The crypto markets started the day in a period of consolidation, with trading volumes plummeting by nearly 30%. Both bullish and bearish forces are showing resilience, signaling a potential reduction in volatility and a move towards range-bound consolidation. This trend is evident across major cryptocurrencies, including Bitcoin, Ethereum, and XRP. However, two tokens—Solana (SOL) and Sui (SUI)—are set to experience significant price action in the near future.
Solana (SOL) Faces a 10% Price Drop
Solana has garnered attention as one of the most talked-about altcoins. After reaching a new all-time high of $295, the coin’s rally has been halted by a strong bearish sentiment. Currently, Solana is at a critical juncture, and the bulls face an uphill battle. The price has dropped below the key psychological level of $200, with the coin approaching an ascending trend line that has been a reliable support since September 2024.
Despite efforts from the bulls to defend this level, technical indicators point to a possible deeper correction. The Relative Strength Index (RSI) is showing lower highs and lows, signaling increasing bearish dominance. If Solana fails to hold the $196 support level, it could drop further, testing the 200-day moving average at $182.53.
Sui (SUI) Shows Potential for Bullish Reversal
Sui is also experiencing a shift in momentum, with price action resembling Solana’s past rally. After reaching lower support along its ascending trend line, SUI has shown signs of increased bullish pressure. While a minor pullback is expected, SUI’s bullish momentum is likely to continue.
The price is fighting to maintain resistance at $3.57, with technical indicators such as the MACD signaling a reduction in selling pressure. Additionally, the Chaikin Money Flow (CMF) is showing a bullish divergence, suggesting rising buying volume. This could lead to a breakout above $4 after a brief dip below $3.50.
Solana and Sui are both navigating crucial price levels. While Solana may face a short-term setback, Sui’s bullish outlook suggests it may continue to rise, potentially surpassing the $4 mark. Traders should watch these altcoins closely as their price movements unfold.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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