Thursday, September 21, 2023
HomeEthereumDeciding Time for Solana and Ethereum – Turn Bullish or Continue Lower?

Deciding Time for Solana and Ethereum – Turn Bullish or Continue Lower?

Cryptocurrency has been declining for more than a month, with less cryptocurrency transmissions and considerable loss of value during this time. Ethereum and Solana have shown strong bullish momentum in recent months, and during this setback they are better retained than most cryptocurrencies. However, they are facing some decent support indicators, so let’s see if these indicators are maintained and the trend becomes bullish again.

Solana Daily Chart Analysis-Will Solana Fall to $ 130?

Solana has been very bullish since August, rising from about $ 25 to $ 260 in two waves, first in August and then in October. During this time, the moving average, especially 50 SMA (yellow), is acting as a support, SOL / USD Unlike some other ciphers, it still holds a lot of profits.

The price is below most moving averages and the 20 SMA (grey) is a resistance at the top, so the price could fall to the next support, $ 130. If so, it would be a good place to buy Solana.

Solana suffered from news earlier this month that the network could be down on Friday. The network was congested due to Raydium’s latest AcceleRaytor IDO, but the network never went down. It caused transaction processing delays, but it caused frustration among some users who prefer the Solana ecosystem because of its high throughput for Ethereum’s network congestion problems. However, the decline was due to the bearish sentiment of the crypto market, as it did not affect prices.

Ethereum Daily Chart Analysis – 100SMA ETH Test

100SMA will continue to be retained as support

Ethereum has also shown buying pressure in recent months, but not as strong as Solanacoin. Ethereum is also stable and uses the Bitcoin market average index. Ethereum was unable to exceed the $ 5,000 level and fell below $ 4,000 during this withdrawal, but 100SMA is retained as support despite continued testing by sellers.

The upgrade to the long-awaited Ethereum network, which can reduce energy consumption by 99%, has been delayed again. While this weighs heavily on Ethereum, Tornado Cache, an Ethereum-based transaction mixing protocol, has announced the launch of an upgraded pool called Nova. Withdraw from the pool itself and deposit or withdraw any amount of ETH. Yes, ETH / USD I stalled at 100 SMA every day for about 2 weeks,


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