Cryptocurrencies had a relatively strong performance this week as Bitcoin bounced back to almost $60,000. Toncoin was trading at $7.23, a few points below its highest point this year while Solana rose to $146, up from this month’s low of $121.
These coins rose as investors bought the dip and as the impact of the ongoing liquidations by the German government and Mt. Gox wallets. They also recovered after the US published an encouraging inflation report that revealed that consumer prices were falling.
Another positive event that happened was that Solciety, an upcoming Solana meme coin, raised over $863k from investors in less than two weeks. You can buy the SLCTY token here.
Solana price forecast
Solana price bottomed at $122.10, where it failed to move below since May this year. It then bounced back and was trading at $140 on Thursday evening.
On the daily chart, the token has formed a double-bottom pattern whose neckline was at $188.73. In price action analysis, a double bottom is one of the most bullish chart patterns.
It has also formed a small double-bottom pattern whose neckline is at $154. At the same time, the token has found substantial support at the 200-day Exponential Moving Average (EMA), which is a popular bullish sign.
The MACD and the Relative Strength Index (RSI) indicators have also formed bullish divergence patterns. Therefore, the likely scenario is that Solana will resume the bullish trend in the near term.
If this happens, the next key level to watch will be the key resistance point at $155. A break above that level will see it rising to the next psychological point at $160.
Toncoin price forecast
Toncoin has been one of the top-performing cryptocurrencies this year as the TON ecosystem continues doing well. The $TON price dropped to a low of $6.36 last Friday as other cryptocurrencies fell. That was an important level since it coincided with the lower side of the ascending channel.
There are signs that TON price could soon make a bearish breakout. It has formed a rising wedge pattern, a popular bearish sign. Unlike Solana, the MACD and the Relative Strength Indicator (RSI) have formed a bearish divergence pattern.
Therefore, with the rising wedge nearing a confluence level, there is a likelihood that the $TON token will have a bearish breakout in the coming weeks.
Solciety analysis
Unlike Toncoin and…