Cryptocurrency Prices Today: Bitcoin, Solana, Synthetix Analysis

Despite the recent market volatility, Bitcoin(BTC) has found reliable support at $25500. Over the past three weeks, even amidst the crypto market’s unpredictability, this coin price has bounced back from the bottom creating a sense of reversal to major altcoins.

As of 5:51 a.m. on Saturday, the global cryptocurrency market capitalization is at $1.04 trillion, projecting a 0.63% drop since yesterday. Moreover, the market has seen a drop in trading volume to 34.28% Billion registering a 9.89% loss in the last 24 hours. 

Also Read: Bitcoin (BTC) Price Stalls as US Dollar Hits 8th Weekly Gain, Calls for Concern?

Bitcoin Price Analysis: Double Bottom Pattern Sets $BTC Rally to $31000

Source- Tradingview

During the latest market downturn, Bitcoin price recovery hit a roadblock at $28176, leading to a 9.5% decline that revisited the local support of $25500. Although the recovery effort wasn’t successful, the persistent defense of the aforementioned level mark and the lower trendline underscores their importance in influencing the near future trend. 

Multiple lower-price rejection candles at $25000 indicate the buyers’ active accumulation at a discounted price. If the bullish momentum persists, a potential swing will shape a bullish reversal pattern called a double bottom.

In response to this setup, the BTC price can rally back to $31000.

Synthetix Price Analysis: Trendline Breakout Triggers a Directional Rally

Source- Tradingview

On September 4th, the Synthetix price gave a massive breakout from the downsloping trendline. Breaking above the barrier carried a correction of nearly six weeks signaling the potential for a significant upswing.

The SNX price rose for six consecutive days, registering a 31.3% gain to reach $2.499. The coin price may see a major pullback to recuperate bullish momentum, while the potential rally may reach $2.65, followed by $3.3

Solana Price Analysis: Wedge Pattern Hints Potential Trend Change

Source- Tradingview

In the daily chart, the Solana price displays the formation of a falling wedge pattern, characterized by a steady narrowing between two converging trend lines. As long as this fall persists, there’s a potential for the price to further decline toward the significant $17 threshold. 

However, in theory, this ending diagonal pattern hints at the weakening bearish momentum and the possibility of a trend reversal. a bullish breakout above the upper trendline will potentially propel the price back toward the $30 range.