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Where many cryptocurrencies have taken a hit, Solana has shown resilience, which might become a foundation for an upcoming price reversal. Despite the overall downturn, Solana's price performance has held relatively steady, suggesting the potential for a strong rebound soon.
During the market's downturn, Solana's drop in value was not as steep as Ethereum's, which lost 25% of its value from its local high. This relative strength hints at underlying support for Solana among its investors, which could fuel a more pronounced bullish reversal in comparison to other cryptocurrencies.
The key support level for Solana appears to be around the $112 mark, where the price has bounced back in the past, showing strong buying interest. On the growth front, if Solana were to initiate a recovery, it could face resistance near the $175 mark, where it has previously struggled to break through.
If Solana manages to break through this resistance level, it could indicate a significant shift in market sentiment, potentially leading to further gains. For investors keeping an eye on Solana, these levels are crucial to watch, as they can provide insights into the asset's momentum.
In a growth scenario where market conditions improve, and Solana breaks past the $175 barrier, the next resistance to watch would be at its recent high near $210. A break above this could signal a new bullish phase for Solana.
Shiba Inu undergoes correction
Recently, the market has seen a correction, a dip in the value of numerous meme coins, including SHIB. But there is a sense that this downturn could be coming to an end, especially if the market finds solid ground here.
Taking a close look at SHIB’s price chart, we can see that it has faced significant drops, but it is also showing signs that it could be preparing for a recovery. For SHIB, a crucial support level is found near the mark of 0.0000162. If SHIB can maintain its value above this level, it may avoid further declines and potentially start to climb.
Looking upward, if SHIB starts to recover, it will likely encounter resistance at around 0.0000257. Resistance is like a barrier where the price struggles to rise further because sellers start to take over. Breaking through this resistance could be a strong sign that SHIB is on a path to recovery.
Ethereum pushed to limit
After reaching highs that brushed the $4,000 mark, it experienced a significant pullback. Investors and enthusiasts are now keenly watching to see if Ethereum can reclaim its previous heights.
The Ethereum price chart reveals a strong uptrend that was in place before the recent drop. This uptrend was characterized by consistent higher highs and higher lows, but the most recent correction practically destroyed the market's efforts. However, the correction has caused some anxiety among holders.
Support levels are like a net for the falling price. For Ethereum, a key support level is currently at around $2,850, which has been tested recently. If this level holds, it can be the foundation for a new push upward. On the flip side, if this level breaks, it might lead to a further drop, potentially to lower support levels, such as $2,400.
Resistance levels, where the price has struggled to rise above, are just as crucial. For Ethereum’s recovery path, the first major resistance stands near $3,600. Clearing this hurdle could pave the way for Ethereum to challenge the $4,000 threshold again.
Moreover, the approval of an Ethereum ETF, the cleansing of the market and other factors can and will most likely contribute to Ethereum's recovery. However, it is too early to tell - at least until Ether is below $4,000.
Yuri Molchan
Godfrey Benjamin
