Solana, NEAR, EOS Price Analysis: 18 January
As the market took a 24-hour plunge to hover around the $2.10T-mark, most cryptos struggled to trade in the green zone on the last day. As a result, Solana, NEAR and EOS flashed bearish near-term technicals.
Source: TradingView, SOL/USD
Since the buyers failed to step in at the $167-level, the alt saw an over 23% retracement (from 5 January). Thus, it poked its 15-week low on 10 January. SOL formed a rising wedge (white) on its 4-hour chart and saw a breakdown over the past two days. Since it saw a red engulfing candlestick on 13 January, the bulls struggled to cross the $149-resistance.
The crypto marked another red engulfing candlestick on 18 January after losing the $138.5-level. This reading reaffirmed the increased bearish influence. While the immediate supply zone (rectangle, green) stood sturdy, any further retracements would find support at the $134.79-mark.
At press time, the alt traded at $137.27. It was vital for the buyers to uphold the 43 RSI mark. As they failed, the RSI was southbound toward the oversold region. Also, the DMI confirmed a bearish preference. Nevertheless, the ADX (directional trend) was still weak.
Source: TradingView, NEAR/USDT
NEAR broke out of the down-channel (yellow) after an inverse head and shoulder on its RSI. It marked exponential gains by forming a bullish flag and pole on its 4-hour chart.
Then, as the bulls ensured the $13.2-mark support, NEAR saw a patterned breakout and entered into price discovery. The alt saw an exceptional 147.57% ROI (from 20 December low) to poke its ATH at $20.597 on 15 January.
Over the past three days, the alt retraced by over 12% and dipped below its 20-50 SMA. This reading pointed at decreasing buying influence.
At press time, the alt traded at $17.983.
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