.04 levels, after which it has been rallying upwards. At $213.80, it tested the first major resistance. The intraday high was at $214.62 levels. On the hourly chart, Solana is seen consolidating in bearish flag pattern and most likely to break on the downside.

Market Indicators

Hourly RSI: The hourly RSI is moving currently upwards, and is now 38.19 levels; showing major price weakness, owing to pressure from buyer’s side.

Fibonacci Retracement levels: 23.6%: $210.95, 38.2%: $216.50, 61.6%: $225.46

Major support level: $201.99

Major resistance level: $220.98

Conclusion

The first major support level sits at $210,24, a fall below that would bring the second major support level at $205.92 cushioning the fall. On the upside, the resistance level sits at $216.50, barring a broad-based crypto rally.

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