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After flipping ADA, Solana eyes for another all-time high

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Solana claims the 4th position in the entire crypto market, gaining more than 43% in the month of October. Flipping Cardano in terms of market capitalization, the blockchain-based protocol proved that it is the best Ethereum killer in the crypto space.

With the data from CoinmarketCap showing a 5.57% surge in the token’s trading volume, the value traded stands at $3.4 billion. On the other hand, the market cap rose to $76.1 billion. Being one of the most actively traded tokens, SOL has been on a rampage rising from $38 to $260 in the past 90 days.

The nearest price resistance is present at $258, while the nearest support is at $201. Another support is present at $194.5. It seems that these price levels are currently holding as the token made a new all-time high 16 hours ago, above $260.

Solana price analysis on the daily chart using technical indicators

The technical indicators are high bullish for the SOL/USDT price action. With the 50-day and 100-day Moving Averages currently below the price action, we can confirm that Solana is in an uptrend, and these levels will act as support in the near future.

Furthermore, the price action tried to break out from the upper end of the Bollinger Bands but wasn’t able to maintain that position. Nevertheless, the prices are still bullish as the token maintains its position in the upper area of the Bands.

Solana
SOL price analysis on the daily chart by TradingView

The RSI indicator shows that the price of the token is in the overbought region, i.e., the buyers are stepping over the sellers. This might be a good time to capitalize on some of the profits you made from the token.

Furthermore, the MACD indicator is still bullish as the histogram is full of green bars, and the MACD (blue) line is progressing above the orange (signal line).

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SOL price analysis on the daily chart by TradingView

Final Verdict

Solana token remains bullish in the long term as well as the short term. However, the market movement still depends upon Bitcoin, whose dominance rests above 40%.

Binance Coin [BNB] Faces Off Against Bear as Market Dips

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As cryptocurrency prices enter a new red sector, proponents of the market remained unfazed with some urging new members to “buy the dip”. Coins such as Bitcoin [BTC], Ethereum [ETH], and Binance Coin [BNB] witnessed price slashes unseen in over 2 months.

Altcoins such as Binance Coin enjoyed a tremendous bull run last month but the current price crunch has erased all the previous accumulated gains. At press time, BNB was trading for $260.5 with a market cap of $41.1 billion. BNB prices dipped by 12.5 percent over the past 24-hours further reducing the daily trading volume to $3.08 billion. Thanks to the market-wide bear attack, BNB’s closest rival Cardano was still $5 billion behind in terms of market cap.

BNB 1 hour:

bnb 1 hr
Binance Coin [BNB] Faces Off Against Bear as Market Dips 5

Binance Coin’s short term charts painted a bearish picture with the 4th largest cryptocurrency breaking its immediate price support. The current support stands at $259 while the immediate resistance was locked in at $365. BNB’s parent company, Binance, has urged its holders and fanbase to HODL their assets for the long run.

The Relative Strength Index had fallen towards the oversold zone, a normal movement during an price dip. This was a sign of a sell off triggered by the latest crash. Since the graph is on the threshold, there remains a chance for an upturn. According to the Chaikin Money Flow, the capital leaving the BNB market was more than the influx.

Only the MACD indicated a bullish prospect with the signal line and the MACD line diverging today. Post the divergence the graphs have moved parallel to each other, which may give a reprieve for BNB’s price.

BNB 1 day:

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Binance Coin [BNB] Faces Off Against Bear as Market Dips 6

The long-term chart for BNB also pointed to a bearish hold on the market with prices heading to levels unseen since March. BNB’s long-term support was the same as that of the hourly chart ie. $259. The Relative Strength Index had fallen below the oversold zone as BNB’s buy-in patterns changed for the worse. The stabilization in the graph could mean that users had begun to redirect their capital into BNB.

The Chaikin Money Flow [CMF] crashed below the zero line after holding at a 60 day high. Massive amounts of BNB being sold could be one of the reasons for the sharp downturn. Unlike in the hourly charts, the MACD line for the long term was bearish. As the rest of the cryptocurrency market also heads for more bear attacks, BNB holders should continue to take notes from earlier price crashes.

