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Ethereum (ETH) Bounce From $3,400 Imminent? Solana (SOL) Reversal Started: Here’s Next Target, What’s Happening With Shiba Inu (SHIB)?

Fri, 28/06/2024 – 0:30

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Contents

  • Solana shows some potential
  • Shiba Inu’s state 

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Ethereum has successfully started climbing up, with the price of the second-biggest asset on the market reaching the $3,400 threshold. However, there is a possibility of a trend acceleration if the price hits $3,500 again. 

Positive momentum in Ethereum’s price movement suggests that there is significant buying interest at the moment. If the $3,500 barrier is broken, there may be a larger rally that draws in more traders and investors hoping to profit from the upward trend. This optimistic outlook is influenced by various factors. 

ETHUSD
ETH/USD Chart by TradingView

First off, there has been an improvement in market sentiment generally, and Bitcoin is also beginning to show signs of life. Altcoins such as Ethereum tend to follow the leading cryptocurrency as it stabilizes, taking advantage of favorable market conditions. Ethereum still has a solid foundation.

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The demand for Ethereum is still at a respectable level; however, the most recent price drop pushed some investors away from the second-biggest asset on the market. Hopefully, the situation will improve after Ethereum ETF trading goes live.

Solana shows some potential

Solana is actively moving in a local uptrend after bouncing off the 200 EMA. The price has already gained around 7% to its value and does not look like it will be stopping. Unfortunately, though, SOL might face strong resistance in the next few days. 

Even so, there could be difficulties ahead despite the recent optimistic performance. It is anticipated that SOL’s next major resistance level will be at or near $148, which could act as a barrier to further price growth. 

The asset could potentially reach new highs if it breaks through this resistance and opens up more gains. With higher trading volumes and optimistic investor sentiment, market conditions at the moment are advantageous for Solana. 

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Additionally, the asset is not overbought and may have room to grow further according to the RSI, which is trending positively. Solana blockchain’s ecosystem keeps expanding, especially with the introduction of blockchain links. Strong support for continued price growth is given by increased network activity and adoption. 

However, it is important to stay cautious with SOL as it has been notably losing its market position, and its future is kind of unclear. The immediate surge to the 100 EMA that guards the $150 threshold is a great sign, and a breakout above it will certainly position it for a bounce. 

Shiba Inu’s state 

Shiba Inu is clearly in a complicated state and things are looking worse than expected. While Solana, Ethereum and other assets are showing some kind of reversal potential, SHIB is looking at the $0.00001 threshold as a last resort.

Shiba Inu’s market sentiment is still generally negative since it is continuing to descend. Due to investor anxiety over this protracted bearish trend, many decided to sell off their holdings, which put more downward pressure on the price. 

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Still, there may not be any need to panic just yet because of this decline. Such drops according to historical patterns tend to drive out less confident investors and make room for more assured parties to buy tokens at reduced prices. Bigger investors, or whales, might pay close attention if there is a possible decline to $0.00001. These investors have a reputation for buying up large amounts of assets at discounted prices in anticipation of price increases in the future.

Whales may provide much-needed support and possibly buck the bearish trend if they start to accumulate SHIB at these lower levels. Whale accumulation followed by a large price decline has resulted in a subsequent price recovery in other cryptocurrencies that have shown similar patterns.

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