What’s Happening? Solana (SOL) on Major Support, Shiba Inu’s (SHIB) Anemic Performance Continues

It looks like XRP is about to make a big technical move that could either take it into a bullish phase or make it difficult for it to keep going forward. The 50-day exponential moving average (EMA) is about to cross above the 200-day EMA, indicating the impending appearance of the golden cross, a bullish indicator.

But any stalling or downturn could prevent this bullish crossover from occurring so the current price level around $0.56 is critical. A variety of trading volumes and price fluctuations have been observed in XRP in recent weeks, keeping traders cautious. The actual trading volume of XRP has fluctuated, and the most recent data indicates a significant drop to about $254 million.

This drop in trading activity raises concerns because it may indicate a decline in market participation, which could weaken and shorten any bullish momentum. There is uncertainty depicted by the technical indicators. Although a golden cross appears to be imminent as the 50 EMA approaches the 200 EMA, the absence of significant trading activity may impede this crossover from occurring.

Solana faces issues

Reaching its 200-day exponential moving average (EMA), a critical support level that may dictate its next move, Solana has reached a pivotal point. After a period of volatility on the larger cryptocurrency market, SOL is currently testing the strength of this long-term support at a price of roughly $144.59.

Just above the $140 threshold, the 200 EMA has historically served as a reliable level of support for SOL. There is another notable support level around $130, so a breakdown below this mark could lead to additional declines. But a possible recovery could be initiated if SOL is able to maintain above the 200 EMA resistance levels to monitor in the $150–$155 region.

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Another crucial level in the short term is the 50 EMA, which is currently at $152. Should this move up, it might signal a bullish reversal; however, if it stays below, SOL might remain in a consolidation phase, bouncing between the 50 EMA resistance and the 200 EMA support. 

The volume indicator swhos that trading activity has been rather low, which may indicate that traders are holding off on making a move, while closely observing SOL’s response to these critical levels. SOL is neither overbought nor oversold, according to the RSI, which is circling around 44. This suggests that the price could move either way, depending on the state of the market as a whole.

Shiba Inu is anemic

Due to its poor performance, which is marked by very low volatility and shrinking interest from major investors — also referred to as whales — Shiba Inu is still having trouble. At present, SHIB is trading at approximately $0.00001368, failing to break free from its declining trajectory and staying put for an extended amount of time. 

For both traders and investors, the low volatility is a serious concern. Low volatility assets typically have little price movement, which makes it difficult to make money, especially in a market as volatile as the cryptocurrency market. This is evident in the trading activity of SHIB right now, as the price remains in a small range and does not seem to be returning to its previous strong rallies.

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The continuous departure of whales from the asset is compounding SHIB’s problems. With just 30 large transactions recorded in the last 24 hours, recent on-chain data shows a sharp decline in these transactions. 

This suggests that major players are losing faith in SHIB’s future prospects, as evidenced by the sharp contrast with the seven-day high of 69 large transactions. More severe price declines may result if the trend of declining whale activity persists, as it aggravates the low liquidity problem.