#SOL and #BNB market outlook!
Copycats are generally rising, and when the main rise will really come depends on the performance of these two big brothers!
The price of Sol is up about 5% in the past day and about 9% in the past week. Additionally, it has returned 53.44% year-to-date. As such, it is trading just 39.97% below its all-time high of $260.06 set on November 7, 2021.
We can see from the simple moving average (SMA) supporting the Solana price chart on the 1D time frame that buying pressure is outweighing selling pressure. Additionally, its RSI indicator is heading towards overbought territory. This suggests prices may continue to rise.
Bullish breakout sentiment is at $181. If the bulls maintain the price at this level, SOL may retest $200.
BNB has risen about 3% in the past 24 hours, returning to the $600 mark. Over the past month, it has gained 9.82% and traded at a discount of 16.38%. This suggests that BNB is likely to reach new all-time highs amid the upcoming market hype.
Technical indicators SMA and RSI have both registered significant increases in bullish price action, which highlights that BNB is set to perform well in the market in the coming week.
Bulls may retest this level if it breaks the resistance zone below $635. If the market continues to favor the bulls, this could lead to a move to highs of $720.6 in Q4.
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