U.Today - Solana is on a strong upward trajectory, and if the current pace continues, it could see its price approach $200 by mid-November. Strong market sentiment is reflected in the price action for SOL as growing investor interest pushes it closer to this expected level. Solana has experienced tremendous growth in recent weeks, breaking through multiple resistance levels and currently trading at about $175.
The psychological $200 mark, as well as $163 and $180, are important price levels for traders to keep an eye on. SOL's previous support level of $163 may act as a point of retreat in the event that the price experiences any brief retracements. Given the historical resistance, at this level, SOL would need to keep momentum above $180 in order to make a consistent approach toward $200.
At $200, SOL may reach more than a temporary high if it can continue to rise without experiencing significant profit-taking. It will take time for the asset to consolidate gains and establish a strong support base close to its highs, so this milestone will not be reached in a few days. On the chart, Solana's bullish trajectory is supported by its strong position above the 50 and 100 EMAs. In the long run, we might even see targets above $200 if the asset keeps gaining ground at higher levels, particularly if Bitcoin and other significant assets keep rising.
Shiba Inu stays relevant
The lack of new investor interest is a major factor in Shiba Inu's inability to move into a consistent bullish trend. Only about 2-3% of SHIB holders are categorized as new, according to on-chain data suggesting a small influx of new purchasers. Shiba Inu may have lost its appeal given the low level of engagement from new investors, especially as the market continues to be overrun by more high-risk, extremely liquid meme coins.
Other new meme coins, in contrast, have been attracting both experienced and novice investors seeking rapid returns by riding waves of volatility and speculative hype. These more recent tokens frequently function more like crypto casinos, drawing transient users looking to profit from quick price fluctuations.
Given that it no longer offers the same explosive growth potential as in its earlier years, this environment has made SHIB seem rather unappealing. Shiba Inu's recent price chart shows that the asset is having trouble moving higher and seems to be stuck in a narrow range.
Without new buying interest, SHIB lacks the strength to break through the 200-day moving average, which is represented by the black line on the chart. Should SHIB fail to draw in new investors, it is likely to stay range-bound or even lose ground, as existing holders gradually reduce their holdings. In conclusion, the market performance of Shiba Inu is being hindered by its incapacity to draw in new investors. Although it used to be the market leader in meme coins, it is currently up against fierce competition from more recent erratic coins that cater to a market that favors rapid speculative gains.
Bitcoin really close
With the price of Bitcoin currently hovering just a few hundred dollars below the $73,000 mark, it is getting close to its previous all-time high. A strong short-term uptrend and higher trading volume have bolstered the recent rally. Notwithstanding this remarkable performance, there are indications that a market retracement may be imminent. One of the primary worries is that despite its strength, this rally might not be stable enough to last for the long haul.
Bitcoin has broken a long-term resistance line, as can be seen on the chart, which may mark the end of a months-long consolidation phase. However, such quick, sharp movements frequently draw speculative trading, raising the possibility of abrupt reversals as traders lock in profits. Bitcoin's ascent to new all-time highs has always been erratic. As the market processes the quick gains, each breakout is usually followed by a consolidation or slight retracement. If Bitcoin runs into psychological resistance around or close to the previous high, this rally might follow a similar pattern.
Additionally, the Relative Strength Index shows that Bitcoin is getting close to overbought territory, which frequently comes before a slowdown in momentum. If a retrace takes place, Bitcoin may test new levels of support in the upcoming weeks.
The recent moving averages suggest that the short-term supports at $67,000 and $64,500 may be levels to keep a close eye on. These could act as halts for any decline prior to a possible uptrend continuation.
This article was originally published on U.Today
