By Leah Hutton (Luxembourg)
The past few days had the broader market displaying substantial plunge or consolidation. Alternative coins such as SUSHI and Solana experienced significant drops over the past 24 hours. Also, Solana proceeds with its downswings as its price pullbacks, approaching the nearest price floor around $140.9.
SUSHI failed to maintain its price reactions beyond the support at $14.62 after losing 8.9% of its value. Lastly, Algorand saw its price gaining slightly by 1.9% as it flashes consolidation.
Solana (SOL)
Solana plummeted by 7.7% over the past 24 hours to trade around $141.37. The alt has its closest support level at $140.91. Keep in mind that SOL has indicated corrective pullbacks since last week. If the alt extends its downswings, it might plunge to trade around the 2-week low at $107.79. The following support zone sits at $79.07.
On the 4-hour price chart, SOL has its price beneath the 20 Simple Moving Average. That depicts inclining momentum as sellers stormed the markets. The Relative Strength Index (RSI) showed that sellers were more than buyers. Meanwhile, the Chaikin Money Flow plunged beneath zero, confirming decreasing capital inflows.
If Solana revives its buying pressure, the coin might surge to $179.02 to trade around the 1-week high level. Increased bullish push will see SOL revisiting its ATH at $212.18.
Also read:SushiSwap (SUSHI)
SUSHI has lost nearly 8.9% of its price since yesterday, trading near $13.96. The asset dropped beneath the support at $14.62. While writing these lines, it heads to the price flow at $12.58. If the correct developments to prevent further plunges fail to appear, SUSHI will plunge under $11.17, hitting the 1-week low at $10.11.
The asset’s primary technical indicators show bearishness for the token. The MACD experienced a bearish cross and displayed a red sign bar. The Awesome Oscillator also showed red sign bars as the RSI remains over the half-line, suggesting that the strength is in the bullish region.
If the buying pressure resurges in the bullish territory, SUSHI might record northward moves to the closest resistance at $14.62.
Algorand (ALGO)
Algorand trades at $2.02 after the slight 1.9% upsurge in the past day. The asset has consolidated in the past few sessions. If ALGO maintains its upside moves, it might retest the price level at $2.24 before revisiting the multi-month high at $2.41. However, the technicals in the 4-Hr chart show ugly price reactions.
ALGO has its price beneath the 4-Hr 20 Simple Moving Average as it indicates sellers controlling the asset’s momentum. The RSI confirmed that as it stays beneath the half-line. Also, the Awesome Oscillator noted red gesture bars and sell signs. Furthermore, MACD depicted red histograms. If the bearishness persists, Algorand might secure the support of around $1.93.
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