The Price of Solana (SOL) Breaks Out of Support Level
In fact, you’re talking about SOL having had quite an impressive time. Since September 2023, SOL has undergone a significant transformation, breaking through major resistance levels and establishing itself as a crucial support point. By December of that year, SOL reached a significant peak at 0.0029 BTC, marking a pivotal moment in its development. Although the price experienced a slight decline afterwards, this week, SOL has returned to stability around 0.0020 BTC.
According to the Elliott Wave model, it appears that SOL has completed its fourth wave. This boosts confidence in continued price appreciation, with expectations of reaching 0.0040 BTC, a significant milestone. However, it’s important to note that if SOL fails to close above 0.040 BTC, it may jeopardize stability and lead to a significant price decline, potentially dropping by up to 45% to the nearest support level at 0.0011 BTC.
Dogecoin (DOGE) is forming a bullish pattern
Dogecoin has faced a rather challenging time since October 2022 as its price has been following a downward trend. This week, the price of Dogecoin hit a low at 157 satoshi. However, there is some good news for Dogecoin investors as a large bullish candle has appeared this week. If the price of Dogecoin maintains its closing level this week, it may indicate that DOGE is breaking out of the downward trend that has persisted for the past 490 days.
An important point to note is the emergence of bullish divergence in the RSI indicator. This typically occurs before the market begins to recover. RSI is an important tool that traders often use to assess the buying and selling conditions in the market. When RSI is above 50 and trending upwards, it usually gives the buying side an advantage. Conversely, if RSI is below 50, it gives the selling side an advantage. Bullish divergence occurs when the price is rising while RSI is falling. This often leads to a reversal of the upward trend.
If Dogecoin confirms the breakout, it could prove that it will move up to the next resistance level at 270 satoshi, a potential increase of 35%. However, it cannot be overlooked that if Dogecoin fails to break out of the downward trend, this could lead to a price decline of up to 50%, bringing the price down to the nearest support level at 100 satoshi.
The Graph (GRT) Appears to Have a Breakthrough
The last altcoin I want to mention is GRT. GRT has made a significant breakthrough by surpassing the descending resistance trendline, a milestone it has not achieved before. After clearing this hurdle, GRT has started to climb and made a strong breakthrough at the 450 satoshi resistance level.
What’s noteworthy is the combination of this breakthrough with the RSI indicator crossing above 50, indicating that GRT’s price increase may be legitimate. Therefore, if the upward trend continues, there is a possibility that The Graph could rise by another 90% to reach the next resistance level at 900 satoshi.
However, it cannot be denied that if the price of GRT fails to maintain and close above the 450 satoshi support level, this could weaken the price increase and lead to a 45% decline in the resistance trendline to the 280 satoshi level.