A significant technical turning point that might signal the end of Solana's protracted bearish phase is approaching. SOL is clearly displaying bullish strength as it is currently trading at about $166 and breaking through both its 50-day ($160) and 100-day ($158) exponential moving averages.
More importantly, a golden cross, which traditionally denotes a shift from bearish to bullish momentum is appearing as the 50-day EMA starts to converge with the 200-day EMA. Strong technical confirmation for long-term investors who have weathered months of market turbulence would be a confirmed golden cross.
This crossover was seen by SOL prior to a multi-month uptrend the last time. There is potential for further upward momentum given the volume's steady increase and the Relative Strength Index's (RSI) rise toward 56, which is still below overbought territory. Bulls though should continue to exercise caution. Slightly below April's swing high, the $180 level is a key resistance zone.
Price may encounter similar difficulties again after failing to break through this region during its most recent rally attempt. A decline toward the 100-day EMA, which is presently trading close to $158, could be triggered by a rejection from $180.
As SOL gets closer to this barrier, traders should keep a close eye on price action, but this does not necessarily disprove the bullish outlook because healthy corrections are a necessary component of sustainable growth. It would be possible to run at the psychological $200 level if there was a confirmed breakout above $180, preferably on increasing volume.
Bitcoin aims higher
With its current price hovering around $109,900 and just below the peak of $112,000, Bitcoin is once again threatening to reach its all-time high. BTC is still firmly in bullish territory and ready for another test of previously untested price levels after rising sharply from the $105,000 support level and maintaining momentum above the 50-day moving average, which is currently at about $105,650.
The current price movement displays a traditional continuation setup. Bitcoin made a strong recovery after a sound correction to the 50-day EMA, forming a higher low and maintaining its trendline support. Bulls are still in control according to this, and a breakout above $112,000 appears more likely unless momentum stalls. However, the market's greatest obstacle might be psychological rather than technical. Historically, short-term tops have been indicated by retail greed.
card
Social media chatter about Bitcoin's all-time high tends to peak before local corrections according to sentiment data. Elevated expectations are reflected in these attention spikes, and the market typically penalizes them in the short term. Thankfully the level of conversation surrounding ATH is still high but not excessive.
According to this, even though anticipation is growing, we have not yet reached the euphoric phase that typically causes abrupt withdrawals. To put it another way, Bitcoin has more room to rise before consumer euphoria throws the market off balance. In terms of structure, the 100-day ($97,903) and 200-day ($92,303) moving averages continue to provide strong support for Bitcoin.
Shiba Inu revival
As the token approaches a significant technical breakout, Shiba Inu is reviving. SHIB is now testing the 50-day ($0.00001392) and 100-day ($0.00001417) exponential moving averages, a convergence zone that could decide whether SHIB stays stuck in a sideways range or breaks out toward higher resistance levels.
SHIB is currently trading around $0.00001343, having passed the 26-day EMA. What makes the 26 EMA breakout so important is that it indicates early bullish momentum is developing. Price movements above this EMA typically precede larger rallies, especially when combined with growing strength against higher EMAs. Historically, this EMA has served as a short-term trend filter.
card
The $0.00001554 resistance could be the next target for SHIB if it can close above the 100 EMA with conviction in the coming sessions. Should momentum continue, $0.00002 could be the stretch goal. It is not all sunshine and roses just yet, though. Volume has been declining, suggesting that the recent price increase was not supported by strong conviction.
Nevertheless, the technical structure appears promising: the RSI is rising out of neutral territory, suggesting room for growth before overbought conditions materialize. As SHIB keeps coiling beneath strong resistance, traders should keep a close eye on EMA crossovers and volume levels.
