50% Off! Beat the market in 2025 with InvestingProCLAIM SALE

Cryptocurrency Alert: Ethereum and Solana Edge Closer to Key Price Breakouts

Published 07/12/2024, 09:57
Updated 07/12/2024, 16:15
Cryptocurrency Alert: Ethereum and Solana Edge Closer to Key Price Breakouts
ETH/USD
-
SOL/USD
-

Coin Edition -

  • Ethereum’s symmetrical triangle suggests an imminent breakout as it nears resistance.

  • Solana’s bullish structure indicates potential acceleration upon clearing key resistance.

  • Market volatility rises as Ethereum and Solana approach critical technical thresholds.

Raoul Pal, founder of Global Macro (BCBA:BMAm) Investor, pointed out that both Ethereum and Solana are approaching crucial price levels. These levels could signal major moves for both of these popular cryptocurrencies.

Ethereum’s price activity has formed a symmetrical triangle pattern on a logarithmic scale over several years. The price is currently near the apex of this formation, forming a series of higher lows against a descending resistance line.

Source: X

Meanwhile, Solana’s chart shows a bullish long-term structure that is nearing horizontal resistance. Pal said they may see accelerated movement if both assets break above their current resistance levels. However, data shows a period of heightened volatility and mixed signals in short-term price changes.

Ethereum Chart Formation

A symmetrical triangle is evident on the Ethereum (ETH) chart. This pattern consists of rising support, represented by a red upward-sloping trendline, and a downward-sloping white trendline acting as resistance.

As of the latest observations, Ethereum’s price is hovering near the apex of this triangular structure. The asset previously approached a local high of $3,938 before experiencing a pullback. Recent data placed ETH at around $3,867, down 1.86% in the last 24 hours.

Source: CoinMarketCap

Additionally, its market capitalization fell 2.05% to about $465.75 billion. Moreover, trading volume decreased by 22.31% to $51.10 billion.

Solana Resistance Levels

Solana (SOL) shows a chart pattern highlighting an ongoing bullish trend. The price recently hovered around $234.25, down 3.01% over the previous day. A horizontal resistance level sits near $268, coinciding with an earlier peak.

Source: CoinMarketCap

Over the same 24-hour period, its trading volume rose 7.70% to $8.57 billion. The asset’s circulating supply was around 475.33 million SOL out of a total of 589.55 million.

The post Cryptocurrency Alert: Ethereum and Solana Edge Closer to Key Price Breakouts appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.