Remittix (RTX) Takes Over as Solana (SOL) and Cardano (ADA) Stumble

Solana (SOL) price recently faced rejection at $150 and pulled back from the levels seen during the last bull market.

Solana (SOL) had a decent run recently as the price increased by about 21% over the last month. However, it seems that things are cooling down quickly now as the attention is shifting to other projects. After trying and failing to break above $150, the price has been hovering around $144, and that’s got some investors feeling uneasy.

This level has turned into a wall that SOL just can’t break through. Momentum is slowing for SOL, and traders are starting to question whether the push to $200 is even realistic anymore.

SOL still has a solid $74.71 billion market cap, and in the last bull market, Solana price soared all the way to $261. But that was then. Now, with the market shifting and fresh narratives emerging, more and more eyes are turning to new coins with bigger upside potential and room to grow.

Solana (SOL) price in 2023

As for what’s next for Solana, it depends on which technical indicator we use. According to the Relative Strength Index (RSI), the downswing might continue as the index dropped below the neutral line at 50. However, if we consider the Moving Average Convergence Divergence (MACD) indicator, there’s a chance of a bullish reversal.

The MACD line is slowly approaching the signal line, which could lead to a crossover later this week or next week. A MACD crossover usually signals the continuation of the existing trend. In this case, it could indicate the continuation of the downswing and push the price of SOL even lower.

It’s important to note that these are just predictions, and the actual price movements might vary.

Cardano Price Surpasses Key Level As Interest Unravels

Cardano (ADA) also saw a brief increase in price recently as the crypto showed a 10% monthly gain. However, that momentum didn’t last long and it seems that it’s already fizzling out.

The price of ADA dropped significantly and now shows a 1% gain, which suggests that the trend might be reversing. The excitement seems to be fading fast, so a new update on the blockchain is imminent.

The lower part of the price chart is highlighting the fact that ADA is approaching the $0.60 level, which could be a crucial point for the cryptocurrency.

The chart shows that the price of ADA bounced off this level twice in the past two months. The first time was in July, when the price dropped to $0.55 before bouncing back to $0.60. The second time was in August, when the price dropped to $0.58 and then recovered to reach $0.60 again.

If the buyers fail to keep the price above $0.60, it might continue to drop and test the next support level at $0.50.

The upper part of the price chart showcases the fact that ADA is trading below the 50-day Simple Moving Average (SMA). The SMA is usually used by traders to identify the long-term trend and it seems that it might be turning bearish.

The 50-day SMA is now at $0.60 and if the price drops below this level, it might continue to move lower and reach the next support level at $0.50.

The lower part of the chart shows that the MACD line is still above the signal line in the positive territory, which bodes well for the bulls. The MACD is a momentum indicator that is used to identify the strength of the trend.

The fact that the MACD line is still above the signal line suggests that the bulls are still in control and that the price of ADA might continue to rise.

However, the MACD is slowing down and if the sellers manage to push the price lower, the MACD line might cross below the signal line. Such a development would signal a loss of momentum for the bulls and increase the chances of a further price decline.

The chart shows that the Relative Strength Index (RSI) dropped below the neutral line at 50, which might lead to further price declines. The RSI is a momentum indicator that is used to measure the speed and magnitude of price changes.

The fact that the RSI dropped below the neutral line suggests that the sellers are now in control and that the price of ADA might continue to decline.

The chart shows that the price of ADA is approaching the Fib level of 0.382. This Fib level is a common technical analysis tool that is used to identify potential support and resistance levels.

The Fib level of 0.382 is calculated by dividing the total price range by the highest price less the lowest price, in this case, $0.96 for the high