Altcoins

Solana (SOL) And Terra (LUNA) Could Ignite An Uptrend By The Weekend! This Is Where You Can Book Profits!

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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May 7, 2022

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Highlights

    SOL price sticks closer to its crucial support levels around $80.

    Terra (LUNA) loses hold on its major support at $76.60, as the price falls to $73 levels.

  The folks from the crypto-verse are ever keen on buying potential digital assets at the dips. Marketers are now acute on investing in prominent cryptocurrencies such as SOL, and LUNA. Which are currently sailing at the bottoms and might ignite a run to the highs. Whilst the SOL’s price has been hovering closer to its crucial support levels. LUNA’s price has parted way with its major support. 

Solana (SOL):

  SOL’s price on the daily timeframe has been ranging in a descending triangle for well over a month. The digital asset at the time of publication is changing hands at $80.94, whilst bearing losses accounting for 3.85%. While the market capitalization is hovering around $26,732,113,518. The volume of trades for around the clock is down by 19.03% at $1,478,555,033

The altcoin is sticking closer to its crucial support level at $80. From which SOL has bounced 4 times since the start of the year. A revival in buying spree will push the price to $89.4 by the start of next week. Validation of an uptrend will take the price to $94.4. On the flip side, the next immediate support lies at $71.985. Losing out of steam from the levels could land the price at $66.33

Terra (LUNA):

  LUNA’s price had set on an uptrend since the start of May, which took the price to $88.36 by the 4th of May. However, an increase in selling pressures has dragged the price by close to 17% over the past 3 days. The altcoin at the time of press is changing hands at $73.13, with negative gains of 9.04%. While the market cap is floating at $25,050,792,986. The volumes for 24-hours are at $2,586,658,14

Amidst turbulence, LUNA has fallen below its support levels at $76.60. The RSI is currently hovering closer to the oversold regions at $28.9. Wherefore, buyers might start stocking up over the weekend. In such a case, the price could shoot up to $82.330. A surge from which could push the price to $85.24. Conversely, bearish trends could drag the price to its multi-month low of $70.36

Concluding, the current trading levels of both Solana and Terra have been enticing enough to place buy orders. As a rebound can be expected in the short term, provided marketers don’t fall prey to FUD and panic. Successively, both the digital assets could portray imperative changes on the charts over the weekend. 

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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