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Solana is displaying remarkable potential for recovery, and it appears that the asset may be approaching $200. The asset is currently trading comfortably above $170 after strong upward momentum was sparked by the breakthrough at $160 earlier this month. Solana might be prepared to push higher, possibly testing the next significant resistance level at $185, according to the recent price action.
According to the technical chart, Solana appears to face little opposition going forward. The asset is now moving within a comparatively smooth range after breaking out of the $160 zone, with support beginning to form at $155. A sustained rally for the asset is indicated by this solid support base and rising market confidence. The next important level to keep an eye on is $185, which might serve as the next obstacle in the way of a possible move toward the psychologically significant $200.
Solana is a little overbought but still moving forward, according to the relative strength index (RSI), which is currently at about 71. A small retreat or period of consolidation, however, might give the bulls more space to build strength for a later leg up.
Solana is likely to test $185, where additional resistance is anticipated if it is able to maintain above the $170-$175 range. Because it breaks through a long-standing resistance level that has held the price back for months, the breakout above $160 is significant because it signals a larger market shift for Solana.
Solana might be starting a longer-term bullish phase based on this movement, particularly if it can break through $185. The $200 milestone is very much within reach after that. The price action of Solana generally indicates a significant upward trend. Strong market conditions and little resistance in the future could put the asset on track to reach the $200 mark soon.
Another Dogecoin surge?
It looks like Dogecoin is preparing for another possible price spike of up to 30%. This may be the third leg of a sequence of price drives, which are frequently regarded as one of the strongest stages of such movements, according to the Elliott Wave theory. Dogecoin's price action may see a significant short-term boost from this next leg. Examining the given chart, Dogecoin recently surged above key resistance levels, hovering around $0.12 and remaining stable in the $0.13 range. The asset has continued to rise despite minor declines, with strong support forming at $0.12 and $0.11.
DOGE has the potential to rise even higher thanks to this foundation - particularly if the overall cryptocurrency market continues to be optimistic. With the RSI at about 70 right now, Dogecoin is a little overbought but still moving in the right direction. Gains may be consolidated by a brief decline prior to a subsequent upward trend. Dogecoin could aim for a 30% increase under the current conditions, bringing the price near the $0.18-$0.19 range, a key psychological resistance zone.
Price movements usually follow five-wave patterns, according to Elliott Wave theory with the third wave being the longest and strongest. The current state of the market indicates the possibility of another leg up, driven by heightened buying pressure and market optimism - if this theory is correct in the case of Dogecoin.
Targeting $0.18-$0.19 for a possible upward breakout, traders should now closely monitor support levels around $0.12 and $0.11. Dogecoin may experience a new phase of growth as a result of the third price drive, which could push prices to all-time highs in the upcoming weeks.
Ethereum uptrend incoming
The chart shows that Ethereum has recently been in a discernible uptrend. It is unclear, though, if this momentum will be sufficient to start a full-fledged bull run. As of right now, Ethereum is operating within a clearly defined channel, and how the asset responds to important levels over the next few days may indicate its future course. Given the circumstances, Ethereum is currently encountering resistance at $2,790, which has been a stumbling block for the cryptocurrency throughout October.
A break above this mark might indicate a stronger upward trend. In that case, the price might aim for the psychological level of $3,000, which would be a critical area for additional growth. Significant support is forming around $2,488 on the downside. The lower boundary of the ascending trendline is at this level, and a decline below it can indicate a temporary retracement.
Additional support can be found at $2,400, where Ethereum has previously recovered. The relative strength index, or RSI, is currently at 56, which is in the middle range and shows that the asset is still moving upward without being overbought. Although volume seems to be stable, any significant price change would require more trading activity to support the trend. In conclusion, even though Ethereum is currently showing promise it is too soon to declare a confirmed bull run.
More information will probably become available in the days ahead depending on how ETH responds to the resistance at $2,790 and maintains support at $2,488. Higher targets may be accessible if Ethereum overcomes significant resistance, but if it does not, there may be a short-term retracement or sideways movement.