- Solana shows massive signals of another run-up to $100 after the price discovery stopped at $80.
- Terra hits a new record high above $32, while technical formations suggest that the rally is heading to $40.
Bitcoin and most of the major cryptocurrencies have taken a hiatus from gains orchestrated earlier in the week. The flagship cryptocurrency stepped slightly above $48,000 but has retreated to test the robust support at $44,000.
Ethereum also suffered rejection at $3,350, resulting in losses below $3,000. On the other hand, the international money transfer token XRP has managed to stay above $1 following a correction from $1.35.
Following the majestic liftoff into price discovery, Solana brushed shoulders with $80. However, a correction followed SOL dropping to the recently established support at $70. Meanwhile, the token holds marginally above $71 amid the push by the bulls for action back to $80.
Most analysts believe that Solana’s uptrend is far from over. Perhaps a breakout to $100 may exhaust the bullish pressure. Nonetheless, support at $70 must hold to ensure market stability is sustained.
Investor interest and sentiment toward Solana are high. Besides the protocol’s solutions to the DeFi and NFTs markets, investors and speculators are attracted by the token’s potential to rally.
Traders must proceed with caution, keeping in mind that the MACD is currently spotting a sell signal in the four-hour timeframe. Losing support at $70 could lead to losses, with Solana set to revisit $60.
SOL/USD Four-Hour Chart
Terra has continued to hit new milestones in its price discovery journey, just like Solana. These tokens are top on investors’ favorite list at the moment. LUNA is trading above $32 at the time of writing.
The token will probably stretch the rally to $40 in the coming sessions of days. The next rendezvous is $36, where Terra may take a breather before continuing on the path to $40.
The MACD has a vivid bullish impulse, as shown on the daily chart. As the technical index that follows an asset’s trend and calculates its momentum lifts higher, the bullish grip on LUNA intensifies.
LUNA/USD Daily Chart
As long as the overall technical picture remains unchanged, investors can expect Terra to hit another new all-time high in the coming sessions.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.