Ethereum and Solana especially galloped on their charts significantly in the last 24 hours. Bitcoin had also reclaimed the $40k price mark at the time of writing, so a similar price movement was followed by major altcoins.
The massive attack on Wormhole, which is an eminent bridge protocol between Solana and Ethereum, caused ETH to lose close to 8% while SOL depreciated by double digits.
At the time of writing, Solana was seen trading at $109.18 after SOL parked below the $100 mark yesterday.
Ethereum was seen changing hands for $2953.03 and could soon eye the $3000 price level with a continued uptrend in the market. Buyers for both assets resurfaced at press time, pushing the coins close to the overbought zone.
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Solana Price Analysis: Four Hour Chart
Image Source: TradingView SOL/USD
After falling from $100, Solana regained the aforementioned price level and posted a strong recovery of around 12%. The overhead resistance for SOL was located at $131.58, while a push below the current price level will see the coin trade at $102.27.
Solana’s technical outlook was quite bullish at the time of writing. An additional price floor of $156.43 was expected, while the support region was placed near $96.
The altcoin price was seen to be parked above the 20-SMA line. This reading indicated that sellers were responsible for driving the asset’s price momentum in the market.
The relative strength index indicates the buying strength of the currency. The RSI on the four-hour chart came in at the 60 mark, which is considered quite bullish.
The buying force has recovered from the bearish zone and with continued demand, SOL could be seen in the overvalued zone.
Awesome Oscillator painted a positive reading and the indicator showed green signal bars. These signal bars were seen above the midline, which meant that the general market trend was up at the time of publication.
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Ethereum Price Analysis: Four Hour Chart
Image Source: TradingView ETH/USD
Ethereum broke its $2678.08 support level as it gained 14% at press time. The coin was priced at $2953.03 with an uptrend on its charts at the time of writing. The broad market support would push ETH to revisit the $3,000 price level in the coming trading sessions.
If the coin is to target $3,000, then ETH must continue to trade between $2,953.03 and $2,678.08 during the immediate trading sessions, as a result, securing a bull week for the coin. A break above $3,000 would push prices to $3,289.36, however, the buying force should be constant for the altcoin.
On the other hand, ETH could drop through $2,678.08 and trade near the $2,501.49 price low if buying strength drops. At press time, Ethereum was overvalued. The relative strength index was close to overbought territory as the asset was overvalued.
Ethereum price was seen above the 20-SMA mark, which is indicative of the buying strength in the market. Buyers were in charge of driving prices in the market. MACD experienced a bullish crossover and showed rising green signal bars at the time of writing.
This post Solana and Ethereum bounce back after posting double-digit gains
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