The crypto markets are consolidating! The bears are trying very hard to gain back control over the markets, as the global crypto market cap has suffered a loss of over 1.8% in the past 24 hours. The selling pressure had also mounted over the popular tokens, Bonk & Solana. BONK’s price managed to reclaim its bullish streak, while SOL’s price struggled hard to rise above the pivotal resistance.
Bonk (BONK) Price Analysis
The BONK price had manifested an exceptional rally of over 1000% in the past 30 days and a nearly 100% jump in just a day. However, after surging beyond the upper resistance in the past few days, the bears have managed to slash the price down. With this, the price has entered back in range which is struggling to halt the bearish trend.
The BONK price has reached average levels within the expanding rising channel and is expected to encounter a squeezed trend soon. The bulls and the bears could fight for supremacy, leading the price to hover within a narrow range. This may cause the Bollinger bands to get close to each other, raising the expectation of massive price action very soon. It is worth noting that the rally’s direction could be influenced by the volume generated.
Therefore, a massive price action may be expected soon wherein the BONK price could resume an upswing to reach the upper resistance at $0.00003 very soon.
Solana (SOL) Price Analysis
The recent price action has dragged the SOL price lower, below the crucial support, which was on its way to reaching $75. The bearish clouds that are hovering over the SOL price are expected to prevent the token from reaching beyond these levels. Hence, one of the popular analysts, Altcoin Sherpa, believes that the Solana price may drop to $50 in the mid-term.
Despite a drop in the Solana price, the analyst believes the token will remain under bullish influence. In the long term, the price could maintain a notable bullish trend, but in the short-term and mid-term, bearish clouds may hover over it. Therefore, the SOL price may pullback to 0.23 FIB levels and if the bulls fall short of strength, an extended bearish trend may lead it towards $50.
Source: https://coinpedia.org/price-analysis/liquidity-flows-back-to-bonk-while-solana-feared-to-drop-to-50-whats-next/