A significant technical turning point that might signal the end of Solana's protracted bearish phase is approaching.

SOL is clearly displaying bullish strength as it is currently trading at about $166 and breaking through both its 50-day ($160) and 100-day ($158) exponential moving averages.

A technical turning point might be approaching as Solana edges closer to a significant resistance level that could signal the end of a protracted bearish phase.

Solana price action

Solana is heating up as it trades above both its 50-day ($160) and 100-day ($158) exponential moving averages (EMAs) at about $166.

More importantly, the 50-day EMA is beginning to converge with the 200-day EMA, which typically signifies a golden cross and signals a shift from bearish to bullish momentum. A confirmed golden cross would provide strong technical confirmation for long-term investors who have endured months of market turbulence.

This crossover was seen by Solana prior to a multi-month uptrend the last time it occurred.

With the Relative Strength Index (RSI) rising toward 56, which is still below overbought territory, and volume gradually increasing, there is potential for further upward momentum.

However, bulls should continue to exercise caution as the $180 level, which is slightly below April’s swing high, poses a key resistance zone.

After failing to penetrate this region during its most recent rally attempt, price may encounter similar difficulties. A rejection from $180 could lead to a decline toward the 100-day EMA, which is currently trading close to $158.

As Solana approaches this barrier, traders should keep a close eye on price action, but this does not necessarily disprove the bullish outlook, as healthy corrections are a component of sustainable growth.

If there is a confirmed breakout above $180, preferably on increasing volume, then it would be possible to run towards the psychological $200 level.

Bitcoin aims higher

Bitcoin is once again threatening to reach its all-time high (ATH) of $112,000 as it trades at about $109,900, remaining below the peak.

At present, BTC is firmly in bullish territory and appears set for another test of previously untested price levels. It has risen sharply from the $105,000 support level and continues to maintain momentum above the 50-day moving average, which is currently at about $105,650.

The current price movement showcases a continuation setup, which is a common technical pattern. Bitcoin experienced a strong recovery after a correction to the 50-day EMA, forming a higher low and remaining above its trendline support.

This indicates that the bulls are still in control, and a breakout above $112,000 seems more likely unless momentum stalls. However, the greatest obstacle might be psychological rather than technical.

According to Glassnode, when retail investors become "excessively greedy," it usually indicates a short-term top.

“The last time we saw this level of FOMO was during the 2021 bull market, where, despite the price remaining relatively low, there was a high volume of search queries for ‘Bitcoin price prediction 2022′ on Google Trends. This ultimately led to a correction after the market topped out around $70,000.”

As seen in the chart above, social media chatter about Bitcoin’s all-time high tends to peak ahead of local corrections according to Lunar Crush's sentiment data.

These attention spikes reflect elevated expectations, which the market usually punishes in the short term. Thankfully the level of conversation surrounding ATH is still high but not excessive.

According to this, even though anticipation is growing, we have not yet reached the "euphoric" phase that typically causes abrupt withdrawals.

To put it another way, Bitcoin has more room to rise before consumer euphoria throws the market off balance. In terms of structure, the 100-day ($97,903) and 200-day ($92,303) moving averages continue to provide support for Bitcoin.

Shiba Inu revival

Shiba Inu is heating up as it approaches a significant technical breakout.

SHIB is currently testing the 50-day ($0.00001392) and 100-day ($0.00001417) exponential moving averages (EMAs) after passing the 26-day EMA.

This convergence zone could decide whether SHIB remains stuck in a sideways range or breaks out toward higher resistance levels.

SHIB is currently trading at about $0.00001343.

What makes the 26 EMA breakout so important is that it signals early bullish momentum is developing. Price movements above this EMA typically precede larger rallies, especially when combined with increasing strength against higher EMAs.

As the chart above shows, this EMA has acted as a short-term trend filter throughout the past year.

The next target for SHIB could be $0