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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.