The cryptocurrency market has taken a hit, losing $40 billion in market capitalization in the last 24 hours.
Despite the downturn, certain altcoins have captured significant attention as the most searched assets recently. These standout altcoins include Solana (SOL), Berachain (BERA), and Shadow (SHADOW).
Solana (SOL)
Solana is making waves as a trending altcoin, continuing its price descent for another day. Currently trading at a year-to-date low of $158.88, SOL has dipped nearly 10% in the past day.
The decline in SOL's price has breached a long-term ascending parallel channel for the first time since June 2023. This break signifies increasing selling pressure and could lead to further declines if SOL fails to recover the channel. In such a scenario, the altcoin's price might plummet to $136.62.
On the other hand, a resurgence in coin accumulation could propel SOL's value to $220.58.
Berachain (BERA)
Layer-1 (L1) coin BERA is also generating buzz today. Currently priced at $6.94, it has seen a 5% decrease over the past 24 hours.
An analysis of BERA's performance reveals a consistent rise in demand, signaling a potential rebound in the near future. The Relative Strength Index (RSI) for BERA has moved above the center line and is trending upwards, indicating a shift towards stronger buying pressure. This indicates that buyers of BERA are gaining control, increasing the chances of a price recovery. Should this trend continue, BERA's price could surge to $8.62 and challenge its all-time high of $15.50.
On the flip side, if the downtrend persists, BERA's price may drop to $5.44.
Shadow (SHADOW)
In a departure from the general market trend, SHADOW has seen a remarkable 34% increase over the past day. Currently priced at $160.27, SHADOW appears set to build on these gains.
The token's rising on-balance volume (OBV) on its hourly chart underpins this optimistic projection. The OBV, a momentum indicator, tracks an asset's cumulative buying and selling pressure. An ascending OBV points to robust buying interest, suggesting that SHADOW's price could continue its ascent as demand grows. If this scenario plays out, SHADOW might breach the resistance at $162.44 and advance towards $210.55.
However, if demand falters, SHADOW could retracement back to $132.68 despite its recent gains.