Solana And Ethereum Recover After Registering Double-Digit Gains
Ethereum and Solana especially galloped up on their charts significantly in the last 24 hours. Bitcoin had also reclaimed the $40k price mark at the time of writing therefore major altcoins followed a similar price movement.
The massive attack on Wormhole which is an eminent bridge protocol between Solana and Ethereum caused ETH to lose close to 8% while depreciating SOL by double-digits.
At the time of writing, Solana was seen trading for $109.18 after SOL was parked below the $100 mark yesterday.
Ethereum was seen changing hands for $2953.03 and could soon eye the $3000 price level with continued bullishness in the market. Buyers for both the asset resurfaced at press time, pushing the coins near the overbought zone.
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Solana Price Analysis: Four/Hour Chart
Post dropping from the $100, Solana reclaimed the aforementioned price level and registered a sharp recovery of about 12%. Overhead resistance for SOL rested at $131.58, while, a push below the current price level will make the coin trade at $102.27.
The technical outlook of Solana was quite bullish at the time of writing. Additional price floor awaited at $156.43 while support region stood near $96.
The price of the altcoin was seen parked above the 20-SMA line. This reading indicated that sellers were responsible for driving the price momentum of the asset in the market.
The Relative Strength Index indicates buying strength of the coin. RSI on the four-hour chart stood at the 60-mark, which is considered quite bullish.
Buying strength recovered from the bearish zone and with continued demand, SOL might be seen in the overvalued zone.
Awesome Oscillator painted a positive reading and the indicator showed green signal bars. These signal bars were seen above the half-line which meant that the overall trend of the market was bullish at press time.
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Ethereum Price Analysis: Four/Hour Chart
Ethereum broke its support level of $2678.08 as it gained 14% at press time. The coin was priced at $2953.03 with bullishness on its charts at the time of writing. Support from the broader market would push ETH to revisit the $3,000 price level in the upcoming trading sessions.
If the coin has to target $3,000 then ETH has to continue trading between $2,953.03 and $2,678.08 over the immediate trading sessions, as a result ensuring a bullish week for the coin. A break above $3,000 would propel prices to $3289.36, however, buying strength has to be consistent for the altcoin.
On the flipside, ETH could fall through $2,678.08 and trade close to the $2,501.49 price floor if buying strength falls. At press time, Ethereum was overvalued. The Relative Strength Index was near the overbought territory as the asset was overvalued.
The price of Ethereum was seen above the 20-SMA mark which is indicative of buying strength in the market. Buyers were in charge of the price momentum in the market. MACD underwent a bullish crossover and flashed growing green signal bars at the time of writing.