👀Mantle rallies by over 30% as Solana falls below $100; GFOX raises over $2.75m in presale
Mantle pumps by over 30%
MNT has surged sharply, breaking out of an upward channel pattern and reaching a high of $0.85.
However, profit-taking may have occurred at this level. Both moving averages are sloping upwards, indicating a bullish trend. Still, caution is advised due to a negative divergence on the RSI.
The next major challenge is $0.85; if this level is broken, the price could rise to $1. Conversely, a break below the 50-SMA could signal the end of the uptrend, potentially leading to a fall to $0.65 or $0.58.
Solana drops below $100
Solana has faced challenges after reclaiming the $100 threshold.
Despite a slight recovery, SOL grappled with profit-taking and a descending triangle pattern formation, falling below $100.
This comes after SOL hit multi-year highs surpassing $125 in December, fueled by broader crypto market tailwinds and renewed demand for layer-1 alternatives to Ethereum.
The robust rally since September has given way to intensifying selling pressure following extreme overbought conditions.
Nonetheless, bulls have shown dip-buying conviction around the $85 support level twice thus far in 2024.
Looking ahead, watching SOL’s ability to maintain its footing above the technically significant $85 mark will determine whether it avoids slipping toward its next key area of support, around $65. The crucial $85 zone remains a battlefield between exhausted rally participants taking profits and renewed buying interest aiming to spark another leg higher.
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