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WallStreet Forex Robot 3.0
Bitzo 2025-01-30 12:32:24

Solana (SOL) and Sui (SUI) Take the Lead in Altcoin Rally: An Analysis of Price Movements

Following an FOMC meeting on Wednesday that many viewed as positive, Bitcoin (BTC) and other altcoins are experiencing an upward surge. Among them, Solana (SOL) and Sui (SUI) are at the forefront. $SOL breakout missing momentum Source: TradingView It seems that $SOL is attempting a breakout, as the 4-hour chart shows a candle body opening above the descending trendline. This might suggest the start of an upward movement. However, a crucial component for a breakout—volume—is lacking. Observing the chart's base, the volume profile appears almost empty. While this doesn’t rule out the possibility of volume increasing later, the current situation lacks the necessary momentum. $SOL encounters significant horizontal resistance Source: TradingView A broader view on the daily chart reveals that $SOL has hit a crucial point at the $241 horizontal resistance. Should this level be surpassed, it is likely that the needed volume will arrive. Examining the chart’s base, the Stochastic RSI is reaching its bottom on the daily timeframe. This indicator also shows bullish signs on the weekly and bi-weekly timeframes, suggesting a potential for long-term upward momentum. $SUI breaks past descending trendline Source: TradingView On Thursday, $SUI has emerged as a standout performer. The short-term chart shows the price establishing a solid base with a retest of the 0.5 Fibonacci level. Volume is beginning to build, and if the price continues to rise, it's likely to increase further. With the descending trendline breached, the price might return to the trendline's base, potentially facing a rejection before attempting to break through again. This scenario remains to be confirmed. $SUI price solidifies bullish trend Source: TradingView The $SUI weekly chart displays a strong bullish trend. The candle wick from the Deepseek crash has reinforced the upward movement. Observing the Stochastic RSI on the weekly chart, the indicator lines are still descending, which is not yet bullish. However, they are nearing the bottom. Once they reverse and cross above the 20.00 level, this will indicate robust upward momentum, potentially lasting several weeks. Keep a close eye on this. 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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