Monat: Mai 2022

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Solana (SOL) could surge by 50% in a quick relief rally

Solana has shown some strong signs of recovery over the last 7 days. After seeing sharp sell-offs for most parts of May, the coin has managed to regain several support zones. It also looks like SOL has enough momentum to keep pushing further ahead.

  • SOL has crucially surged past the important $44.15 support zone

  • The coin is now above $50 for the first time in two weeks

  • Sustained consolidation at $50 could trigger a run towards $80 in the near term

Data Source: TradingView 

Solana (SOL) – recovery and price consolidation

Solana had failed to rally for most of May. The altcoin in fact saw one of its worse sell-offs this month. However, there is some recovery. In fact, SOL has steadily gained ground and is now converting previous resistance zones into strong support. But more importantly, SOL has now etched above $50. 

This provides the perfect buy zone for bulls, something that could easily push SOL up by 50% in the coming week. Despite this, the coin is still way behind projections for 2022. SOL has also lost at least 85% from its ATH of $261. 

Projections for 2022 estimated that SOL would likely hit $2000 by year’s end. But slowing sentiment in crypto and increasing market volatility have made it hard for the altcoin to post any decent upward momentum. We do not expect this to change soon. Although a 50% rally towards $80 is possible, it will take months for SOL to break above $150 once more.

How to profit from this SOL rally

Right now, SOL is slightly hovering above $50. Give it 24 hours and if the price action is still above fifty bucks, consider buying. 

In a few days, the altcoin will likely break out. If you don’t want to hold it for the long haul, you can cash out at $70 to avoid any major upside risk.

The post Solana (SOL) could surge by 50% in a quick relief rally appeared first on Coin Journal.

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Shiba Inu (SHIB) continues to hold 8-month support despite growing selling pressure

With investor sentiment in crypto taking a more risk-off approach in the last 6 months, meme coins like Shiba Inu (SHIB) have suffered the most. In fact, SHIB has been on a long-term downward trajectory for most parts of 2022 and continues to face massive pressure. Here is what you need to know:

  • SHIB has tried to hold the $0.0000094 support for nearly 8 months.

  • The coin temporarily fell below that price last week and tanked 50% further as a result.

  • But a recent rally has pushed SHIB above $0.0000094 again.

Data Source: TradingView 

How long can SHIB hold on?

It is clear that downside risks below $0.0000094 are huge. In fact, the one time SHIB failed to hold this support zone, the coin went on to lose nearly 50% of its value in an apparent crash. So far, the meme coin has recovered and appears to be pushing further above $0.0000094. 

However, we do not think SHIB has what it takes to hold off the bears for longer. In fact, looking at the RSI momentum indicator, the meme coin appears poised for a steep correction. SHIB has also failed to generate enough demand, especially in a market where investors remain extremely fearful. 

With these two factors, we expect SHIB to struggle over the next week, and eventually, $0.0000094 will be lost. After that, the meme coin will likely spiral downwards for another 50 -70% before we see any serious trend reversal.

Should you hold or sell SHIB?

There is no doubt crypto is now a seller’s market. Investors are cashing out and as such, market volatility is likely to remain very high. 

If you want to get out of SHIB, this would be the time to do it. However, for those who are in it for the long term, just wait for the meme coin to dip below $0.0000094 and accumulate once again.

The post Shiba Inu (SHIB) continues to hold 8-month support despite growing selling pressure appeared first on Coin Journal.