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Crypto Daily 2025-01-30 12:31:50

Solana (SOL) and Sui (SUI) Lead the Altcoin Breakout: A price Analysis

Solana (SOL) and Sui (SUI) Lead the Altcoin Breakout: A price Analysis

After what was generally perceived as a bullish FOMC meeting on Wednesday, Bitcoin (BTC) and altcoins are surging higher. Solana (SOL) and Sui (SUI) are leading the altcoin pack. $SOL breakout lacking volume Source: TradingView To all intents and purposes the $SOL price appears to be breaking out. A candle body on the 4-hour chart has opened above the descending trendline, and one might think that it’s onwards and upwards from here. However, one very vital element for a successful breakout is missing, and that is volume. Looking at the bottom of the chart, the volume profile is registering next to nothing. That’s not to say that volume couldn’t come in at some point, but as it stands, the rocket boosters are lacking. $SOL reaches strong horizontal resistance Source: TradingView Zooming out into the daily chart, it can be seen that a critical point has been reached, in the form of the $241 horizontal resistance. If this can be breached, the required volume would very likely arrive. Looking at the bottom of the chart, the Stochastic RSI is bottoming on the daily time frame. This indicator is also looking very bullish on the weekly and 2-weekly time frames, signalling longer term upside price momentum. $SUI breaks through descending trendline Source: TradingView It’s $SUI that is the big star of the show so far on Thursday. The short-term time frame above shows how the price bottomed nicely with a retest of the 0.5 Fibonacci. Volume is coming in, and should the price continue higher, more would probably arrive. The descending trendline has been broken, and the price could be expected to get back to the bottom of the trendline, perhaps be rejected, and then pierce through on the next attempt. This all remains to be seen. $SUI price confirms the bull trend Source: TradingView The weekly chart for $SUI is quite bullish. The candle wick down from the Deepseek crash just confirmed the upward bull trend. Looking at the Stochastic RSI on the weekly, at the bottom of the chart, it can be seen that the indicator lines are still dropping. While this is not bullish, it does mean that they are getting nearer the bottom. Once they do bottom, and the indicator lines cross back up over the 20.00 level, this will signal very strong upward price momentum, potentially for a period of a few weeks. Watch this one closely. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Market Cap
24h Vol
55.82%
Bitcoin Share
787
Today News
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