Solana experienced retracement from its nearest supply zone after touching a 5-month low on January 24. The alt displayed low volatility as it targeted $83 for support. On the other side, Cosmos created a bearish pole and flag despite its over 8% gain within the past 24hrs. While writing this content, GALA avoided the bearish craze.
Solana (SOL)
Solana bears gained additional steam after breaking $167.96 as the crypto struggled to tolerate the increasing bearish pressure. Moreover, the January 21 market-wide fall had SOL lose the $132 mark, resulting in a 43.79% drop. That way, SOL witnessed a downward channel, marching towards the January 24 5-month low. The previous day’s gains halted around the nearest supply region as bears eye $83.
For now, Solana trades at $88.54. The RSI rose from the oversold region after dipping to a record low. Moreover, the indicator bullishly diverged with SOL price as the token noted a slight recovery within the past day. Meanwhile, the Squeeze Momentum Indicators flashed black dots, suggesting low volatility in the short term.
Cosmos (ATOM)
ATOM bears tested 23.6% FIB for 18 days following an inverse head-shoulder breakout on January 3. They exerted pressure while ensuing the resistance at $43. The latest crash had ATOM losing 35.6% until January 22.
The last two days had bulls reclaiming 38.2% while printing a bear flag & pole on the 4hr chart. Now, bears’ nearest testing point stands at the channel’s lower trend-line. The zone corresponds with the support at $32.5.
While writing this post, ATOM traded near $35.92. The RSI experienced a downward channel breakout. The indicator finally overcame the half-line but appeared somewhat weak during this publication. Meanwhile, MACD’s histogram closed beyond the equilibrium, but the lines required a close beyond the zero line to authorize bullishness.
GALA
GALA persistently formed troughs and lower highs while losing support at $0.421 on January 5. The alt saw another crash on January 21 after losing the $0.32 zone. GALA recorded a 58.16% drop, touching a 2-month low on January 22. Bulls’ immediate testing ground remained at 20-Simple Moving Average (cyan).
While publishing this bog, GALA traded at $0.1768. The RSI swayed within a descending wedge within the last 12 days. Though the indicator broke out of the pattern, it failed to overcome the 37-level. Moreover, the Chaikin Money low depicts weak signs as it could not cross the zero (0) line over the last eleven days.