- Uniswap springboards from the weekly selloff, aiming for levels beyond $20.
- Solana must close the day above $30 to ascertain the uptrend toward $40.
Bitcoin bounced from support at $29,000 and touched $34,000 on Wednesday morning. Some selected altcoins like Uniswap and Solana followed closely in BTC’s footsteps and made significant recoveries. For instance, UNI is up 7% to trade at $18, while SOL wobbles around $30 after accruing 6% in gains over the last 24 hours.
The decentralized finance (Defi) token is pivoting at $18 after ricocheting from this week’s support at $14. The freefall saw UNI form a double-bottom pattern on the four-hour chart, creating colossal support.
Applied technical indicators such as the Moving Average Convergence Divergence (MACD) and the Relative Indicator Index (RSI) have aligned with the uptrend. Besides, the MACD line’s crossing above the signal line adds weight to the bullish outlook.
Note that Uniswap must close the day above the hurdle at $20, highlighted by the 50 Simple Moving Average (SMA), to affirm the presence of the bulls in the market and set the pace for gains beyond $30.
UNI/USD four-hour chart
Solana, like Uniswap, stopped the declines around May’s robust support of $19.5. The buyer congestion here ensured that the bearish leg did not extend. In addition to that, a double-bottom pattern formed, bolstering the price into an appreciable recovery.
As mentioned, SOL is pivotal at $30 as bulls battle to gain higher ground. Note that holding above this critical level allows buyers to shift the focus to $40.
The MACD has presented a buy signal on the four-hour chart as the MACD line (blue) crossed above the signal line. Sustaining the movement above the zero line will ensure that the uptrend is sustainable in the near term.
SOL/USD four-hour chart
On the flip side, closing the day under $30 could result in a spike in overhead pressure and perhaps renew the downtrend back to $19.5. Other support levels are expected at $20 and $22, respectively.
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