After hitting a 5-month low on January 24, Solana saw a drop from the immediate supply zone. Now, it has low volatility while aiming for the $83 mark for support.
On the other hand, although Cosmos has seen a gain of more than 8% in 24 hours, it has formed a flag and bearish pole. GALA has also refrained from jumping out of a bearish spiral at press time.
Solana (SOL)
Source: TradingView, SOL/USD
The SOL bears gained more thrust after breaking the $167.96 mark while the coin struggled to keep up with their growing pressure. On top of that, the January 21 sell-off caused the alternative price to lose the $132 mark as it recorded a loss of 43.79%. As a result, it saw a downward channel advance towards a 5-month low on January 24.
The past day’s gains have stopped at the immediate supply zone (rectangle, green) as the bears are currently attempting to test the $83 level.
At the time of writing, alt trades at $88.54. After falling to record lows, the downtrend RSI raised from oversold territory. It had a bullish divergence (green trendline) with the price while the coin recovered slightly on the last day. On the other hand, Momentum Squeeze indicator now show black dots. This reading entails a period of low volatility in the short term.
Cosmos (ATOM)
Source: TradingView, ATOM/USDT
After the inverse head and shoulders breakout on January 3, the bears tested the 18-day 23.6% Fibonacci level. They have secured the $43 resistance and continue to pressurize. The recent sell-off has caused ATOM to lose 35.6% of its value through Jan 22.
In the past two days, the bulls have regained 38.2% while forming flags and discount poles on its 4-hour chart. Now, the immediate test basis for the bears lies at the lower trend line of the channel. This level coincides with the $32.5 support.
At press time, ATOM is trading at $35.92. The RSI saw a classic channel breakout (yellow). It’s finally over halfway but looks a bit weak at the time of writing. Opposite, MACD’s the chart has found a close above the equilibrium level, but its lines still need a close above the zero line to confirm the uptrend.
GALA
Source: TradingView, GALA/USDT
GALA repeatedly marked lower highs and lower lows while losing the $0.421 support on Jan. 5. Then it even lost $0.32 just to witness another sell-off on January 21st.
GALA lost 58.16% of its value (from January 12) until hitting a two-month low on January 22. The immediate check point for bulls continues to lie at 20-SMA (glaucous).
At press time, GALA is trading at $0.1768. The RSI Oscillating within a descending expanding wedge for the past 12 days. Even though it broke out of it, it couldn’t get past the 37 mark. Also, CMF continues to show weak signals as it refuses to cross the zero line for the past 11 days.