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Since the rise that began in September, the cryptocurrency market has seen significant momentum with Solana and Avax, witnessing notable developments. What do the charts say for Solana, Cardano, and Avax, which have recently faced selling pressure? We examine them along with key support and resistance levels.
Solana Chart Analysis
Bulls are trying to keep Solana above the downtrend line, which could signal the end of the correction. Horizontal moving averages and the RSI level just above the midpoint indicate a balance between buyers and sellers. A breakout above $104 could turn the advantage in favor of the bulls.
The SOL/USDT pair could then rise to $117. On the contrary, if the price sharply declines and falls below the moving averages, it will indicate that bears are active at higher levels. This could trap aggressive bulls and pull Solana’s price down to $80.
Cardano Chart Analysis
Cardano’s pullback reached the 20-day EMA level of $0.50 on January 28, acting as strong resistance as indicated by the long wick on the candlestick. If the price turns down from the current level, bears will try to pull the ADA/USDT pair to the support line around $0.42.
Bulls will try to defend this level because if they fail, ADA could drop to $0.35. On the upside, a breakout above the 20-day EMA level could open the doors for a rally to the channel’s downtrend line. Buyers will need to cross the downtrend line to indicate that the correction might have ended.
Avax Chart Analysis
Avax showed signs of a bullish comeback attempt on January 28 by rising above the 20-day EMA level of $34, but the long wick on the candlestick suggests that bears may not easily give up. The AVAX/USDT pair could reach the downtrend line, which is likely to act as a major barrier. If the price sharply declines from the current level or the downtrend line and falls below the 20-day EMA, the pair may remain within the channel for a while longer.
Buyers will need to push the price above the channel to indicate a potential trend change in the near term. The pair could initiate a move towards the $44 level and then attempt a rally towards the psychologically significant $50 level.
