Ethereum ($ETH), Binance Coin ($BNB), and Solana ($SOL) Poised for a Strong Rally
$ETH Finds Strong Horizontal Support
Ethereum is the cryptocurrency giant outside of Bitcoin. ETH has lost as much as 48% in the ongoing downtrend. However, Ethereum price recently fell to a strong horizontal support level of $2,300. If Bitcoin rebounds, the second-largest cryptocurrency by market cap can also be expected to rebound from here.
$BNB Poised for a Rally
Binance Coin ($BNB) is at a very strong horizontal support level of its own. This level acted as a major support in the last bull run in 2021/2022 and it is the same this time. In fact, wicks as low as $400 were strongly bought back in early August.
If people still believe that the cryptocurrency market will rebound, it might be a good idea to enter a position here. If the worst happens, the price might drop all the way to the bullish horizontal support level of $347.
$SOL Trading Range Bottoming
$SOL price is currently at the bottom of its trading range. Additionally, there is a big resistance level above at $138. The price will definitely need to overcome this resistance as the first step back to the top of the range.
A series of higher lows in the weekly stochastic RSI could signal a move above the 20 level, which it is currently trading just below.
