The altcoin space noted brief surges within the past five days. That came after most token’s 4hr technical dipped into the oversold region. As a result, Solana displayed a bullish favor, following the falling wedge’s breakouts. Nevertheless, SOL’s current upward channel exhibited near-term reversal threats. On the other side, EOS and SAND grew with bearish pennants while their technicals retained a neutral bias.
Solana welcomed a bearish regime after breaching a 5-month trend-line resistance, losing 55.4% within shackles of its declining wedge. The colossal selling momentum saw the alternative token falling towards 9-month lows on May 12.
As buyers remained dedicated to protecting the support at $43, Solana witnessed an anticipated declining wedge breakout. Meanwhile, sellers constricted the latest buying rallies within the $58.17 mark as the 38.2% FIB resistance stayed steady.
Solana traded near $57.167 at this publication. Meanwhile, the Relative Strength Index presented a stable increase from the oversold territory. That had the index securing position beyond the midline, exhibiting bulls’ favoritism. Moreover, the Awesome Oscillator displayed bullish twin highs that propelled AO beyond the zero-level.
Sellers dominated after 70.2% FIB resistance disapproved the upward channel buying rally, driving the token lower towards the baseline at $1.1. the 23.6% zone has halted several recovery trials since then. Now, SAND saw a pessimistic pennant on its 4hr chart. Sustained reversals beneath the 20-Exponential Moving Average might be harmful to SAND buyers in the near term.
While publishing this blog, Sandbox traded around $1.3585, following a 4% 24-hour gain. The Relative Strength Index swayed around the mid-line, reflecting a neutral bias within the past couple of days. Meanwhile, securing a massive closing past 50 would see sellers gaining strength to drag the token beneath $1.3.
EOS witnessed a nearly 61% drop from April peaks until bulls displayed massive rejection around the $1.1 to $1.2 range. The slump emerged after sellers amounted to enormous pressure near $2.2. For now, the 3-week trend-line resistance might pose challenges to comebacks by buyers. A drop under this mark would authorize a selling regime, hindering recovery actions in the near term.
While writing these lines, EOS changed hands near $1.38, gaining 4.52% over the past day. The somewhat bearish Relative Strength Index could not break beyond the equilibrium, whereas the support at 45 might ensure the nearest testing levels.