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HomeNewsBitcoin pulls up altcoins - Solana pumps, Cardano weakens

Bitcoin pulls up altcoins – Solana pumps, Cardano weakens




Bitcoin (BTC), the key crypto currency, has seen further gains in the last few days of trading and is also making price gains for most of the altcoins. Solana (SOL) in particular defies every hint of price weakness and is once again tending to be significantly higher.

The breather in the crypto market was short-lived. In the past trading week, the bulls returned to their old strength and heaved the vast majority of Altcoins north again. Solana (SOL) in particular only knew one direction this week and is currently jumping from all-time highs to all-time highs. The mixed situation in many crypto currencies should still be viewed as bullish and could give the overall market a further boost.


Best price development among the top 10 altcoins: Solana (SOL)

Solana moves further north and was able to overcome the next important price target at USD 121.79 on the third attempt. Solana is currently consolidating slightly sideways, but the north-facing upper Bollinger Band makes a continuation of the trend towards USD 160.94 increasingly likely.

Bullish variant (Solana)

Solana is currently preparing to open its own NFT marketplace. If the interest in non-fungible tokens continues unabated, the 361 Fibonacci extension should be targeted in the near future. If the bulls manage to overcome this resistance in the long term without any significant price setbacks, a march through to the 461 Fibonacci extension at USD 200.09 in the coming trading weeks is also conceivable. At this resistance level, which is also psychologically important, investors are likely to want to reap further profits. Looking ahead, Solana could even target the 561 Fibonacci extension at USD 239.24 in the next few months. A jump in price to the maximum price target that can be derived at USD 278.38 does not seem unrealistic by the end of the year. This target projection is derived from the 661 Fibonacci extension. With that, Solana would reach the market capitalization of Binance Coin (BNB) and Cardano (ADA).

Bearish variant (Solana)

If Solana bounces south in the area of ​​USD 160.94 or even before that, a consolidation to USD 121.79 is initially likely. If this support is undercut dynamically, the area around USD 107.81 moves into focus. In addition to horizontal support, the EMA20 (red) can also be found here. Even a short setback towards USD 97.60 would be absolutely unproblematic from a bull’s point of view. This cross support from the 200 Fibonacci extension and the supertrend acts as the first relevant yardstick. Once again, the buyer side will be ready and want to initiate a new upward trend. However, if the bears manage to break through this price level at the daily closing price, the consolidation will expand to USD 82.64 or even USD 79.00. If this area does not stop either, the area around USD 73.48 moves into focus.

This multiple support from the 138 Fibonacci extension, EMA50 (orange) and upper edge of the bull flag represents the maximum bearish price target in the short term. If the SOL course does not turn significantly north in this area and then falls back into the flag and also breaks the support 70.85 USD, the price should drop again and fall back to at least 64.06 USD. Even a correction extension to the old all-time high at USD 58.61 should be planned. At this price level, the old all-time high of May 19, strong resistance is to be expected again. A daily closing price below this strong support would cloud the chart further in favor of the bears. In the medium term, a relapse to the maximum medium-term price targets on the lower side of USD 52.83 and USD 50.07 would then no longer be ruled out.

Indicators (Solana)

The RSI as well as the MACD indicator continue to show a buy signal and so far have made no move to negate it. Thus, investors should use price setbacks of USD 100 or below as a buying opportunity.

Worst price development among the top 10 altcoins: Cardano (ADA)

The price of Cardano cannot stabilize above USD 3.00 despite the anticipated implementation of smart contracts in the course of the Alonzo update. At the moment, the air seems to be out a bit, which is exacerbated by the bearish divergences in the RSI indicator. In the short term, the ADA rate has to assert itself above USD 2.70 in order to generate further upside potential. Only a price stabilization above the 138 Fibonacci extension enables higher price targets.

Bullish variant (Cardano)

In the previous week, the buying pressure at Cardano had a lasting effect. However, since ADA did not manage to sustainably overcome the 138 Fibonacci extension at USD 3.02 and is currently threatening to fall back below USD 2.86, the bulls will have to show in the coming days how serious they are with you Follow up towards USD 3.36. If the Fibonacci extension 161 succeeds in attacking, a very important level of resistance would be reached. If there is no significant sell-off, the 200 Fibonacci extension at USD 3.92 comes into focus.




