The start of the day was pretty consolidated for the crypto markets, with the trading volume slashing heavily by close to 30%. Both bulls and bears remain resilient, which may drop the volatility, leading to a range-bound consolidation for a while. Bitcoin, Ethereum, XRP, and the other popular altcoins have been following a similar trend, while these two popular tokens, Solana & Sui, are about to undergo a massive price action.
Solana (SOL) Price Feared for a 10% Plunge
Solana has been one of the most popular altcoins, which has been overlooked by many market participants. The rise in the volume of the platform had a positive impact on the SOL price, which smashed a new ATH at $295. Since then, the bears have dominated the rally and as a result, the token has reached a crucial juncture. Therefore, the price, which is facing a notable rise in the upward pressure, may drop below the psychological barrier at $200 soon.
After the latest drop, the Solana price has plunged and reached the ascending trend line, which has been acting as a strong support since September 2024. Although the bulls have managed to defend the support, the technicals suggest a deeper correction is fast approaching. The RSI is constantly forming lower highs and lows, indicating a rise in bearish dominance. As the price has lost the resistance at the 50-day MA, it may drop and test the pivotal support at the 200-day MA at $182.53 if the bulls fail to defend the support at $$196.
Sui (SUI) Price May Rise Back Above $4-But Here’s a Twist
Similar to the Solana price rally, the SUI price has also reached lower support along the ascending trend line. While the SOL price is primed for a deeper correction, the SUI price is experiencing a significant rise in the bullish momentum, which may squash the persisting bearish influence over the token. Amid the bullish possibility, the SUI price seems to be primed for a small pullback.
The SUI price is fighting to sustain the resistance at $3.57 after a marginal rise above $3.6 with a rise in the bullish momentum. Besides, the MACD suggests a drop in the selling pressure with the levels approaching for a bullish crossover. Besides, the Chaikin Money Flow (CMF), which measures the buying and selling pressure, has just triggered a bullish divergence suggesting a rise in the buying volume. Therefore, the SUI price is expected to marginally drop below $3.5 and further attract significant buying volume and rise to reach the apex, followed by a breakout beyond $4.
Solana & Sui both have reached a crucial phase wherein the SOL price is primed for a small setback while the SUI price may continue to grow.
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