Binance Coin (BNB) Secures Serious Breakthrough, Dogelon (ELON) Rallies 22% After Vitalik Buterin’s Post, Is Solana (SOL) in Trouble?

Sat, 30/03/2024 – 0:30

Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Contents

  • Vitalik Buterin pushes Dogelon
  • Solana forms symmetrical triangle

Advertisement

Binance Coin stands out with a notable surge, breaking through the crucial resistance level at $584. This breach represents a significant bullish signal for the asset, which could usher in further growth.

A close analysis of Binance Coin’s recent performance reveals that after hovering below the $584 mark, BNB has displayed considerable strength by not only reaching but also surpassing this threshold.

This movement is particularly impressive given the current crypto landscape, which is not witnessing a wide range of assets rallying. The successful breach above this level suggests strong confidence from traders and investors in BNB’s potential.

SHIBUSDT
Shiba Inu/USDT Chart by TradingView

Looking at the chart, BNB’s price has established firm support at $536.2, a level that has been tested and held strong during the last pullbacks. This support level acts as a potential reversal, enabling BNB to gather the necessary momentum to break through resistance levels.

On the upside, after the $584 breakthrough, the next notable resistance lies near the $617.2 mark, which BNB is testing at the moment. If BNB can close above this level, it could set the stage for a push toward the next resistance at around $640.

Vitalik Buterin pushes Dogelon

Dogelon Mars has become the latest to experience a sharp upswing. The token’s value surged by 22%, most likely influenced by a post from Ethereum co-founder Vitalik Buterin.

Examining the chart, ELON’s price leaped from a support level at approximately $0.000002055, racing past resistance at $0.000002276 and consolidating above it. This upward trajectory follows a period of consolidation, with the price bouncing between the aforementioned support and resistance levels.

Currently, the asset has settled around $0.000003678, just a shade below the day’s high. Moving forward, should ELON maintain this bullish momentum, the next resistance point to watch is at $0.000004200.

A successful close above this level might open the doors for further gains, potentially establishing new highs for the token. On the flip side, should the rally lose steam, the asset could fall back to test the newfound support at $0.000002765.

Solana forms symmetrical triangle

Solana has recently formed a symmetrical triangle, a pattern suggesting a period of consolidation before a potential breakout and a volatility surge. However, the expected breakout has not materialized as anticipated, prompting questions about SOL’s immediate future.

A symmetrical triangle typically contains a directional bias dependent upon the preceding trend. For SOL, the trend was upward before entering this consolidation phase.

Technically, this would usually point to a continuation pattern, but the market has not witnessed a definitive move yet. This could signal uncertainty or a lack of conviction among buyers and sellers, leaving SOL’s next move somewhat vague.

At present, Solana’s price hovers around $186.54, sitting just below the triangle’s upper trendline. If you are waiting for a breakthrough, a close above or at $190 would most likely hint at the bullish development of the pattern. Such a move would need to be supported by rising trade volumes to validate the breakout.

The chart shows substantial support at $141.63, a level SOL has not tested since the beginning of its consolidation. In case of the lower border breakthrough, this support level might come into play, offering a potential rebound zone.

Solana might start moving either way. Symmetrical triangles are notorious for their neutrality, and the asset’s next direction is often determined by external catalysts or broader market sentiment.

SOURCE

Leave a Comment