If the developers show a strong interest in dApp programming on the ADA chain, an increase of up to USD 4.83 can be expected in the medium term. This means that the target price of USD 5.00 that has been rumored by many analysts would have almost been achieved. If Cardano is becoming increasingly popular in the developer community, a price jump up to the 361 Fibonacci extension at USD 6.29 is conceivable in the medium term. If there is a year-end rally on the market as a whole, the ADA rate could even take off in the direction of the 461 Fibonacci extension at USD 7.75. For the time being, this course level represents the maximum goal.


Bearish variant (Cardano)

The ADA price has failed to break the resistance at USD 3.02 per day’s close since the last price analysis on September 3. This brings the EMA20 (red) back into focus as the first relevant support at USD 2.70. If the bears manage to dynamically push the ADA rate below 2.70, a correction widening to around USD 2.46 is likely. The first buyers are likely to come back into the market here. A fall back to USD 2.30 is also unproblematic from a bull’s point of view and should be viewed as a short-term price target on the downside for the coming trading days. A clear rebound to the north should be planned for at the latest when the supertrend is reached. If this support level is undershot at the daily closing price, the correction extends to USD 2.15. In addition to the 78 Fibonacci retracement, the EMA50 (orange) can also be found here.

If, contrary to expectations, this support level is also broken, price targets at USD 2.02 and USD 1.90 are activated. Particular attention should be paid to the cross support from the 61 Fibonacci retracement and the low on August 18 at 1.90 USD. A short price decline to USD 1.82 or even USD 1.74 would also be conceivable. This is where the 50s Fibonacci retracement and the lower Bollinger band run. If the area in USD 1.74 does not stop either, a relapse into the green support zone should be planned. In addition to the 38 Fibonacci retracement at USD 1.56, the breakout level of the current price rally and USD 1.48 can also be found here. Furthermore, the important moving averages MA200 (green) and EMA200 (blue) run in this area. From the current perspective, Cardano could correct a maximum of up to USD 1.35. For the time being, however, this scenario must be assessed as unlikely.

Indicators (Cardano)

The aforementioned bearish divergence in the RSI indicator unfolds its strength in the last few days of trading. The buyer side seems a bit exhausted in the short term and may have to gain new momentum in order to achieve a sustainable stabilization beyond USD 3.02. Since the MACD indicator has also generated a sell signal, investors should first wait for the bottom to form before making new purchases. Overall, however, nothing changes in the bullish valuation, both indicators continue to show a buy signal in the weekly chart.

Top 10 stability

After a mixed week before, the top 10 Altcoins are also picking up speed again. The 10 largest cryptocurrencies all show a price increase in a weekly comparison. The majority of the top 10 Altcoins are also increasing faster than Bitcoin itself. Solana (SOL) can once again book the week’s victory with a 53 percentage point increase in value. Polkadot (DOT) and Chainlink (LINK) are also bullish, each rising 34 percent northwards. With a price increase of 22 percent and 20 percent respectively, Ethereum (ETH) and Ripple (XRP) can generate a respectable price increase. On the other hand, Cardano (ADA) and Binance Coin (BNB) tend sideways with only one and four percentage points increase in value compared to the week. With a look at the ranking, there are two changes in place. Solana swaps places with Dogecoin (DOGE) and moves up to sixth place. Chainlink (LINK) is also back on rank 10 and displaces Terra (LUNA) from the ranking.

Winner and Loser of the Week

After a short breather and slight profit-taking with Bitcoin, it can stabilize above the psychological USD 50,000 at the weekend and also pulls the overall market up with it. Around 90 percent of the top 100 Altcoins show a price increase over the week. Fantom (FTM) in particular stands out with a 125 percent price increase. IOTA (MIOTA) and the previous week’s winner Bitcoin Cash ABC (BCHA) are also bullish. Both altcoins each rise 91 percentage points to the north. The newcomer eCash (XEC) and Quant (QNT) can also convince with 81 percent and 68 percent, respectively.

Around half of the top 100 Altcoins show a price increase of more than 20 percentage points this week. This underlines the friendly atmosphere in the crypto market. The short list of ailing Altcoins is headed by the Meme-Coin SafeMoon (SAFEMOON) with a six percent price decline, followed by Flow (FLOW) with a good five percent price discount. Furthermore, Tezos (XTZ) lost four percentage points of value due to slight profit-taking, which is not surprising after a strong performance in the previous week.

Disclaimer: The price estimates presented on this page do not constitute buy or sell recommendations. They are only an assessment of the analyst.

The chart images were created using TradingView created.

USD / EUR exchange rate at the time of going to press: 0.84 euros.



Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
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