- Solana set a brand new report this 12 months
- Could be double bottomed
- All eyes are on the Federal Reserve’s rate of interest resolution
It has been a blended 12 months for traders within the cryptocurrency market to date. These betting on the rise of Bitcoin or Ripple have loved spectacular returns.
Ripple, for instance, has delivered triple-digit returns to date this 12 months because the cryptocurrency responded to a federal choose’s constructive ruling that offered Ripple to institutional traders as a safety.
Bitcoin is up roughly 80% year-to-date because of a mix of quick strain and greenback weak spot.
Nevertheless, not all cryptocurrencies have soared. Take Solana for instance. Firstly of the 12 months, it rose together with Bitcoin, however then, in contrast to Bitcoin, gave up most of its positive factors.
However, a brief push in July introduced the market again to the horizontal resistance supplied by the $30 stage. Whereas the market failed to carry increased, it hit a brand new excessive for the 12 months, fueling investor optimism.
Solana chart by TradingView
Is there a double backside?
The $30 stage has provided resistance for your complete 12 months. The truth that the market broke via it’s a bullish signal, and also you should not be shocked to see one other check above.
Nevertheless, there’s one situation that have to be met. That’s, Solana shouldn’t make a brand new low.
If this isn’t the case, it’s potential to speak a couple of potential space of a double backside, though the second backside is barely increased than the primary. On condition that the US Federal Reserve is about to announce its rate of interest resolution this week, volatility may even improve within the cryptocurrency market. Due to this fact, yet another check into the realm of resistance that has supplied assist up to now shouldn’t be dominated out, particularly if the Fed indicators that the ultimate indicator of the present tightening cycle has been reached with this newest hike.
