While short-term price momentum could be about to change in favour of the bulls across the crypto market, looking out into the longer term time frames concerns are arising as indicators are rolling over and crossing back down. What does this mean for some of the prominent layer 1 blockchains such as $SOL, $TRX, and $SUI? $SOL about to crash through support? Source: TradingView The $SOL price is moving downwards within a descending channel. Currently resting at the top of a support band that stretches from $143 down to $125, the price would really need to bounce off of the support, pierce through the top of the descending channel, and head back to higher levels. Nonetheless, easier said than done. It really isn’t helping that the weekly Stochastic RSI indicators are firmly pointing downwards. There is the chance that the 50.00 level might provide support, but this is far from certain, and if the indicators carry on down to the bottom, price will likely be dragged down with them. If one zooms out into the 2-week time frame there is also a cross down in the Stochastic RSI indicators. If this cross-down is confirmed at the end of this week, this is even more bearish. Finally, the Relative Strength Index at the very bottom of the chart is showing a continual descent of the indicator line. This is just posturing to cross down below the yellow moving average line. If this confirms, it’s yet another nail in the coffin. $TRX parabolic curve still intact Source: TradingView The $TRX price may be experiencing a cross down of the Stochastic RSI indicators in the weekly time frame, but the parabolic curve is still intact. The curve itself is an excellent indication of when the $TRX price might start to take a big correction. If the price falls through the curve line and confirms below, that would likely be the correction signal. However, as it stands, the trend is still intact, and if the weekly Stochastic RSI indicators do turn back around, either at the 80.00, or even possibly at the 50.00 level, the upside price action for $TRX could start to go parabolic. $SUI price descending to strong support Source: TradingView The weekly price chart for $SUI shows clear support and resistance levels. The indicator lines for the Stochastic RSI are looking to start dipping below the 50.00 level, and there is a potential cross-down on the 2-week time frame as well. At the bottom of the chart, the Relative Strength Index has the indicator line posturing to cross down below the yellow moving average line. All this said, there is good support at the current level, and some major support below at $2.36, and then at $1.92. If the price gets down to these levels a bounce would be expected. If this comes at the same time as the Stochastic RSI indicator lines get to the bottom and start crossing up, this could provide a lot of momentum for the next upswing. 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.
