In the previous 24 hours, Ethereum and Solana have risen dramatically on their charts. At the time of writing, Bitcoin had also recaptured the $40k price threshold; thus, major altcoins followed a similar price rise.
The enormous attack on Wormhole, an important bridge protocol between Solana and Ethereum, led ETH to fall by about 8% while SOL fell by double digits. Solana was selling for $109.18 at the time of writing, having been parked below the $100 mark the day before.
With continuing market bullishness, Ethereum was observed changing hands for $2953.03 and could soon approach the $3000 price barrier. At press time, buyers for both assets emerged, bringing the currencies close to the overbought zone.
After falling below $100, Solana regained the price mentioned above and experienced a sharp 12 percent comeback. SOL’s overhead resistance was $131.58, while a push below the current price level would see the currency trade at $102.27.
Solana’s technical prognosis was quite optimistic at the time of publication. A new price floor of $156.43 was awaited, while the support region was close to $96. The altcoin’s price was seen parked above the 20-SMA line. This reading showed that sellers were in charge of pushing the asset’s price movement in the market.
The Relative Strength Index (RSI) measures the coin’s buying power. On the four-hour chart, the RSI was at 60, which is regarded as quite bullish. With continued demand, SOL may be found in the overvalued zone as buying strength is restored from the negative zone.
The Awesome Oscillator displayed a positive reading, and the indicator displayed green signal bars. These signal bars were visible above the half-line, indicating that the market’s overall trend was bullish at the time of publication.
At press time, Ethereum had broken through its support level of $2678.08 and was up 14%. At the time of writing, the currency was priced at $2953.03 and had bullishness on its charts. The broader market’s support would propel ETH back to the $3,000 price level in the following trading sessions.
If the currency reaches $3,000, it must continue trading between $2,953.03 and $2,678.08 in the coming trading sessions, ensuring a bullish week for the coin. A breach above $3,000 would boost prices to $3289.36; however, the altcoin’s buying strength must be persistent.
ETH could fall through $2,678.08 and trade towards the $2,501.49 price floor if purchasing strength collapses. At the time of publication, Ethereum was overpriced. Because the asset was expensive, the Relative Strength Index was nearing overbought territory.
The price of Ethereum was seen to be above the 20-SMA, indicating market purchasing strength. Buyers were in command of the market’s price momentum. At the time of writing, MACD had completed a bullish crossover and was flashing rising green signal bars.
