Bitcoin and other top crypto tokens were trading higher on Wednesday amid the absence of key economic triggers to guide the crypto markets. Bitcoin was among the top gainers but its rally was stalled. As the concerns over baking face, cryptos are likely to lose their appeal.
Solana seems to be on the verge of a near-full recovery of its losses since the FTX saga hit the news. Its token SOL has broken out of a symmetrical triangle on its way up and is currently positioned close to the golden pocket of its drop (situated at $27-28).
The rise has been healthy, with higher lows, a market structure change and a reasonable RSI accompanying this move so far. Should the golden pocket be claimed, we may see a real chance of SOL scaling back its recent high of $30 and $38.
A drop from here may send it back to retest the triangle at $24 though, with lower support also available at $22.
Resistance: $27, $30
Support: $24, $22(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)