As a seasoned analyst with over two decades of experience navigating the tumultuous seas of financial markets, I have seen bulls and bears come and go. Today, I find myself looking at Solana (SOL) and Render (RENDER) as potentially strong contenders for new uptrends in the midst of a bearish crypto market.
It appears that you are analyzing the performance of various cryptocurrencies in relation to the U.S. stock market trends. On Tuesday, Bitcoin, along with most other cryptocurrencies, saw a decline once more. However, two specific cryptocurrencies, Solana (SOL) and Render (RENDER), might be poised to initiate new uptrends
Bitcoin takes a knock, but dominance is ebbing
On Wednesday, Bitcoin (BTC) experienced another setback, mirroring the recent slide in U.S. stock markets. At present, it hovers slightly above the $56,000 mark. If the stock market shows further declines later today, there’s a possibility that Bitcoin could dip down to around $51,000
In simpler terms, the broader cryptocurrency market tends to follow trends, with Bitcoin’s current dominance sitting at around 57.7%. This could suggest that Bitcoin is currently leading the pack in terms of market share. Moreover, it appears that Bitcoin is beginning to gain traction or roll over other cryptocurrencies
Breakpoint rally about to start?
Since mid-March, the value of SOL has been moving horizontally and decreasing. There was an attempt to reach the local peak of around $209 towards the end of July, which also resulted in a higher peak. However, since then, the price has continued to drop. Initially, the mid-range (dashed blue line) changed from support to resistance, and more recently, the horizontal line at approximately $138 has become a barrier as well
On multiple instances, the value of SOL dipped below the significant major support level at $126, yet each decline was swiftly countered by buyers, as observed with this latest instance
In approximately two weeks, Solana will be holding its annual Breakpoint conference. This gathering is known for unveiling significant advancements in technology. It’s anticipated that at least three major revelations could be made during this year’s event
In all past years, the price of Sol rallied into each conference, usually starting about two weeks prior to the event. Have you packed your Sol bags yet?
$RENDER needs to reverse the downtrend
The success of Solana is closely linked with RENDER now, as RENDER has recently transferred its RNDR token from the Ethereum Network to Solana, making it a key component on the Solana platform
By examining the chart provided, it appears that the price of RENDER is currently in a downtrend. Nevertheless, recent lower highs may indicate the beginning of a change in trend. The current price is above the significant horizontal resistance at $4.34, suggesting that it could bounce higher
It’s important to consider if Bitcoin can bounce back from its current drop and if the U.S. stock market will support it. If these situations materialize, we may find $RENDER attempting to challenge its downward slope once more. A breakout and a new high would be the least we’d need to signal a reversal of this downtrend
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2024-09-04 15:07