Solana is showing significant recovery potential and it looks like the asset could be approaching $200. The asset is currently trading comfortably above $170 after seeing strong upward momentum driven by a breakout of the $160 level earlier this month. Based on recent price action, Solana may be poised to move higher, possibly testing the next significant resistance level at $185.
Based on the tech sheet, Solana doesn’t seem to face much resistance in the future. The asset is now moving in a relatively smooth range after exiting the $160 zone, with support beginning to form at $155. The asset’s sustained growth is evidenced by a strong base of support and growing market confidence. The next important level to watch is $185, which could serve as the next obstacle to a possible move towards the psychologically significant $200.
Solana is slightly overbought but still moving ahead, according to the relative strength index (RSI), which is currently around 71. However, a slight retreat or period of consolidation could give the bulls more room to build strength for the next leg. up.
Solana is likely to test the $185 level, where additional resistance is expected if it can hold above the $170-$175 range. As it breaks through a long-standing resistance level that has held the price for months, the break above $160 is significant as it signals a larger shift in the market for Solana.
Based on this move, Solana could enter a long-term bullish phase, especially if it is able to break through the $185 level. After that, the $200 mark is quite achievable. Solana’s price action usually indicates a significant uptrend. Strong market conditions and little resistance in the future could see the asset reach $200 soon.
Another Dogecoin surge?
It looks like Dogecoin is preparing for another possible price surge of up to 30%. This may be the third stage in a sequence of price movements, which, according to Elliott Wave theory, is often considered one of the most powerful stages of such movements. Dogecoin price action could see significant short-term gains in the next phase. Looking at this chart, Dogecoin has recently risen above key resistance levels, hovering around the $0.12 range and remaining stable in the $0.13 range. The asset continued to rise despite a slight decline, with strong support forming at $0.12 and $0.11.
DOGE has the potential to rise even higher from this fundamentals, especially if the overall cryptocurrency market continues to remain bullish. Now that the RSI is around 70, Dogecoin is a bit overbought, but still moving in the right direction. Gains can be consolidated by a short-term decline before a subsequent upward trend. Dogecoin could be aiming for a 30% rise in the current environment, bringing the price closer to the $0.18-$0.19 range, a key psychological resistance zone.
According to Elliott Wave Theory, price movements typically follow five-wave patterns, with the third wave being the longest and strongest. The current state of the market points to the possibility of another rally driven by increased buying pressure and market optimism – if this theory holds true in the case of Dogecoin.
While targeting $0.18-$0.19 for a possible breakout higher, traders should now keep a close eye on the support levels around $0.12 and $0.11. Dogecoin could experience a new phase of growth as a result of a third price surge that could push prices to all-time highs in the coming weeks.
Ethereum incoming uptrend
The chart shows that Ethereum has been in a noticeable uptrend recently. However, it is unclear whether this momentum will be enough to initiate a full-fledged bull run. Ethereum is currently operating in a well-defined channel, and how the asset reacts to important levels over the next few days could indicate its future direction. Given the circumstances, Ethereum currently faces resistance at $2,790, which has been a stumbling block for the cryptocurrency throughout October.
A break above this level could indicate a stronger uptrend. In this case, the price may reach the psychological level of $3,000, which will become a critical area for additional growth. Significant support is forming around $2488 on the downside. The lower boundary of the rising trend line is at this level, and a decline below it could indicate a temporary pullback.
Additional support can be found at $2,400, where Ethereum previously recovered. The relative strength index, or RSI, is currently at 56, which is in the midrange and shows that the asset is still moving higher without being overbought. Although volume appears stable, any significant price change will require increased trading activity to support the trend. In conclusion, although Ethereum is currently showing promising results, it is too early to announce a confirmed bull run.
Additional information will likely become available in the coming days depending on how ETH reacts to the resistance at $2,790 and maintains support at $2,488. Higher targets may be available if Ethereum breaks through significant resistance, but if it does not, a short-term pullback or sideways move could occur.
