Bitcoin’s 2nd Week Trading Sideways. Solana +197% Over Last Month
Bitcoin’s 2nd Week Trading Sideways. Solana +197% Over Last Month

Bitcoin’s 2nd Week Trading Sideways. Solana +197% Over Last Month

By R.L. Bryer - 30 Aug 2021

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Bitcoin price continued trading sideways over Saturday and Sunday like it has for the past two weeks now.

BTC is +68.62% since July 20th which was the bottom of it’s downturn but despite the massive climb in price over the last 60 days BTC is still -24.7% from it’s all-time high at the time of writing. 

The Fear and Greed Index that’s a popular metric for sentiment on market participants’ greed is reading 73 and is +1 from yesterday’s reading.

Traders that believe there’s more upside yet will disagree with the chart analysis below from ArashBanakar. While bitcoin’s bullish pattern is still intact he posits a correction back to the lower $40k level could be forthcoming.

As you can see BTC’s carved out local support resistance at $46,5k but also has more support beneath that level at the .382 [$44k]. 

Below that level bulls would potentially want to hold resistance at $42k or a trip back to the $30k level could occur.

bitcoin solana

Bulls however should feel pretty good about their situation currently with bears unable to break $46,5k for more than a week. This could eventually lead to bearish exhaustion and absorption of remaining supply just below $50k.

BTC’s price range for the last 24 hour is $48,026-$49,639 and the 7 day price range is $46,774-$50,311. Bitcoin’s average price for the last 30 days is $45,193. 

Bitcoin closed Sunday’s daily / weekly candle worth $48,800 and -0.23% for Sunday’s candle.  BTC also closed the weekly timescale in red digits for the first time in seven weeks.

Solana Analysis

Solana’s price action is distancing itself from the field and the asset made multiple new all-time highs over the weekend. SOL’s new all-time high is $97.72.

Over the last 30 days Solana is +196.8% against the U.S. Dollar, +139% against BTC, and +118.4% against ETH.

So, where will Solana go from here, is it set up for a nice size retracement or can traders expect more upside?

bitcoin solana

The above 1D chart from KhaniTechnical really displays how powerful the ascending structure currently is on Solana. With such a strong move from SOL over the last few months this is a risky entry level but the upside on the chart shows prices greater than $200 if this pattern plays out.

Bears need to push the price below $90 which is proving a local support resistance for bulls before they can gain any momentum. Bulls will want to eclipse $100 in the interim to ease worries of the rally stalling out at a significant psychological resistance.

Solana’s 24 hour price range is $91.37-$97.72 and the 7 day price range is $67.25-$97.72. The 52 week range for SOL is $1.20-$97.72. 

SOL’s average price for the last 30 days is $53.89. 

Solana closed Sunday’s daily / weekly candle worth $94.04 and in red figures.

R.L. Bryer

Since 2009, the onset of the bitcoin network, R.L. Bryer has been covering the space. He is the author of Blockchain: Project Renaissance Volume I and II. He's also been the guest of countless bitcoin and cryptocurrency related podcasts throughout the world. Every opportunity, he speaks on or writes about Austrian Economics and how bitcoin is the world's preeminent money.

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