SOL Bounces from Support While TAO Surges: What’s Next for Investors?

Crypto analyst, CryptoYapper, reported notable activity in Bittensor (TAO) and Solana (SOL). Both coins have experienced considerable price movements and increased trading volumes, capturing the attention of cryptocurrency traders and analysts.

Bittensor’s recent performance has been particularly striking with Yapper observing TAO retesting its previous resistance as support, indicating a strong bounce. The price surged over 50% in the last 24 hours.

Currently, TAO is priced at $259.23, with a 24-hour trading volume of $106,879,54 and a market cap of $1,861,977,973. The coin has a circulating supply of 7,182,613 TAO and a maximum supply of 21,000,000 TAO.

Furthermore, technical analysis reveals key indicators for TAO. The price has crossed above both the 20-day and 50-day moving averages; a bullish signal. Bollinger Bands show the price breaking above the upper band, suggesting upward momentum.

Source: TradingView

Additionally, trading volume has spiked, indicating increased activity. The MACD shows negative values but an uptick, suggesting a potential bullish shift. The RSI stands at 42.37, recently rising from oversold levels, supporting the bullish outlook.

Meanwhile, Solana also showed strong price movements. Yapper noted that SOL’s price bounced from a strong horizontal support level and is valued at $146.86, with a 24-hour trading volume of $6,229,420,774. Solana is up 12.25% in the last 24 hours, with a market cap of $68,390,637,681.

Technical indicators for SOL also show positive signs with the price being above the 200-day exponential moving average (EMA). Bollinger Bands indicate high volatility, with the price touching both upper and lower bands.

Source: TradingView

Moreover, a volume spike coincided with the recent price drop and bounce. The MACD recently crossed below the signal line, which could be a short-term bearish signal. However, the RSI is at 42.81, recovering from near oversold levels, suggesting potential for further gains.

Meanwhile, Julio Moreno, Head of Research CryptoQuant, reported the Bull-Bear Market Cycle Indicator flagged a bear phase, the first since January 2023. This highlights a notable market shift, impacting overall sentiment.