A market correction has led to significant gains for several coins such as Ethereum and Solana in the week that followed. Ethereum gained a significant amount today. ReachedThe 24-hour peak was $1,652, but it dropped to $1,602 by press time. Solana, the Ethereum-killer, also reached a peak of $33.74 that day. But, it is now at $32.66.
Both have experienced some losses, but the coins are showing impressive profit over the past seven days. These are the top-ten tokensMarket cap saw a weekly increase of more than 10%. Ethereum and Solana look poised for a strong October if they maintain their current pace.
Ethereum breaks through $1.6k The Next Step
After months of decline, the price of Ethereum appears to be following the market’s lead. It reached key support at $1250, which lifted its price well above the downward channel pattern. It is currently testing the trendline and may break above its major negative.
The market should easily break through the $2,000 resistance mark according to price action. However, Ethereum’s 200-day moving median is still hovering above the $1700 mark. This could prove to be a barrier. After months of slumping, Ethereum’s structure would turn bullish if the price breaks above the moving average and the $2000 zone. As a result, ETH’s price can go up in the mid-term.
Bullish is also evident in the 4-hour chart. In the 4 hour chart, the market has impulsively broken above $1400 and moved into the $1800 threshold area. The current RSI indicator shows a bearish divergence. The $1800 level appears to have few static resistance levels. A correction or reversal could be in the future as a result of this signal. If a significant correction takes place, the $1400 level could act as a support level that propels the price higher.Source: SOLUSD price chart via TradingView.com
What Solana’s Performance Looks Like: The Charts
Solana trades currently at $32.66, and has a daily volume of $1166,152.851. In the past day, Solana’s price has dropped by less than 1 percent. The trading volume has decreased slightly over the last 24 hours. Plus, the altcoin’s Volume to Market Cap Ratio is still quite low.
SOL Coin’s price peaked at $260.06 on November 6, 2021, and it has struggled to recover to that level ever since. The Solana coin price is currently rising and trading is above the 20 simple moving averages, which have a bullish bias. It may be retesting the $35 barrier. The 20 SMA (four-hour chart) has just crossed the 200 SMA. This suggests that a golden cross may be in the offing. However, the current support level is $30.
Numerous indicators point to bullish momentum in Solana’s favor. The signal line rises above the MACD and approaches a positive area. Histograms that are growing further support the bullish view. Current relative strength index (RSI), is at 57.91. While this reading is positive for bulls it quickly approaches overbought levels. Based on these readings, overall the market appears bullish.
Featured image taken from Pixabay. Chart from TradingView.com