Solana
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Cardano is probably in the worst shape we have seen this year. In its current state, ADA is trading below all key moving averages on the mid-term charts. Unfortunately, the main reasons for this poor performance are multi-dimensional and go back to Cardano’s fundamentals.
The chart looks bleak for ADA. The cryptocurrency was seen trading within its 50, 100, and 200 day EMAs. This implies a downtrend. All of this underperformance stands in stark contrast to the optimism surrounding Cardano earlier in the year. Failure to sustain above these still-important levels likely indicates that there is little buying interest and, therefore, confidence in ADA, in which maximum caution is necessary.
One of the main reasons for this decline is high-level competition within the blockchain ecosystem. If Cardano has progressed in establishing an ecosystem around the platform, it is catching up in particular with the most popular ones, such as Ethereum and Solana.
The Future of Bitcoin
Bitcoin crossed the $70,000 threshold but failed to gain a foothold above it. Unfortunately, the market is reacting in a strange way: the Ethereum ETF craze is leading to mixed market trends, ranging from extremely bullish sentiment to suppressed market performance within days or even hours.
BTC price action ran into a strong barrier after an upward breakout of the psychological $70,000 level, falling slightly back into consolidation around $67,500. From the chart below, it is evident that Bitcoin is fiercely trying to stay well above key moving averages, which include the 50-day and 100-day EMAs.
This was confirmed by the sharp rises and falls in volumes recorded over the past few days. Wild volume indicates an absolute lack of committed leadership or confidence among traders.
Obviously, don’t forget the Ethereum ETF craze. On the one hand, the approval of Ethereum ETFs sparks new optimism and an overall bullish tone – which is reflected in the surge in prices and activity.
In the future, these acceptances could help Bitcoin stay at levels from which it can rise. Next is the 50-day exponential moving average at the dynamic support level of $66,683, with the 100-day EMA closing at $64,890. If BTC remains mostly above these supports, it will give the bulls a chance to test the $70,000 upside.
On the contrary, the breakout of these support levels will show continued bearish activity, and the next critical support level below is $62,521. This will likely add to market uncertainty and could bring significant volatility to the range.
Solana bears are not that strong
Despite Solana’s current state, trading volume suggests that SOL bears are slowly losing their power and maintaining current pressure on the asset may become impossible for the foreseeable future, so recovery may become a realistic scenario.
Solana saw a flatter performance this week after coming into contact with the critical $165 level. This follows a decent decline for the general market, where most cryptocurrencies lost value. Regardless, trading volumes show that the bearish momentum may be starting to run out of steam.
The chart reveals that SOL is held above critical support levels, mainly the 50 and 100 day EMAs. This remains a positive indication that the asset has held above these moving averages. However, they indicate very clearly that the asset is still in a bullish phase despite the current downward pressure.
Buying interest in SOL remains stable despite volume declining from levels at the start of the year. The gradual decrease in bearish volume is a first positive sign for buyers of regaining control.
With volume overextended at the top, look for a move above to signal a new bullish extension phase. Note: If Solana breaks through and cannot sustain above the $150 support level, it could double and move lower, although this seems less likely now, given current indications.