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Monero (XMR) and Solana (SOL) Among Market Leaders Following $30 Billion Rebound: Crypto Market Review, September 29

Thu, 09/29/2022 - 23:50
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Arman Shirinyan
Bitcoin facing mild recovery but still moving in sharp downtrend
Monero (XMR) and Solana (SOL) Among Market Leaders Following $30 Billion Rebound: Crypto Market Review, September 29
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The cryptocurrency market is once again showing a mild recovery by the end of the week as its capitalization saw a $30 billion inflow in the last 24 hours. The main reason, however, is purely technical as no signs of a fundamental reversal appeared in the space previously.

Monero and Solana on the run

Both XMR and SOL have unexpectedly entered the top of the most profitable assets on the market in the last 24 hours, despite the problematic performance we saw on both assets in recent months.

Source: CoinMarketCap

Unfortunately, both assets are in complicated positions right now. Monero has been moving under a bearish flag for the last few weeks after the explosive 70% run we saw in June and July. However, the long-term picture on the chart looks grim, and the privacy coin needs more support from investors.

Solana, however, is in an even more depressing state as the prolonged consolidation for the asset has already lasted for more than 100 days without SOL making any attempts to break through. The most likely scenario right now is the continuation of the anemic movement on the market until we see a more fundamental reversal.

Bitcoin is in sharp downtrend

Despite the mild reversal we are seeing today and the 6% recovery observed yesterday, Bitcoin is still located in a sharp downtrend and has been continuously losing its value in the last few weeks.

Even with a spike above $20,000, BTC will still be guided by the strong trendline resistance it was not able to break in the last two breakthrough attempts. However, the ascending trading volume can be considered a positive sign ahead of another breakout effort.

"Shark Tank" Star Says Bitcoin Won't Go Above $22,000 Unless This Happens

In order to exit from the local downtrend, Bitcoin would need to rally toward $22,000 and gain a foothold above the 50-day moving average. At the same time, large inflows to the market are required for us to see the rally toward the last-three-months' high of $25,000.

Ethereum continuously losing value

While Bitcoin is showing some signs of a reversal, the second biggest cryptocurrency on the market is in a questionable position in terms of technical analysis as the most recent price correction ended with a consolidation in which volume profiles remained stagnant, a sign of a flagging momentum.

Usually, consolidation periods for digital assets are the best time for an accumulation. However, Ethereum is not showing any signs of it despite its anemic price performance. The average daily volatility of Ether is currently at the lowest level since the beginning of this month.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.