The post Solana Reaches a Crucial Juncture While SUI Waiting for a Bullish Confirmation-Here’s What to Expect appeared first on Coinpedia Fintech News
The start of the day was pretty consolidated for the crypto markets, with the trading volume slashing heavily by close to 30%. Both bulls and bears remain resilient, which may drop the volatility, leading to a range-bound consolidation for a while. Bitcoin, Ethereum, XRP ($2.52), and the other popular altcoins have been following a similar trend, while these two popular tokens, Solana & Sui, are about to undergo a massive price action.
Solana (SOL ($204.59)) Price Feared for a 10% Plunge
Solana has been one of the most popular altcoins, which has been overlooked by many market participants. The rise in the volume of the platform had a positive impact on the SOL price, which smashed a new ATH at $295. Since then, the bears have dominated the rally and as a result, the token has reached a crucial juncture. Therefore, the price, which is facing a notable rise in the upward pressure, may drop below the psychological barrier at $200 soon.
After the latest drop, the Solana price has plunged and reached the ascending trend line, which has been acting as a strong support since September 2024. Although the bulls have managed to defend the support, the technicals suggest a deeper correction is fast approaching. The RSI is constantly forming lower highs and lows, indicating a rise in bearish dominance. As the price has lost the resistance at the 50-day MA, it may drop and test the pivotal support at the 200-day MA at $182.53 if the bulls fail to defend the support at $$196.
Sui (SUI) Price May Rise Back Above $4-But Here’s a Twist
Similar to the Solana price rally, the SUI price has also reached lower support along the ascending trend line. While the SOL price is primed for a deeper correction, the SUI price is experiencing a significant rise in the bullish momentum, which may squash the persisting bearish influence over the token. Amid the bullish possibility, the SUI price seems to be primed for a small pullback.
The SUI price is fighting to sustain the resistance at $3.57 after a marginal rise above $3.6 with a rise in the bullish momentum. Besides, the MACD suggests a drop in the selling pressure with the levels approaching for a bullish crossover. Besides, the Chaikin Money Flow (CMF), which measures the buying and selling pressure, has just triggered a bullish divergence suggesting a rise in the buying volume. Therefore, the SUI price is expected to marginally drop below $3.5 and further attract significant buying volume and rise to reach the apex, followed by a breakout beyond $4.
Solana & Sui both have reached a crucial phase wherein the SOL price is primed for a small setback while the SUI price may continue to grow.
