SOL is up and running again. The coin is showing huge potential at this time as it saw notable increases and flipped one key resistance. This comes as no surprise as it’s riding a wave of huge bullish fundamentals.
A few hours ago, the payments giant, Visa, announced it was integrating Solana into its system. This is to help facilitate the transfer of USDC from one user to another.
The crypto market is not seeing a lot of movement in response to the slight increase in some altcoins. This means that the global cryptocurrency market is still struggling to erase the losses it had last week.
During this period, it started at $1.04 trillion and registered significant increases. As a result, the sector under consideration peaked at $1.1 trillion. However, a few days later it retraced and dropped to a low of $1.02 trillion. The session also ended at this valuation.
With a focus on the new week, the crypto market is not showing any notable signs of recovery. Nonetheless, the trading volume increased by more than 11% in the last 24 hours.
In addition to Solana, other assets like NEO and STX are putting up a good fight against the current dull sentiment across the crypto market. Let’s see how they perform in the coming days.
Top Three Cryptocurrencies to Watch
BTC/USD
During the previous week, the apex coin had significant changes in price as the bulls and bears exerted dominance on the market at different intervals. However, in the end, the coin failed to register any notable increase or decrease.
A closer look at the chart suggests that Bitcoin saw little or no volatility for most of the intraweek session. A clear evidence of this took place on Monday as a doji represented trading actions at the time. During this period, prices went below $26k and back up.
This changed on Tuesday as BTC registered its biggest bullish move in more than three months. It started trading at $26,103 and surged after the announcement of Grayscale’s ETF circulated. To this effect, it tried flipping the $28k resistance and was successful as it peaked at $28,142. However, it experienced corrections and dropped to a close at $27,726. Although it lost the critical barrier, it ended the day with gains of more than 6%.
The next significant change in value was the opposite of Tuesday’s action. It kicked off trading at $27,302 but dropped to a retest of the $26k support. This test yielded results as the coin hit a low of $25,683 but rebounded and closed at $25,900. This also indicates a more than 5% drop in value.
With a focus on the week, BTC is not showing any signs of improvement. On the contrary, there are indications of more downtrends. One such is the Moving Average Convergence Divergence. A closer look at the indicator says that the coin is close to a bearish divergence
This may spell more downtrend for bitcoin. If that happens, the asset may retest $25k and dip below it.
SOL/USD
During the previous week, Solana lost a notable fraction of its value. As with most cryptocurrencies, it saw significant volatility in price at the time.
Although it started slow, it picked up momentum on Tuesday. It started trading at $20.5 and tried to break the $22 resistance. It was successful as it surged to a high of $22,1. However, it retraced and closed $21.8 which signifies a more than 6% change in value.
Following this notable price increase, the coin lost more than half the gains it had. It dropped to a low of $20.6 but rebounded and closed at $20.8. From its opening price, this means that the asset lost more than 4%. On Thursday, the downtrend continued as SOL flipped the $20 barrier. Afterward, it dropped to a low of $19.4. Although it saw a slight recovery that saw prices close at $19.7, ti ended the day with losses of more than 3%.
With a focus on the current week, solana is showing significant potential. A few hours ago, it broke $20 and peaked at $20.6 before a small correction. Currently, by more than 3%, the altcoin is heading to a positive close.
The most recent uptrend also reflected on some indicators. One such is MACD. A closer look at the metric shows that the asset may experience a bullish divergence in the coming days.
To this effect, one of the biggest resistances SOL may test is $22. It largely depends on whether bullish traders sustain the current momentum. On the other hand, it may retest $19 support.
NEO/USD
Like most cryptocurrencies, NEO also succumbed to the prevalent market sentiment during the previous intraweek session. A look at the charts suggests that the asset had almost a replica of what took place with SOL.
For example, the cryptocurrency kicked the past week a little slow as it failed to register any notable changes in value. Nonetheless, a hammer candlestick represented trading action on Monday as it slightly dipped below $7 but recovered and closed at its opening price.
Tuesday brought renewed hope for most traders as NEO saw significant increases. It opened trading at $7.21 and retested the $7 support but bounced off it and retested its 10-day high. It hit a high of $7.54 but saw small decreases that saw it drop to a close at $7.48 which signifies a more than 3% increase.
With a focus on the new week, NEO is showing huge signs of recovery at this time. The asset kicked off the current intraday session at $7.10 but flipped the $8 resistance but retraced and is exchanging $7.50. Following this increase, it is important to keep an eye on the $7 support.
