Cryptocurrency investors had a challenging July, mirroring the previous month’s lackluster performance. The $70,000 resistance level was tested six times without success as sales persisted at resistance points. Short-sellers who capitalized on peak prices saw gains, indicating the need for a trend reversal in the market.
What is the State of Solana (SOL)?
Solana‘s network activity remains robust, supported by liquid staking tokens, with meme coins showing some activity. Despite this, SOL Coin has been unable to initiate the anticipated rise due to prevailing negative market sentiment. The rapid depreciation of BTC has particularly discouraged SOL Coin bulls, preventing trials above $190.
The SOL Coin price has demonstrated resilience compared to other altcoins. However, a daily close above $188 is essential to target $210 again. Success in this could push the price towards a new high of $256. Conversely, a sharp BTC drop could see SOL Coin retreat to $111, with intermediate levels at $158 and $137.
Why Is Shiba Coin Struggling?
Shiba Coin holds support at $0.0000159, but a BTC decline could see it fall below this level. The first target in such a decline would be $0.0000146. A recovery scenario for the meme coin involves reclaiming the parallel channel support at $0.0000209, with aspirations to surpass the middle channel line at $0.0000260.
If a rally gains momentum, Shiba Coin could aim for $0.0000294 and potentially test a new ATH. However, its fate remains tethered to BTC’s performance.
Chiliz Coin Insights
CHZ Coin aimed for new peaks, positively diverging before the sports leagues concluded. However, market volatility and the end of the leagues have significantly impacted its bullish prospects. Closes above $0.064 could keep it away from the parallel channel support at $0.058. For recovery, a steady BTC price and the start of new leagues are crucial. The first recovery signal would be reclaiming the channel’s middle area at $0.07.
Key Takeaways for Investors
- Monitor BTC’s movements closely, as they heavily influence altcoins like SOL and Shiba.
- A daily close above $188 for SOL could signify a bullish trend towards $210 and potentially $256.
- Shiba Coin needs to reclaim $0.0000209 to aim for higher targets and a possible new ATH.
- CHZ Coin’s recovery depends on BTC stability and the commencement of sports leagues.
In summary, the performance of key cryptocurrencies like Solana, Shiba Coin, and Chiliz Coin is intricately linked to BTC’s price trends and market sentiment. Investors should remain vigilant and watch for critical support and resistance levels to navigate the volatile market effectively.