Bitcoin and Ether Rally Isnt Over Yet, SOL Starts Fresh Uptrend

Key Insights

  • Bitcoin gained bullish momentum above $42,500 and $44,000.
  • Ether was able to gain strength for a move above $3,000.
  • SOL broke a major hurdle to move into a positive zone.

Bitcoin

After forming a base above the $37,200 level, Bitcoin price started a strong increase. BTC was able to clear the $39,500 and $40,000 resistance levels.

The price even settled above the $42,500 level and the 21 simple moving average (H1). It is now consolidating near the $44,500 level. A clear move above the $45,000 level might push the price further higher towards the $46,200 level.

If there is a downside correction, the price might test the $43,800 support. The next major support is seen near the $43,500 level.

Ether (ETH)

Ether also started a major increase from the $2,570 support zone. The price was able to clear the $2,850 resistance zone and the 21 simple moving average (H1).

The upward move was such that the price rallied above the $2,950 resistance. It is now consolidating above the $3,000 level. An immediate hurdle is near the $3,050 level. A clear move above the $3,050 level could set the pace for a larger increase.

The next key barrier is $3,120, above which the price could revisit the $3,200 resistance. If there is a downside correction, the price might find bids near the $2,950 level.

Solana (SOL)

SOL declined steadily after there was a clear move below the $110 support. The price even broke the $95 support level and settled below the 21-day simple moving average.

However, the bulls again protected the $80.00 support zone. A base was formed and the price started a fresh increase above the $85.00 resistance. The price even cleared a key bearish trend line with resistance near the $82.00 level on the daily chart.

It also surpassed the 38.2% Fib retracement level of the downward move from the $121 swing high to $76.50 swing low. It is now facing resistance near the $100.00 level.

The 50% Fib retracement level of the downward move from the $121 swing high to $76.50 swing low is acting as a resistance. However, the current price action and the recent upside break suggest that the bulls are aiming for a larger increase towards the $120 level.

ADA, BNB, and DOT price

Cardano (ADA) is gaining pace above the $0.95 level. It is up 10% and the bulls are aiming a close above the key $1.00 resistance zone.

Binance Coin (BNB) surged over 10% and was able to clear the $400 hurdle. If the bulls remain active, the price could rise towards the $420 level.

Polkadot (DOT) is up 10% and trading above the $18.50 level. Immediate resistance is near $19.20, above which the price could rise to $20.00.

A few trending coins are LUNA, AVAX, and SHIB. Out of these AVAX rallied over 20% and broke the 85 level.