Solana, SAND, EOS Price Analysis: 17 May

The altcoin market noticed a slight uptick during the last 5 days after most altcoins’ four-hour technicals swooped into the oversold mark. Consequently, Solana flashed a bullish edge after breaking out of its falling wedge. However, its present up-channel nonetheless carried a reversal risk within the brief time period.

On the opposite hand, SAND and EOS grew by marking a bearish pennant while displaying a impartial stance on their technicals. 

Solana (SOL)

Source: TradingView, SOL/USD

SOL’s breach of its five-month trendline resistance (white) paved the way in which for a bear run that accounted for a 55.4% decline throughout the bounds of a falling wedge. With an enormous promoting strain kicking in, the alt dived towards its nine-month low on 12 May.

As the consumers had been desperate to defend the $43-support, SOL noticed an anticipated falling wedge breakout. While the 38.2% Fibonacci resistance held up nicely, the sellers have constricted the current shopping for rallies within the $58.17-zone.

At press time, SOL traded at $57.1675. The alt’s RSI recorded a gradual progress after recouping its energy from the oversold zone. As a outcome, the index discovered a place above the midline whereas favoring the bulls. Furthermore, the AO fashioned bullish twin peaks that helped the oscillator bounce above the zero-mark.

The Sandbox (SAND)

1652793983 132 Solana SAND EOS Price Analysis 17 May

Source: TradingView, SAND/USDT

After the 70.2% Fibonacci resistance refuted the up-channel shopping for rally, the sellers re-navigated the pattern of their favor by pulling the worth all the way in which to the $1.1 baseline. Since then, the 23.6% stage has shunned a number of restoration makes an attempt.

Now, the altcoin witnessed a bearish pennant on the 4-hour timeframe. A sustained reversal under the 20 EMA (pink) might be detrimental to the consumers within the brief time period.

At press time, SAND traded at $1.3585, up by practically 4% within the final 24 hours. The RSI swayed close to the midline to flash neutrality for the previous few days. An skill to discover a strong shut past the 50-mark would assist sellers achieve thrust to propel a break down under the $1.3-mark.


1652793983 727 Solana SAND EOS Price Analysis 17 May

Source: TradingView, EOS/USDT

EOS noticed a decline of about 61% (from its April highs) till the bulls displayed robust rejection of decrease costs within the $1.1-$1.2 vary. This fall was triggered after the sellers continued to construct up strain on the $2.2 worth level.

Now, the three-week trendline resistance might proceed to pose an obstruction within the shopping for comebacks. A fall under this stage would affirm a promoting edge whereas hindering the short-term restoration course of.

At press time, EOS traded at $1.358. The barely bearish RSI failed to interrupt above its equilibrium, whereas the 45-support might supply speedy testing grounds.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button