The crypto market continues hovering close to its valuation of $2.05 Trillion mark, indicating stability in the crypto space. Moreover, the market leader, Bitcoin price had reclaimed the $60K mark during the early Asian trading hours. This highlights increased price action.
However, top altcoins such as Solana, Ripple, Cardano, and Dogecoin have recorded a significant correction in their respective valuations during this time. This brings uncertainty in the price action of these altcoins for the upcoming days.
Dive in as, in this article, we have covered the market sentiments, price analysis, and possible short-lived price action of Solana (SOL) and Cardano (ADA) crypto tokens.
SOL Price Breaks Its Support Of $130!
The Solana price has continued trading under a bearish sentiment by dropping 2.46% within the past day. Further, it has lost 1.27% over the past week and 8.37% during the past month. With a circulating supply of 468,369,299 SOL tokens, it has a market cap of $60.85 billion.
The technical indicators EMA 50/200-day and MACD have both recorded a constant decline in their respective chart. Moreover, they display a high possibility of a bearish convergence. This indicates a negative outlook for the altcoin in the market.
If a bullish trend reversal occurs, the Solana price will retest its resistance level of $155 in the coming time. On the flip side, an intensified bearish action could pull the price toward its crucial low of $127.
Curious about SOL’s future? Read our Solana Price Prediction for insights from the future!
ADA Coin Price Retests Its Important Trendline:
The Cardano price has continued displaying a neutral price action by recording a variation of less than 1% over the past 30 days. Moreover, with a price tag of $0.3317, it is on the verge of testing its crucial support zone, the outcome of which is uncertain.
The Relative Strength Index (RSI) has recorded a bearish curve in the 1D price chart. Further, the SMA indicator constantly acts as a resistance to the ADA crypto. This suggests that the price may continue losing value this week.
Suppose, the bulls regain momentum, in that case, the Cardano price will break out of its resistance trendline and head toward its upper high of $0.4075. However, if the bears continue to dominate the market, the altcoin could record a new yearly low.
Concerned about your ADA holdings? Read our Cardano Price Prediction for price targets!
Source: https://coinpedia.org/price-analysis/buy-hold-or-sell-solana-sol-and-cardano-ada-price-fail-to-break-trend/