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While price fluctuations continue in the market, attention has turned to Ethereum, the number one altcoin by volume, and Solana, often referred to as its killer. It seems that price movements on both fronts continue to confuse investors. What is happening with these two altcoins, both of which are in the top 5 by volume?
Solana Analysis
Firstly, looking at Solana, it appears to be showing signs of preparation for a potential price movement above the $160 level. The mentioned price level intersecting with the 50 EMA creates a more significant situation for the price. Solana faces an important resistance level at the $160 mark indicated by the 50-day EMA in technical analysis.
This EMA level emerges as an important indicator for medium-term market movements and is historically considered a solid resistance or support level related to the direction of the market. On the Solana front, surpassing this level could potentially trigger a strong rise and carry the price to higher levels.
However, due to the bearish outlook of the market and the existing low trading volumes, this situation seems to be increasingly difficult. Historical data suggests that the decline in volume may indicate a lack of optimism about the market’s upward movement. Traders appear cautious and prefer to encounter potentially more concrete data before taking a clearer position.
A price movement towards $160 by Solana could contribute to confidence and trading activities among investors. Another technical indicator to watch is the potential “neckline” movement at the $160 level.
The mentioned neckline, when possibly broken, could bring significant price movements associated with chart formations like head and shoulders or inverse head and shoulders, highlighting key levels.
Ethereum Analysis
Looking at Ethereum, it is currently seen that the 100 EMA threshold has not been broken and is moving away from it. This indicator, a cornerstone of significant analysis, usually serves as an important level for the medium-term trend of the asset under review.
Currently below $3,100, Ethereum appears to be moving away from a clear upward trend. It is known that the mentioned level is very important.
Upon analysis, staying below this level could have a significant impact on Ethereum’s price. A scenario where Ethereum continues to stay below the EMA 100 might also see it testing the 50 EMA, forming a new scenario.
