As overall market sentiment seemingly improved, Solana, VeChain and Ethereum Classic continued their up-channel oscillation. Their short term technical data flashed a bullish bias, but the same appeared to be slowing down in the near term after testing the overbought region.
Solana (SOL)
Source: TradingView, SOL/USD
Since the cut from the $167 mark on Jan. 5, SOL bears have ramped up their pressure by initiating multiple sales. SOL was down 52.2% (as of January 5) and reached its five-month low on January 24.
Over the past two weeks, the altcoin has witnessed a rising channel on the 4-hour chart. There have been notable gains in the past two days after SOL bounced off the lower trendline of the lower band of the Bollinger Bands (BB). It saw a jump of over 24% but seemed to slow down later as it approached the top band of the BB.
Further retracements from here would again find a test floor near the centerline of the up channel.
At the time of writing, SOL was trading at $113,165. The RSI grew rapidly after breaking the 43 mark. It has tested the overbought region several times over the past week. Now it may be looking at a retest of the 56-point support.
VeChain (VET)
Source: TradingView, VET/USDT
VET lost 54.15% of its value (as of January 5) and fell to its 11-month low on January 24. For the past few days, VET has formed a downward channel (yellow) on the 4-hour chart.
Now the bulls found it challenging to test the upper trendline of the up-channel (yellow). Any close below the $0.0585 level would trigger a retest of the 20 SMA (red).
At the time of writing, VET was trading at $0.05951. The RSI moved between two horizontal trendlines for ten days. After the same, it witnessed a breakout of a rectangular top. It depicted a bullish bias as it headed to test 57 support. Also the CMF reconfirmed the bullish edge as it has been above the zero line since January 26. Nevertheless, the ADX showed a slightly weak directional trend for the alt.
Ethereum Classic (ETC)
Source: TradingView, ETC/USDT
When the sell-off phase began, ETC lost 39.98% (as of January 19) and hit its nine-month low on January 22. Since then, however, the altcoin has recorded a whopping 41.63% ROI in the past two weeks.
The alt has formed an ascending channel (yellow) on the 4-hour chart for the past few days. Now the test point for the bulls has remained on the upper trendline of the up channel.
At the time of writing, ETC was trading at USD 29.37. In the past 24 hours, the RSI rolled back from the overbought region and tested the 63-mark support. Furthermore, the Squeeze Momentum Indicator flashed gray dots, repeating a high volatility phase. If the buyers start to lose traction, the sellers may start a test of the $27.9 level.
This post Solana, VeChain, Ethereum Classic Price Analysis: Feb 06
was published first on https://ambcrypto.com/solana-vechain-ethereum-classic-price-analysis-06-february/
