Cryptocurrencies saw incredible price movements from the first week of March until last week. During these price movements, Ethereum surpassed $4,000 while Solana rose to the $210 level. So, what is the current situation with these altcoins?
The Future of Ethereum
After the epic rise, the price of Ethereum could not maintain its strong outlook despite surpassing $4,000 and experienced a sharp decline. So, has Ethereum failed to recover and disappointed investors?
Looking at the graph below, it could be said that there is a phase of consolidation. When examining the price movement, it would not be wrong to say that ETH is still moving with resistance.
Ethereum seemed ready to rise again after a breakout towards approximately $3,500. However, after encountering resistance at the $3,491 level, it appeared to be heading back down.
On the other hand, the price of Ethereum did not experience as deep a fall as expected. The price continues to stay above the support level of $3,317, keeping investors’ hopes for a recovery alive. If ETH can sustain above this level and rebound from the current support, it could break resistance and rise again.
In the event of a possible rise, the price target will be near the $3,900 region. On the other hand, if the price falls below support, it could bring a drop to the $2,869 level.
Today, Ethereum continues to trade at the $3,366 level after a 1% increase.
The Future of Solana
Solana (SOL) had caught everyone’s attention by rising to $210 in the past days, even as Bitcoin was falling. After that, SOL experienced a sharp drop to $162. Then, SOL regained strength and began to rise again. This could mean it’s preparing to continue its current upward trend.
According to some analysts, the point that SOL is eyeing for a new leap is the $129.35 level.
Looking back, this point has served as a solid support. If a price rise starts from the current levels, the first major test for SOL will be to surpass the $200 level again.
If SOL successfully stays above the mentioned support level and the market trends positively, the possibility of seeing another rise in SOL always exists in the market. However, if it falls below the $129.35 level, it could be said that the price might search for a new low.
Solana (SOL) is currently trading at $177 after a 0.6% increase today.
