Price Analysis

What to Expect from the Cardano(ADA) & Solana(SOL) Price in the Next 24 Hours?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Feb 16, 2022

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Highlights

    Cardano price is maintaining a consistent uptrend since its flip ignited at $1.052 which is expected to range high towards the local resistance around $1.175

    On the other hand, Solana price has broken down the parallel channel and yet consolidating below the channel

Cardano(ADA)

With a recovery in the crypto space, the Cardano price is attempting to range high to hit the upper resistance very soon. The buying and selling volumes are placed almost equally compelling the price to hover within a very arrow region. And therefore, the asset is swinging around $1.09 from the past trading day, manifesting a sense of uncertainty over the rally. 

The ADA price maintained a calculated trend within an horizontal parallel channel since th alast few days of January 2021. No doubt the asset had sliced through the channel and ranged high, yet it remained a very short-lived one, signifying more as a fakeout.

Currently, the ADA price is slowly rising above the average levels within the channel and attempting to build a strong bullish momentum. If the asset sustains at these levels without a correction, then one can expect a decent uptrend towards the safe zone above $1.3 in the next 24 hours. 

Solana (SOL)

Solana(SOL) price finally makes it above $100 after trending below these levels for more than 3 to 4 days. However, despite the decent flip from the bearish divergence, yet the asset is yet to register its levels within the ascending parallel channel. At the press time, the selling volumeis quiet accumulated compared to that of the buying and hence no immediate spike with the price may be witnessed in the upcoming couple of hours. 

Yet the crucial levels still reside around $120 to $125 levels and hence a even if the price flips and re-enters the channel, an upturned may not be certified. And hence the price needs to slice through the $122 level barrier and strongly hover above the middle ranges. This is when the bulls and the investors may also jump in to escort the price close to $150.

However, reaching $150 may ignite the bull run yet again depending on the volume induced. Therefore in the next 24 hours, Solana(SOL) price may continue with its attempt to re-enter the channel and try to surpass the middle bands. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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