Taking its cue from the U.S. stock market crash on Tuesday, Bitcoin, and most of the crypto market have headed lower once again. However, two cryptocurrencies are standing firm thus far. Will Solana (SOL) and Render (RENDER) be the first to start new uptrends?
Bitcoin takes a knock, but dominance is ebbing
Bitcoin (BTC) has taken another knock on Wednesday, as it follows the recent downward movement in the U.S. stock market. Currently holding above $56,000, there is the chance that the Alpha cryptocurrency could even drop down to $51,000, depending on how the stock market opens later today.
Source: TradingView
The rest of the crypto market has generally followed suit, although Bitcoin dominance has perhaps made a top now at 57.7%, and is perhaps starting to roll over.
Breakpoint rally about to start?
Source: TradingView
The $SOL price has been going sideways and downwards since mid-March. There was an attempt to get back to the local high of $209 at the end of July, and a higher high was made. Nevertheless, the price has continued down since then, first flipping the mid-range (dashed blue line) into resistance, and now recently the horizontal line at $138.
The $SOL price has pierced down through the very important major support at $126 on several occasions, but just like this most recent one, a quick wick down has been bought up by the bulls in very quick time.
Solana has its Breakpoint conference in just over two weeks from now. This is a yearly event where important announcements are typically made of new tech breakthroughs. At least three major announcements are predicted for this year’s event.
In all previous years, the $SOL price has rallied into each conference – with the rally generally starting around two weeks beforehand. Do you have your $SOL bags packed?
$RENDER needs to reverse the downtrend
Source: TradingView
$RENDER is very much tied to the success of Solana now, in that it has recently migrated its RNDR token from the Ethereum Network to Solana, and has become $RENDER.
Looking at the price action in the chart above, it can be seen that $RENDER is still in a downtrend. However, recent higher lows may signal the start of a change in trend. The price is above the major horizontal support at $4.34, and should be looking to bounce higher.
Obviously, much depends on whether Bitcoin can recover from its recent dip, and whether the U.S. stock market will help. If these events do occur, we might expect $RENDER to test the downward trend line again. A breakout and a higher high is the minimum needed to reverse the downtrend.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
