Although the volatility of the crypto money market still continues, it can be said that it suddenly turned from an upward movement to a downward movement. While Bitcoin, the leading cryptocurrency, was withdrawn from $ 52,000 to $ 45,000, altcoins also suffered serious losses. Although Bitcoin is currently trying to hold on to the support of $ 46,000, Solana (SOL) still manages to maintain its rise on the 7-day chart. SOL has gained 39% in 7 days and is the only cryptocurrency in the top 10 to do so. The rise of SOL is followed by another cryptocurrency from the same ecosystem.
SRM Steals SOL’s Momentum
Although Serum, the project of the FTX cryptocurrency exchange, achieved a 3% increase in 24 hours, it increased by 25% in 7 days and 71% in 14 days, approaching the all-time record. SRM is very close to the $12.98 level it broke on May 3, and its rally has lost its strength with only 7% left.
Looking at the SRM technical analysis, it is seen that the price has a strong support at $10. SRM, which broke the $10 level and held here, could be trapped for $7 again if it loses this point. In the coming days, especially if the current bullish channel continues for SRM, the price can be expected to test $12, then $18 and finally $24. SRM’s final target seems to be $32, which is the 5th point according to the channel formation. Of course, this requires some of the volume from the SOL to go to the SRM.
Looking at the chart again, it seems that the blue trend line is not lost and the price is moving in the ascending channel. It is stated that the important and necessary support after 10 dollars is $ 8.70 or the blue trend down.
*Not investment advice.