Solana Is Among The Laggards Now

SOLANA ANALYSIS: SEPTEMBER, 2021

Market Structure:

Solana is the fastest blockchain in the world and one of the best substitutes for Ethereum. Here’s the market structure of Solana.

Solana is trading at $157.15. The market structure of Solana is mildly bullish. It seems as though the buyers are losing momentum as the coin has fallen as much as 30% from its all-time high of $216. On the daily chart, the coin seven consecutive bearish candles with one bullish doji candles. Thus, this implies that the sellers have gained an advantage over the buyers. The immediate support exists at $145.

On the hourly chart, the coin has been facing resistance from a descending overhead trendline. However, the demand zone exists between $145 to $150. The coin needs to hold above this zone and break above the resistance to regain bullish momentum. Below $145, short-term bearish trend may follow which will pause Solana’s stellar bull-run.

solana analysis
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI is below the neutral region. It stands at 47.55 and has the capacity to move in either direction.

The MACD is below the signal line hinting at a possible breakdown of the demand zone.

solana analysis
Source: tradingview

Conclusion:

On the breakout and close above $162, $166.40 and $170.30 are the targets on the upside.

On the breakdown and close below $145, $140 and $135 are the targets on the downside.

BNB ANALYSIS: SEPTEMBER, 2021

Market Structure:

BNB is a cryptocurrency owned and developed by the largest exchange, Binance. Here’s the market structure of Binance Coin.

BNB is trading at $432.9. The market structure of BNB is mildly bearish owing to the break of structure during the crash. However, the buyers from the lower levels have managed to mitigate the loss by 17%, thus reviving the hopes of recovery. Although the buying volumes are below average, the coin has managed to stay above $400 for a week. Now it has to cross above $450 to regain its bullish trend. Else, it will face a rejection from the same and fall back to lower demand zones.

On the hourly chart, the coin is showing good signs of strength as it broke a lower time-frame structure point. This structure of lower-low was formed at $418.8. Now it has to sustain above this zone to witness a reversal in trend of higher time-frame. Moreover, the volumes need to spike to support the reversal.

bnb
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating price strength for the coin in the short-term. The hourly RSI is above the neutral region significantly. It stands at 61.67 and has the potential to move higher.

The MACD is below the signal line, still suggesting the investors to have a cautious approach towards the coin.

bnb
Source: tradingview

Conclusion:

On the breakout and close above $437, $450 and $465 are the targets on the upside.

On the breakdown and close below $418.5, $409.3 and $402.3 are the targets on the downside.

LINK ANALYSIS: SEPTEMBER, 2021

Market Structure:

Chainlink is an open-source blockchain protocol that is developed by various researchers and developers. Here’s the market structure of Chainlink.

Chainlink is trading at $31.60. The market structure of Link is bullish as the coin did not break the previous structure point during the crash. Instead, it took support from there and reversed quickly. Now it has bottomed out and continued its bullish trajectory towards a new higher-high. This is only possible if the coin gives a daily close above the previous swing-high of $34.82. It is likely that the coin will break this zone due to the broader trend and sentiments.

On the hourly chart, the coin has risen gradually in the standard higher-high and higher-low formation. The coin is currently taking support at a minor trendline at $31.47. It is prime for a markup after a brief consolidation. However, below the aforementioned support, short-term weakness can be seen.

chainlink
Source: tradingview

Market Indicators:

The Relative Strength Index is indicating price strength for the coin in the short-term. The hourly RSI is way above the neutral region, near the overbought region. It stands at 61.72 and has the potential to go higher.

The MACD is above the signal line, supporting the overall bullish trend.

chainlink
Source: tradingview

Conclusion:

On the breakout and close above $32.05, $32.5 and $33 are the targets on the upside.

On the breakdown and close below $30.7, $30 and $29.63 are the targets on the downside.

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