Where to buy $SOL and $RNDR in this crypto correction

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As a researcher with experience in the crypto market, I’ve seen my fair share of volatility and market swings. The current state of the market is undeniably nerve-wracking, with Bitcoin on the precipice of a potential plunge below $51,000 and altcoins following suit. However, it’s essential to keep a level head and focus on assets with strong fundamentals and good potential use cases, such as Solana ($SOL) and Render ($RNDR).

The crypto market is gripped with fear as Bitcoin teeters on the edge of crashing to hit $51,000. Altcoins are also nearing the point of mass sell-offs, often referred to as the ‘blood in the streets’ moment. Among the altcoins showing promising fundamentals are Solana ($SOL) and Render ($RNDR). If you’re considering a purchase, keeping an eye on potential dips around this volatile period could present a good buying opportunity.

Deciding on best entry points

When the market is in turmoil and many investors are rushing to sell their assets, it can be a wise move for knowledgeable investors to consider purchasing assets with solid foundations and promising applications. With Bitcoin potentially approaching its $51,000 support level, around $6,000 below its current price, astute investors might be gearing up to make purchases.

Two notable cryptocurrencies, Solana ($SOL) and Render ($RNDR,) have gained significant institutional support. Interested investors might find themselves eagerly considering optimal entry points for these promising digital assets.

Everything revolves around Bitcoin

When it comes to cryptocurrencies, Bitcoin holds the throne and its current critical state is essential information for considering investments in alternative coins. If Bitcoin drops to $51,000, entering altcoins could present an excellent opportunity. However, this level must be maintained and a robust rebound should be evident before making any moves.

Two clear buying levels for $SOL

The $SOL weekly chart offers a clear and understandable depiction of its recent development and potential entry points. After facing rejection at the $148 resistance level, the asset is now waiting for a bounce-back point to emerge.

The 0.618 Fibonacci level, which aligns with the triangle’s base, could signal a significant price shift. Considering the triangle’s formation during an uptrend, it’s reasonable to expect the trend to persist after this potential change in direction.

Should the triangle on the chart of SOL (Solana) collapse and trend downward, it’s likely that the price will rebound at the robust support level located around $112.

$RNDR bounce or huge price drop?

The weekly graph for RNDR presents an unmistakable image. As RNDR tentatively begins to emerge above the robust support level of $6.98 and intersects with its bull market trajectory, a possible breakdown at this point could trigger a significant decline to the subsequent solid support at $4.63.

As an analyst, I can tell you that a potential price drop of 66%, which would bring the stock down from its previous high of $13.85, is indeed significant. For many investors, this level of decrease might present an unattractive risk, especially if they had recently entered the market at or near the top price. In simpler terms, the prospect of investing when a security has dropped by two-thirds may not be an enticing proposition for all investors.

As an analyst, I’ve observed that RNDR‘s price might hold steady at its current support level. However, this possibility hinges on Bitcoin maintaining its previous resistance-turned-support at $57,000. The weekly closing price, which we will know soon, could offer valuable insights into the potential future movements for Bitcoin, SOL, and RNDR.

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2024-07-04 16:20