Significant Activity in Shiba Inu

Recent activity in Shiba Inu has seen a spike of 4.1 trillion SHIB in large transaction volume, nearing its seven-day high. Such large transaction volumes often indicate increased interest from significant holders or whales, affecting future price movements.

Changes in on-chain volume attract attention as they signal potential market moves, bullish or bearish. Currently, SHIB is exhibiting a symmetrical triangle pattern, which usually leads to breakouts in either direction when volatility decreases.

As the asset approaches the triangle's tip, a price volatility spike is anticipated. While major transaction rises may seem bullish, the symmetrical triangle presents no inherent bias. A breakout above $0.000018 could indicate a bullish trend, while a downside break may force a return to the $0.000016 level.

Monitoring the technical pattern and on-chain data is crucial, especially given SHIB's relationship with Bitcoin and other assets. The ongoing accumulation by large investors could support a longer-term price rebound, yet SHIB might struggle to maintain its price if market momentum diminishes.

Bitcoin's Struggle

Bitcoin continues to wrestle within the $60,000 range amid market uncertainty. Despite attempts at stabilization, it lacks the necessary bullish conviction to initiate a significant upward movement. The price chart reflects ongoing bearish pressure, as Bitcoin has yet to overcome key resistance levels for a robust recovery.

Technical indicators, such as the 50- and 200-day moving averages, suggest potential for further consolidation or price declines. Due to the bulls' insufficient effort to drive price increases, BTC faces vulnerability to declines, particularly as the Relative Strength Index (RSI) signals market indecision. Without strong bullish action, Bitcoin could test support levels around $58,000 to $59,000.

Solana's Opportunity

Despite a recent challenging week, Solana currently stands on critical ascending trendline support. The $138 range has served as a vital support level, with traders keenly watching for potential rebounds.

Despite increasing bearish pressure, Solana may soon experience a rebound if it maintains the ascending trendline support. Successful retention might enable a push through higher resistance levels, around $150 and $145, crucial for establishing a more substantial recovery and prolonged upward trend.

Conversely, breaking the present support could lead to subsequent selling, with the next support near $130. The RSI indicates that Solana is not in an oversold area, suggesting room for upward momentum, though it remains close to neutral, reflecting market uncertainty.

This article was originally published on U.Today