Following three days of losses, Ethereum classic recovered on Wednesday. The token dropped below $40.00 earlier this week, and continues to trade below this level ahead of tomorrow’s merge event. However, Solana prices fell by more than 8% today.
Ethereum (ETC)
After three days of lows, Ethereum Classic (ETC), rebounded Wednesday.
The token was slightly higher less than 24hrs before The Merge began, as it bounced off a crucial support point.
The ETC/USD dropped to $35.10 after the third day of losing streak. Bulls held firm and pushed prices up to $37.57, instead of a breakout.
Looking at the chart, today’s rebound also coincided with the 14-day relative strength index (RSI) bouncing from a support point of its own.
The RSI climbed above its 48.10 floor and is currently tracking at 52.61 as of this writing. This is less than the ceiling of 56.30.
The RSI needs to cross the resistance line if bulls are to reenter that $40.00 area.
Solana (SOL)
A day after trading at a three-week high, solana (SOL) also remained below $40.00 during today’s session.
After a Tuesday high of $39.00, SOL/USD fell to $32.87 intraday on Wednesday.
With prices trading at an all-time low of one week, this drop ends a 7-day streak of winning streaks.
Wednesday’s drop sees SOL move close to its long-term support point of $32.70, which has historically been a bullish zone.
So far, history repeats itself: bulls have reentered the market moving solana away form earlier lows.
The next price target for these bulls if they wish to continue in the market will be $36.20.
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Can solana rebound from today’s decline, and recapture $36.20 this week? We’d love to hear your comments.
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