Solana’s questionable position
While Solana clearly gained some respectable strength back in May, the situation for the asset has changed, and it has been going down steadily for the past 20 days. The SOLETH chart, often used for gauging market volatility, is clearly exhausted and might provide us with some growth in the future.
The Solana vs. Ethereum chart, which contrasts the two most powerful altcoins available, is an important comparison. This comparison makes the relative strength and possible volatility of the altcoin market easier for traders and investors to understand.
Cardano’s unexpected bounce
Cardano somewhat bounced from a local support level at approximately $0.35, with the potential to fight with the 26 EMA for momentum in the next few days. This bounce is a small but crucial step toward breaking an aggravating downtrend that has plagued the cryptocurrency for months.
Holding above $0.35 is critical for Cardano in the near term. This level has provided a lot of support and might provide the groundwork for a future upswing. Cardano may indicate the start of a recovery phase if it can muster enough momentum to test and possibly break above the 26 EMA.
