Solana (SOL) has been steadily making its way up the local uptrend over the past several weeks. SOL has maintained its rising trajectory despite a lack of impetus compared to Shiba Inu and GMT.
Now, SOL is reaching the lower trendline of this range, which should act as support for further growth. This could be a great chance for those wishing to invest in Solana early.
If Solana can maintain below this lower trendline, analysts expect major growth in the foreseeable future.
Demand for decentralized financial services and better liquidity on SOL token exchanges may contribute to this. Solana (SOL) is a cryptocurrency that saw massive trading volume and price growth.
The increasing demand for SOL tokens among institutional and retail investors mainly drove this jump.
After this, many analysts believe Solana might become a risk signal for the entire cryptocurrency market, indicating investor sentiment. The recent surge has pushed Solana above a key trendline resistance level.
If this line is breached on larger volumes, traders may buy more to capitalize on the momentum. The current market climate is making investors take note.
With stock and cryptocurrency prices falling, risk-averse investors are leaving these volatile investments. Cryptocurrencies may lose retail investors, their primary source of inflows, due to a lack of risk appetite.
Investors should be cautious during this time and closely monitor any changes in the market. If the price rises, the investor wants more risk, but if it falls, they may need to sell. Investors need to remain vigilant as they navigate these tumultuous times.
Shiba Inu Could Be Turned Down
Shiba Inu (SHIB) has dropped significantly from its local high and all-time high in the past 48 hours.
According to market watchers and traders, the trendline’s resistance to SHIB’s breakout attempt caused this downward trend.
This resistance ultimately caused a rejection of the expected surge and even led to some notable liquidation volume. The recent decline is bad news for SHIB investors, especially those expecting a big price increase.
Despite this abrupt drop, many crypto experts believe SHIB has development potential, especially considering Tesla’s $1.5 billion Bitcoin balance sheet.
The meme token Shiba Inu (SHIB) reached a new all-time high towards the end of April 2021. Due to the huge leverage applied around the current price level, its gains may be at risk.
This could become fuel for an accelerated downward reversal, which is the last thing that SHIB needs right now.
The recent breach below the 200-day moving average adds further bearish pressure and confirms a downtrend continuation for Shiba Inu.
This would make the breakthrough attempt from earlier this week another fake-out after two others in prior weeks.
Such extended losses could erase most of SHIB’s gains and put them back into the bear market territory.
Cardano Is Determined To Succeed
Cardano (ADA) has seen more modest growth than other projects during the crypto market reversal. The coin has been steadily rising without severe volatility, despite market conditions.
In addition, ADA’s price is not currently at any important resistance level, which could cause a reversal. Instead, ADA is trading at $0.35, and the 200-day moving average is above $0.4.
Cardano can still grow if it can break through this barrier layer and follow Solana’s upward trend (SOL).
The coin gained momentum when the Shelly mainnet upgrade enabled staking, which could lead to future gains.
Cardano, or ADA, is a cryptocurrency that has historically been considered “lagging” behind the general crypto market trends.
Its price sometimes goes in the opposite direction from other digital currencies, although it generally follows the same trajectory. At press time, Cardano is trading at $0.35 after gaining around 24% over the last day.
ADA’s growth rate was slightly lower than other cryptocurrencies; however, this does not indicate its asset strength.
However, Cardano is one of the least leveraged cryptos, making it more resistant to negative declines and crashes.