Solana has been steadily losing ground since reaching its all-time high on November 6 but has now broken its short-term downtrend line, signalling the possibility of a trend reversal. Meanwhile, HUH Token looks set to move upwards and test its all-time high, presenting a 60% upswing.
Since November 6, when it reached an all-time high, the Solana price has been steadily losing ground. This downtrend has already cut through multiple layers of support levels and is now bouncing off another. Investors should anticipate a relief bounce before SOL resumes its decline or establishes a bullish bias.
On Wednesday, December 15, SOL broke its short-term blue downtrend line, indicating that the price is ready to consolidate sideways and begin to eye an upswing. In addition, SOL’s relative strength index (RSI), seen at the bottom of the chart, has also indicated a buy divergence – as the RSI has moved up while the price has moved down. This serves as further evidence of a potential short-term trend reversal over the next week.
Traders can expect SOL to continue bouncing off the blue downward trend line and eventually retest its resistance levels at $175 and $179, respectively. This would result in a 15% upswing from current levels and is most likely where SOL will stop climbing.
However, in a bullish scenario, the uptrend could extend to $204, setting up a new reverse head and shoulders.
If the overall outlook for the cryptocurrency markets shifts in favour of bulls, market participants should expect SOL to increase in value. However, if the sellers continue their assault, SOL will continue to fall and will test additional support levels.
While Solana’s price is improving, a failure to hold above the $153.20 support level will send SOL to $140.23. Here, buyers have another opportunity to benefit from a relief bounce to $175.76.
HUH Token (HUH)
HUH Token has reclaimed a support level at $0.0001702 indicating further upside is on the way. Over the weekend HUH’s price briefly consolidated down to $0.0000905 before bulls rallied and lifted the price back up, indicating buying levels are strong at these prices.
HUH then tested and broke above its new support level at $0.0001702. Investors can now expect HUH’s price to consolidate back to this level offering buyers a fresh opportunity to get in before the price swings up to retest HUH’s all-time high at $0.0002725 – a rally of roughly 59%.
HUH 1-Hour Chart according to TradingView
If HUH’s price can break above the all-time high at $0.0002725 then investors can expect the price to continue to move upwards and create new highs, with the first Fibonacci extension level of 23.6% or $0.0003368 as the next target.
However, if HUH’s price falls below the support level at $0.0001702, then traders can anticipate a dip to retest the next support level at $0.0001280. Potentially offering investors a new buy opportunity.
HUH Token launched on Monday, December 6 and surged over 4000%, breaking into PancakeSwap’s top 20 in its first week of trading.
Since its launch, HUH Token has accumulated a market cap of over $170 million, with over 10 000 holders. HUH’s listing on popular indexes CoinMarketCap.com and CoinGecko.com this week has also helped propel the price upwards.
HUH’s creators have dubbed the new cryptocurrency a “utimeme” as it offers enhanced utilities over common meme cryptos, including a unique referral system that allows holders to make a 10% commission for every successful HUH referral. The commission is paid in Binance Coin (BNB).
HUH Token also accumulates in a holder’s wallet over time, a feature that will certainly entice long-term investors.
For more on HUH Token: