The altcoin market has seen a slight rise in the past five days, after the technical data of most four-hour altcoins hit the oversold mark. Consequently, Solana flashed a bullish edge after breaking out of its falling wedge. However, the current up-channel still posed a reversal threat in the near term.
On the downside, SAND and EOS grew by marking a bearish pennant while adopting a neutral stance on their technicals.
SOL’s breach of its five-month trendline resistance (white) paved the way for a bear run that accounted for a 55.4% decline within the bounds of a falling wedge. With massive selling pressure kicking in, the alt plunged to its nine-month low on May 12.
Eager to defend the $43 support, SOL saw an expected breakout of a falling wedge. While the 38.2% Fibonacci resistance held up well, sellers have limited recent buying rallies in the $58.17 zone.
At the time of writing, SOL was trading at $57.1675. the alts RSI posted steady growth after regaining its strength from the oversold zone. As a result, the index found a position above the midline while favoring the bulls. Furthermore, the AO formed bullish twin peaks that helped the oscillator jump above zero.
The sandbox (SAND)
After the 70.2% Fibonacci resistance countered the up-channel buying rally, sellers read the trend in their favor by pulling the price all the way to the $1.1 baseline. Since then, the 23.6% level has shunned several recovery attempts.
Now the altcoin witnessed a bearish pennant on the 4 hour time frame. A sustained turnaround among the 20 EMA (red) can be detrimental to buyers in the short term.
At the time of writing, SAND was trading at $1.3585, up nearly 4% in the past 24 hours. The RSI swung near the centerline for the past few days to flash neutrality. The possibility of finding a robust close above 50 would help sellers gain momentum to propel a breakout below the $1.3-mark.
EOS saw a decline of about 61% (from its April high) until the bulls showed strong rejections from lower prices in the $1.1 to $1.2 range. This drop was triggered after sellers continued to build pressure at the price of $2.2.
Now, the three-week trendline resistance could continue to act as a barrier to the buy comebacks. A decline below this level would confirm a selling advantage while hindering the near-term recovery process.
At the time of going to press, EOS was trading at $1,358. The slightly bearish RSI failed to rise above its balance, while the 45 support could provide immediate testing grounds.
This post Solana, SAND, EOS Price Analysis: May 17
was published first on https://ambcrypto.com/solana-sand-eos-price-analysis-17-may/