Solana and Ethereum Recover After Recording Double-Digit Profit
Ethereum and Solana, in particular, went up significantly in their charts in the past 24 hours. Bitcoin had also reclaimed the $40k price tag at the time of writing, which is why major altcoins followed a similar price move.
The massive attack on wormhole which is an excellent bridging protocol between Solana and Ethereum, caused ETH to lose almost 8% while SOL was written off by double digits.
At the time of writing, Solana was trading at $109.18 after SOL parked below $100 yesterday.
Ethereum changed hands at $2953.03 and was soon able to keep an eye on the $3000 price level with continued bullishness in the market. Buyers for both assets resurfaced during the printing, pushing the coins near the overbought zone.
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Solana Price Analysis: Four Hour Chart
Image Source: TradingView SOL/USD
After falling from the $100, Solana recaptured the above price level and registered a sharp recovery of about 12%. Overhead resistance for SOL was at $131.58, while a push below the current price level will bring coin trading to $102.27.
Solana’s technical outlook was quite optimistic at the time of writing. An additional price bottom waited at $156.43 while the support region was close to $96.
The price of the altcoin was parked above the 20-SMA line. This reading indicated that sellers were responsible for driving the asset’s price momentum in the market.
The Relative Strength Index indicates the purchasing power of the currency. The RSI on the four-hour chart stood at 60, which is considered quite bullish.
Purchasing power has recovered from the bearish zone and with continued demand, SOL should be seen in the overvalued zone.
Awesome Oscillator gave a positive reading and the indicator showed green signal bars. These signal bars were seen above the half-line meaning that the overall trend of the market at the time of writing was bullish.
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Ethereum Price Analysis: Four Hour Chart
Image Source: TradingView ETH/USD
Ethereum broke the $2678.08 support level when it gained 14% at the time of writing. The coin was priced at $2953.03 with bullishness on the charts at the time of writing. Support from the broader market would prompt ETH to revisit the $3,000 price level during the coming trading sessions.
If the coin is to target $3,000, ETH should continue to trade between $2,953.03 and $2,678.08 during the immediate trading sessions, resulting in a bullish week for the coin. A breach above $3,000 would propel prices to $3289.36, but purchasing power should be consistent for the altcoin.
On the downside, ETH could drop through $2,678.08 and trade close to the $2,501.49 price floor if purchasing power falls. At the time of going to press, Ethereum was overvalued. The Relative Strength Index was near overbought territory because the asset was overvalued.
The price of Ethereum was above 20-SMA, which is an indication of buying power in the market. Buyers were responsible for the price momentum in the market. MACD underwent a bullish crossover, flashing growing green signal bars at the time of writing.