After a brief rally, the crypto markets appear to be consolidating as the Bitcoin price is heading below $71,000 after marking the yearly highs close to the ATH at around $73,500. The bears are trying to hold a tight grip over the rally as the bulls continue to remain passive for the second consecutive day. The Solana price has dropped by over 5%, while the SUI price triggered a strong pullback after fighting with the bears.
Now that the prices have faced some bearish action, here’s when the prices of SOL & SUI may regain strength and trigger a strong ascending trend.
Solana (SOL) Price Analysis
The Solana price has been displaying massive strength since the start of the month, rising over 35%. Meanwhile, the bears have begun to intensify their strength, due to which the token is failing to hold the pivotal support. However, the price remains within the bullish range and hence holds a huge possibility of reviving a strong ascending trend and rising back above $180 very soon.
As seen in the above chart, the SOL price broke down from the rising wedge, and as a result, the token may continue to remain under bearish influence. The RSI has dropped below the ascending support, which suggests the token may plunge and test the lower support zone around $165. With the bearish close for the month, the SOL bulls may gear up and trigger a strong rebound to revive a strong upswing back above $180.
SUI (SUI) Price Analysis
The latest upswing in the SUI price suggests the bulls may have jumped in to prevent excess price drain. Unfortunately, the bears regained dominance after having a tough fight with the bulls during the last trading day. However, the buying pressure remains much higher than that of selling and hence the price is expected to trigger a healthy rebound very soon.
The price underwent a parabolic recovery and formed a new ATH. However, the bearish activity intensified, which dragged the price marginally lower. The RSI, which was stuck within a descending trend, has triggered a healthy rebound, which suggests a flip in the descending trend could be fast approaching. With this, the SUI price is expected to form a new ATH above $2.5 and eventually reach $3 in the first half of November 2024.
