Sohrab Khawas
With the altcoins rising back up, the broader market sentiment is recovering as investors are lining up with extra demand. As the crypto market teases a sharp recovery from lower levels, the rising demand teases a prolonged bull run.
Amidst the rising market, the Solana and Toncoin token prices are ready for a sharp recovery. Let’s examine the price chart and technical analysis of SOL and TON tokens to find out more.
Altcoin Rally Begins As Solana Eyes $150 Breakout.
With a struggling reversal rally in the weekly chart, the SOL price trend reveals bullish dominance at $125. The altcoin remains sideways between the 50% Fibonacci level and the 61.80% level.
With the ongoing consolidation range, the altcoin price chart shows the MACD and RSI line declining, as the supply pressure increases.
In the daily chart, the $125 support holds the triangle breakdown rally and reverses it to challenge $150. As the broader market recovers, the SOL price is up by 8.40% in two days and hints at an extended price jump. Optimistically, the altcoin can reach the $200 mark if the Bitcoin price reclaims $60,000.
Toncoin Reversal Aims $10
With $18 Billion market cap, Toncoin ranks at #8 amongst the top 10 cryptocurrencies. Surviving the market crash with minimal correction, the TON price breaks under the long-coming support trendline.
In the daily chart, the altcoin reveals a minor double bottom pattern as it transitions the breakdown rally to a sideways shift. With lower price rejection candles, the TON price is aiming for a bullish reversal.
Supporting the bulls, the RSI shows reverse divergence and while MACD shows a softening in bearish histograms.
If the bull run continues, the altcoin could reach the $10 mark, per the trend-based Fibonacci levels.
