The cryptocurrency markets have become more voluminous and volatile compared to September. Bitcoin, which is trying to recover from the recent drop, was trading at $28,000 at the time of writing. As a result, the altcoin market also suffered from the decline in Bitcoin and many altcoins are trying to maintain their upward trend. In this article, we will examine the charts of Solana and Chiliz.
Solana Chart Analysis
Solana went through difficult times due to the deep decline caused by FTX selling its crypto assets. The release of notable collections in the NFT market and the impact of the SocialFi hype had a positive effect on the Solana price. The ascending channel formation on the four-hour chart stands out, and it is noteworthy that the breakout it made in the first days of October was rejected twice from the resistance levels.
The support levels that need to be followed for Solana are as follows: $22.98, $22.55, and $21.93. Especially, a four-hour bar closing below $22.55 would invalidate the ascending channel formation.
The resistance levels that need to be monitored for Solana are: $23.75, $24.31, and $24.79. Although there was significant pressure at the $24.31 resistance level, the most critical resistance level is $24.79.
Chiliz Chart Analysis
Chiliz, which disappoints its investors day by day, cannot reflect this situation on the CHZ side, despite attracting attention with different agreements. The daily chart for Chiliz does not indicate a healthy formation structure, which suggests a low volume and limited volatility asset.
The support levels that need to be followed on the daily chart for Chiliz are: $0.0568, $0.0547, and $0.0521. Especially, losing the $0.0547 level could lead to increased losses and a serious problem.
The resistance levels that need to be monitored on the daily chart for Chiliz are: $0.0616, $0.0651, and $0.0694. Although the $0.0651 level has served as a resistance for the past month, it indicates that this level needs to be broken. A daily bar closing above this level will help the Chiliz price to rise.
