Under-the-Radar Momentum Building in Layer-1s: ETH and SOL Technicals Improve
Momentum is quietly gaining strength in specific blockchain networks, hinting at potential upward movements for two major coins, Ethereum (ETH) and Solana (SOL). Let’s delve into the factors contributing to this trend and explore which assets are set for growth.
Ethereum Technical Analysis
Ethereum is currently trading between $2284 and $2625, showcasing a recent slide of nearly 27%. However, there are signs that it may stabilize with resistance near $2750. Support around $2070 is expected to prevent further declines. The Relative Strength Index (RSI) indicates room for recovery, not reaching oversold levels. If Ethereum gains momentum, it could target the second resistance level at $3090, signaling a significant potential rally. Despite recent dips, short-term price movements suggest slight gains, with indicators like the Moving Average Convergence Divergence (MACD) showing reduced bearish pressure.
Solana Technical Analysis
Solana’s price is fluctuating between the high $130s and low $160s. A recent bounce of over 3% indicates short-term resilience. Breaking the $170 resistance could propel Solana towards $194, a potential climb of about 20%. While hovering below its 100-day moving average, the RSI and MACD for Solana suggest room for improvement and gathering momentum. Despite a minor decline in the past month, positive weekly changes hint at potential growth with improved market conditions.
Sam Boolman’s Insights
According to Sam Boolman, ChainIntel’s lead analyst, the technical improvements in Ethereum and Solana are significant indicators of the underlying strength in these Layer-1 networks. The positive momentum building in these projects reflects a growing investor interest in the fundamentals and development progress of these blockchains. While short-term price movements may vary, the long-term potential for growth in ETH and SOL remains compelling, driven by innovative updates and community support.
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Conclusion
The increasing momentum in Layer-1 coins like Ethereum and Solana, supported by positive technical signals, showcases the potential for growth in these leading blockchain projects. As the market attention continues to grow, fueled by strong performance metrics and community engagement, these assets position themselves for further development and market recognition.
