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How are the coins Solana (SOL), Binance Coin (BNB), and VeChain (VET) performing within the crypto market? Let’s take a look below at an overview regarding their prices and the latest news about them.
Summary
BNB under pressure: possible rebound or further decline?
BNB has recently continued to slide towards the immediate support of $560, indicating that the bears maintain the selling pressure.
If the price bounces off this level with strength, the bulls could defend it, bringing the BNB/USDT pair up to the 20-day EMA ($602), which will likely act as a strong obstacle.
A decline from the 20-day EMA would increase the likelihood of a break below $560, pushing the pair towards $536. Buyers will need to push the price above the moving averages to suggest a weakening of the selling pressure.
The bullish momentum could resume with a close above $635.
Solana: bear in control
Recently, the bulls have not been able to push Solana (SOL) back into the descending channel pattern, indicating that the bears have turned the support line into resistance.
On June 23, the bear increased their selling pressure, trying to bring the SOL/USDT pair down to the critical support at $116.
This level could attract solid buying from the bulls, but the recovery will likely face strong resistance at the 20-day EMA ($144).
If the price drops from this level, the bears will attempt to push the price below $116, with a possible collapse to $100. On the upside, the buyers will need to overcome the 50-day SMA ($156) to pave the way for a surge towards $189.
Performance of the crypto VeChain: the comparison with Solana and BNB
The cryptocurrency market has experienced a significant decline, with Bitcoin (BTC) dropping to nearly $60,000, dragging down other assets like VeChain (VET), which has taken a hard hit.
VET is down by 5.8% daily, 12.3% weekly, 22.6% over 14 days, and 31.5% monthly. The recent decline is likely due to the sale of holdings by BTC miners, with the mining price rising to $86,000.
The sale to record profits, along with a few new capital inflows and large withdrawals from BTC ETFs, has increased investor fatigue.
The forecasts for VeChain (VET) are therefore mixed. Captain Chavez predicts that VET could reach $1.37 within the next year, requiring a growth of 5600%.
However, the researchers at Changelly do not see VET surpassing the $1 threshold at least until June 2032, with a maximum forecast of $1.02 for that month.
Telegaon paints a more bull picture, predicting that VET will surpass $1 in 2027, reaching a maximum of $1.48. Despite Captain Chavez’s optimism, reaching $1 within the next year seems unlikely for VET, given the current lack of traction.