Despite positive news in the market, both Bitcoin and Ethereum are failing to meet the expected performance. Bitcoin remains unable to surpass the $30,500 level, while Ethereum faces psychological resistance at the $1,880 level. This situation has a negative impact on the altcoin market. Based on these factors, this article will analyze the charts of Solana, Avax, and Ceek.
Solana Chart Analysis
On June 10, a rising channel formation was observed on the 4-hour Solana chart, with a support line drawn from the $13.10 level. After the Ripple case on July 14, the price rose to $32.50 and is currently trading at $24.55.
The price retracing back into the channel is a negative development for Solana. However, the strong performance of the support level suggests a higher likelihood of a positive outcome. Therefore, Solana should first close above the 4-hour EMA 200 average at $25.55. Subsequently, breaking the resistances at $27.60 and $29.92 will trigger a price increase. The support levels are $23.57, $22.53, and $20.71 if the price falls below $23.57.
Avax Chart Analysis
The first notable formation on the 4-hour Avax chart is a rising pattern that began with a decline on June 10. However, unlike Solana, this chart broke below the support on July 23 and is currently in a phase of accumulation.
The critical support level for Avax is $12.23, which has served as support three times. A close below this level could trigger a price decline. The support levels are $11.77 and $11.08. To initiate an upward movement, Avax needs to break the first resistance level at $12.85. The subsequent resistances are $13.23 and $14.03.
Ceek Chart Analysis
The first noticeable aspect of the Ceek chart is its recent volatility. However, a rising channel formation starting from $0.044 on August 4 worked well. Today, the price broke the support level and experienced a significant decline.
Considering these factors, the most important support level for Ceek on the 2-hour chart is $0.04725. Below this level, the support levels are $0.04596 and $0.04387. The key resistance level to overcome for an upward movement is $0.04972. The notable levels above this are $0.05191 and $0.05412.
