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29 March 2024
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Bitcoin: 2nd week of side trading. Solana + 197% in the last month

Bitcoin’s price continued to trade sideways on Saturday and Sunday as it has done for the past two weeks. Solana at + 197%.

BTC is + 68.62% in the period since July 20, which is the bottom of its drop, but despite the massive rise in price over the past 60 days, BTC is still -24.7% from its all-time high at the time of writing. 

The “Fear and Greed Index”, a popular indicator for market participants’ sentiment of greed, is reading 73 and is +1 from yesterday’s reading.

Traders who believe there will be further upside will disagree with ArashBanakar ‘s chart analysis below . 

While Bitcoin’s bullish pattern is still intact, he believes a correction to the $ 40k sub level may be imminent.

As you can see, BTC found local support resistance at $ 46.5k, but it also has more support below that level at .382 [$ 44k]. 

Below this level the bulls would be interested in maintaining the resistance at $ 42k, otherwise a return trip to the $ 30k level could occur.

bitcoin solana

The bulls should be feeling pretty good for the current situation, however, with the bears unable to break $ 46.5k for more than a week.

 This could eventually lead to bearish exhaustion and absorption of the remaining supply just below $ 50k.

The BTC price range for the past 24 hours is $ 48,026- $ 49,639 and the 7-day price range is $ 46,774- $ 50,311. The average price of Bitcoin over the past 30 days is $ 45,193. 

Bitcoin closed the daily / weekly candle on Sunday at $ 48,800 and -0.23% for the Sunday candle. BTC also closed the weekly time scale in red digits for the first time in seven weeks.

Solana analysis

Solana’s price action distances itself from the rest of the industry and the asset reached several new all-time highs over the weekend. The new all-time high of SOL is $ 97.72.

Over the past 30 days Solana is + 196.8% against the US dollar, + 139% against BTC and + 118.4% against ETH.

So where will Solana go from here? Is it set for a nice retracement or can traders expect more upside?

bitcoin solana

The previous 1D chart of KhaniTechnical’s shows how powerful the ascending structure is on Solana. With such strong SOL movement in recent months, this is a risky entry level, but the upside on the chart shows prices greater than $ 200 if this pattern works.

The bears need to push the price below $ 90, a local support resistance for the bulls, before they can gain any momentum. Meanwhile the bulls will want to eclipse the $ 100 to ease concerns of the rally stopping at significant psychological resistance.

Solana’s 24-hour price range is $ 91.37- $ 97.72 and the 7-day price range is $ 67.25- $ 97.72. The 52-week range for SOL is $ 1.20- $ 97.72. 

The average price of SOL over the past 30 days is $ 53.89. 

Solana closed the daily / weekly candle on Sunday with a value of $ 94.04 and in the red. 

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