- The Fibonacci indicator on the SOL/USD chart suggested an increase toward $223.
- XRP formed a bullish pennant suggesting a breakout while DOGE might decline to $0.19.
- The Bollinger Bands indicated that SATS was overbought and the token might drop to $0.00050.
With the market heating up, Coin Edition takes a closer look at assets generating widespread interest. Here is a thorough analysis of four cryptocurrencies and how they might perform going forward.
Solana (SOL)
Solana (SOL) broke out of the $190.94 resistance on March 29 after consolidating for some days. However, the Relative Strength Index (RSI) showed that the previous bullish momentum had been halted.
In a case like this, SOL’s price might decline below $195 in the short term. But if buying pressure comes back the value of the token might drive northward. Indications from the 0.618 Fibonacci level suggested that a significant pullback might not occur.
Instead, the price of SOL might climb as other Fib levels indicated. Going forward, bar any market collapse, SOL could increase to $223. If the market is highly bullish, the price might tap $293.
SOL/USD 4-Hour Chart (Source: TradingView)