😀 SOL/USDT - Over the past few days, #Solana has once again gained the support of institutional investors, which was lost earlier this year. According to a recent CoinShares report, the inflow of funds into SOL-based investment products for the week exceeded $4 million. For comparison, the total inflow since the beginning of 2024 has been only $10 million. Forecast: At the time of writing, the altcoin is trading at $155, which coincides with the neckline of the "double bottom" pattern. Typically, the formation of this pattern on the chart indicates a potential transition from a downtrend to an uptrend. Based on the figure, the likely target for #SOL is at $187. However, if the breakout fails, Solana may test support at $138. Its loss would lead to a decline to $126, nullifying the bullish scenario.
📊 ADA/USDT - On-chain metric MVRV evaluates the ratio of an asset's market value to its realized value, providing insight into investor profit or loss. The 30-day MVRV for #Cardano stands at -10.24%, indicating losses and potentially encouraging accumulation. Historically, #ADA recovery occurs within the MVRV range of -7% to -17%, which is considered a favorable accumulation zone. Forecast: Following a rebound from support at $0.428, Cardano's price was slightly below resistance at $0.468 at the time of writing. To sustain the rally, the barrier at $0.518 must turn into support. This will help the price break out of a three-week consolidation and continue to rise to $0.600, implying a 25% rally. On the other hand, if the breakout fails, the price is likely to continue consolidating. However, if support at $0.420 is lost, the bullish scenario would prove unsustainable, potentially causing ADA to fall to $0.400.
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