Market
The Altcoins Trending Today – SOL, BERA and SHADOW
The crypto market has resumed its downtrend, shedding $40 billion in market capitalization over the past 24 hours.
Amid the broader sell-off, some altcoins have stood out as the most searched assets over the past day. They include Solana (SOL), Berachain (BERA), and Shadow (SHADOW).
Solana (SOL)
Solana is a trending altcoin, extending its price decline for another consecutive day. Trading at a year-to-date low of $158.88 at press time, SOL price is down almost 10% in the past 24 hours.
SOL’s decline has pushed its price below a long-term ascending parallel channel for the first time since June 2023. This channel forms when an asset’s price consistently moves between two upward-sloping parallel trendlines, signaling a buy trend.
However, SOL’s break below this pattern confirms rising selling pressure, potentially leading to further declines if the asset fails to reclaim the channel. In this scenario, the altcoin’s price could drop to $136.62.
Conversely, if coin accumulation resumes, it could drive SOL’s value up to $220.58.
Berachain (BERA)
Layer-1 (L1) coin BERA is another asset trending today. As of this writing, it trades at $6.94, down 5% over the past 24 hours.
However, a look at its performance on an hourly chart reveals a steady uptick in BERA’s demand, hinting at a potential rebound in the near term. For example, its Relative Strength Index (RSI) has broken above the center line and is in an upward trend at press time.
This indicator measures an asset’s oversold and overbought market conditions. When set up this way, it signals a potential shift toward stronger buying pressure. This suggests that BERA buyers are gaining control, increasing the likelihood of a price rebound. In this case, BERA’s price could climb to $8.62 and rally toward its all-time high of $15.50.
On the other hand, if the decline continues, the coin’s price could fall to $5.44.
Shadow (SHADOW)
SHADOW has bucked the broader market trend, climbing by 34% over the past day. It trades at $160.27 at press time and is poised to extend these gains.
The token’s rising on-balance volume (OBV) on its hourly chart supports this bullish outlook. This momentum indicator measures an asset’s cumulative buying and selling pressure by adding volume on up days and subtracting volume on down days.
When it climbs, it indicates strong buying interest. This suggests that SHADOW’s price may continue to rise as demand increases. If this happens, it could break above the resistance at $162.44 to reach $210.55.
However, SHADOW could lose recent gains and fall to $132.68 if demand stalls.
Disclaimer
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