Ethereum Slips below Support As Market Gets a Visit From Bear

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A bearish sweep over the weekend left the cryptocurrency market in a lurch as several of the top coins witnessed massive slashes on their market caps. Bitcoin, Ethereum, and the rest of the market all suffered double-digit falls in the last week with some of the more significant action coming from the altcoins.

Ethereum’s earlier upswing had resulted in a large influx of investors with a majority of them still HODLing through the price crunch. At the time of writing, Ethereum was trading for $2019 at a market cap of $234.01 billion. The previous week had pegged the cryptocurrency’s value down by 21 percent as the daily trading volume capitulated at $28.53 billion.

Ethereum 1 hour:

eth 1 hr
Ethereum Slips below Support As Market Gets a Visit From Bear 9

The hourly charts had bad news for Ethereum as immediate support was broken on June 21. As of now, the immediate support and resistance clocked in at $1997 and $2638.3 respectively. Despite the dip, proponents of the cryptocurrency have been clamoring for more people to enter the Ethereum ecosystem.

A majority of the indicators in the following technical analysis pointed to a bearish signal weakening on the threshold. The Parabolic SAR was above the price of candles which was a sign of the bear’s hold on the market. Although the RSI had fallen below the oversold zone, the following capitulation was a positive sign for the investors. Only the Chaikin Money Flow indicator blinked green for Ethereum as it’s crossed the zero line into bullish territory.

Ethereum 1 day:

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Ethereum Slips below Support As Market Gets a Visit From Bear 10

Daily charts for Ethereum painted a bearish picture of Ethereum with a break in its 60-day price support. The current price support stands at $1997 with a hold missing in the immediate vicinity. Ethereum’s current price behavior is in tandem with the rest of the cryptocurrency market as billions have been wiped off the market.

The long-term RSI was heading towards the oversold zone as the number of users selling ETH overtook those buying into the market. According to the Parabolic SAR, Ethereum was heading for some more bearish tantrums in the near future. Unlike the hourly charts, the CMF was not forgiving in the long run. The CMF had fallen below the zero line which signified that the capital leaving the ETH market was higher than the influx.

Ethereum, XRP Enjoy Bull Solace as Cryptocurrency Market Sees Red at Start of New Week

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Over the past couple of weeks, the cryptocurrency market has had a roller-coaster experience. From surging into bullish territories over one week while crashing like there’s no tomorrow over the next, cryptocurrency prices have been fluctuating, to say the least.

Despite the fall in prices, some cryptocurrencies have been headstrong in maintaining their standards. The two best examples for this are XRP and Ethereum who have maintained a steady climb over the past 24-hours.

Ethereum

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Ethereum’s price rise has been consistent in the last couple of months and the latest week’s increase has only given weight to co-founder Vitalik Buterin’s argument that the token was reliable. At press time, Ethereum was trading for $341.21 at a market cap of $38.386 billion. A 3 percent increase over the past 24-hours had elevated the daily trading volume to $25.79 billion.

The largest altcoin’s technical analysis showed that there might be a few reasons why fans of the cryptocurrency might need to remain wary. The Relative Strength Index had crashed towards the oversold zone in September, which meant that the selling pressure had overtaken the buying pressure.

At the same time, the Chaikin Money Flow indicator fell below the zero line. This event occurred for the first time since March because of the lack of capital coming into the market while there was a lot of outflows. The Parabolic SAR also sided with the bear as the markers stayed above the price candles.

Ripple

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XRP, Ripple’s native cryptocurrency, and surprisingly one of the gainers in the top 10 crypto club. A 24-hour increase of 0.58 percent had taken the token’s price to $0.235 with a market cap of $10.6 billion. The 24-hour market volume had also climbed to $1.71 billion. XRP’s technical analysis also had a bearish undertone to its indicators as the CMF, RSI and the Parabolic SAR all pointed to a bear’s reign.

The Parabolic SAR markers were above the price candles after a stagnant price movement. The Relative Strength Index on the other hand took a similar pattern to that of Ethereum’s, falling to its biggest low since July of this year. Only the Chaikin Money Flow indicator displayed a positive sign as the graph moved up towards the zero line. If it continues down this path, it would mean that more and more people were investing in the XRP market.