The post Bitcoin And Solana Hit Resistance as This Viral Altcoin Closes on New Highs appeared on BitcoinEthereumNews.com.

Bitcoin could be facing a massive sell off as the US government is expected to sell up to 10,000 BTC soon but Solana’s brief correction phase from last week is coming to an end. As Solana re-enters its price discovery phase, savvy traders are also diversifying their wallets with new viral altcoin Rollblock (RBLK) that is poised for 880% gains already. Bitcoin (BTC) Dominance Falls During Altseason Hype Bitcoin’s price has jumped 85% since its halving event in April when miner rewards were reduced to only 3.125 BTC per block. After Trump’s recent victory in the US presidential elections, Bitcoin surged to a new all-time high price of $99,800 in November. However, Bitcoin’s market dominance has now fallen to 55.6% which typically means investors are booking profits ahead of the highly anticipated altcoin season.  Bitcoin is currently trading for $94,095.45 after an intraday decrease worth 1.75%. Since the US government could also be selling up to 10,000 BTC after transferring the coins to two Coinbase wallets, the overall market sentiment is expected to turn bearish because of this sell signal. For now, Bitcoin’s nearest resistance level is at $108,561 while the support is at $87,680.  Solana (SOL) to Continue Price Discovery After Brief Correction Phase Solana’s price experienced a sudden crash over the last seven days as some short holders were liquidating their assets. This correction was also fueled by Solana’s RSI entering the overbought zone on the SOL/USDT daily chart which typically precedes a sell-off. Since the selling pressure is cooling down now, analysts expect Solana’s price to continue its discovery phase towards the $300 and $400 levels.  Many investors also cashed in on the price dip and reentered the market between the $247 and $252 levels. Solana is currently trading for $221.99 after a minor intraday decrease of…

---

Filed under: News - @ December 6, 2024 7:26 am