Crypto analyst Brian Bollinger expects a drop in AAVE price among altcoins. Analyst Tobith Tom predicts strong rising STORJ will see correction. Crypto analyst Ekta Mourya comments on the price impact of the increased interest for the Shiba Inu. Also, the analyst is looking at Solana, which has seen a strong increase in recent weeks.
What awaits AAVE after the sharp rise among altcoins?
Amid the recent recovery in the crypto market, DeFi Tokens recorded significant growth. As a result, associated tokens such as AAVE have seen a huge rise. This brought back the sense of rebound among traders. AAVE price has reached the $80 barrier, up nearly 60% from its June 15 low of $49. Will this recovery go further or is it time to pull back?
AAVE price is showing the formation of a descending triangle pattern on the weekly timeframe chart. After an aggressive rally, this coin is preparing for a minor correction to renew its bullish momentum. The intraday trading volume on AAVE is $117.8 Million. This indicates a loss of 20.6%.
The fast recovering AAVE price faced a major hurdle near the psychological $80 level. Looking at a higher weekly time frame, this horizontal barrier appears to be accompanied by a bearish resistance of the descending triangle formation. Over the past 400 days, altcoin price has been echoing at the key level of this triangle, which is the falling trendline and the $50-$48 neckline region. Theoretically, this pattern is a bearish trend pattern. Also, it is possible for sellers to extend the prevailing trend when it breaches the neckline support.
According to press time, this altcoin is trading at $75.53. The intraday loss reaches 3.3%, revealing rejection on the general trendline. In ideal conditions, rejection of the resistance trendline of this triangle triggers a drop towards the neckline. Thus, it indicates that AAVE price is ready for a 32% drop.
The rise of STORJ will soon witness correction
Analytics platform Lookonchain noted that the price of STORJ has risen by about 45% today. Lookonchain informed the community that the Storj team has invested 2.5 million STORJ in Binance after altcoins surged in double digits in one day. The Web3 data analytics platform concluded its analysis by stating that the Storj team currently owns 11.6 million STORJ, or approximately $5.7 million.
According to CoinMarketCap, STORJ is fluctuating between its 24-hour high of $0.5241 and its low of $0.349. STORJ’s sudden pump led the altcoin into the green zone.
If STORJ’s market volatility subsides, the candlesticks are likely to move down. This phenomenon has also occurred in previous price movements. If it turns bearish, there are high chances that STORJ will not drop below the new support level of $0.2860.
HEn-chain metrics Shiba Inu’it supports
cryptocoin.comAmong altcoins, SHIB has seen a significant drop since the beginning of June. SHIB price is down 21% in the ten-day time frame from June 5 to 15. The altcoin price has since recovered and rallied to $0.00000766 at the time of writing.
On-chain metrics such as daily address activity and supply on exchanges likely contributed to the price increase in SHIB. Daily active addresses (24-hour) have remained consistently high for SHIB since the last week of June, according to data from crypto intelligence tracker Santiment. This indicates growing demand for the meme coin and rising interest among market participants.
Also, the supply on exchanges is dropping notably, which is a useful indicator to gauge whether an asset is under selling pressure. The current supply of SHIB on exchanges is 86.53 trillion, a level not seen since April 2021. The low supply on exchanges means wallet holders keep SHIB out of exchanges. This means higher accumulation and therefore less selling pressure. If the supply on exchanges is low, there are fewer SHIBs to sell. That means lower selling pressure and more room for bullishness.
At the time of this writing, the SHIB price is $0.00000764. Meme-coin has no significant resistance on its way to reach $0.000008. After a successful break above $0.000008, the next level to watch out for is $0.000009.
SOL rebounds in altcoins after SEC pressure
Solana has witnessed a surge in its price over the past three weeks. SOL price surged from $14.84 to $20.23 during this timeframe. Thus, it provided more than 35% profit to its owners.
Interestingly, Santiment analysts noted that on-chain metrics such as social dominance and development activity do not negatively affect the price of SOL. Development activity on the SOL network is similar to 2021, when the asset rises to the $250 level. However, the price has yet to catch up with development activities.
Similarly, social dominance is below the levels seen in March and June. This means that SOL has failed to attract interest among market participants. The SEC’s crackdown on crypto and the regulator’s labeling of SOL as a ‘security’ are among the leading reasons for this. Analysts at Santiment noted that on-chain indicators for Solana are slowly rising. He also suggested that SOL holders expect a rally in the altcoin in the short term as the trends repeat themselves.
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