Solana (SOL) Continues to Struggle Below Key Resistance as Toncoin’s TON Presents Potential 100% Profit Opportunity
According to the analyses by Maximilian_FX and CobraVanguard, a prominent figure on TradingView, Solana (SOL) is grappling with a key resistance level, while Toncoin (TON) has emerged as a potential short-term profit opportunity.
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Solana (SOL) Struggles at Resistance
Maximilian_FX’s analysis suggests that Solana (SOL) is exhibiting steady growth on the daily timeframe, while it was trading at around $156.96. While the market has transitioned from a downtrend to growth, reinforcing the medium-term bullish outlook, the upward momentum appears to be waning as the price faces resistance at $160.21.
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Show more +The analyst predicts that if Solana can break through this resistance level, the next target lies at $172.33 on the daily chart. In this scenario, further growth towards the $200 mark is expected. However, the resistance at $160 has proven too strong for Solana, causing the price to dip again to around $147 at the time of writing.
According to Maximilian_FX’s chart, the price could potentially drop further by 5% to reach the next support level around $140, or it could attempt to regain the $160 level, which it previously failed to breach. For a decisive upward move, Solana needs to decisively break through the $160 resistance.
Toncoin (TON): Potential 100% Short-Term Profit Opportunity
CobraVanguard’s analysis on TradingView highlights Toncoin (TON) as a potential short-term buying opportunity. The analyst cites the break of a falling wedge pattern and increasing trading volume as bullish signals, coupled with the price trading above a strong support zone.
The price of Toncoin (TON) has recently broken out from a descending channel it had been trading in since the beginning of April. With the price currently retesting the former resistance as support, the analyst sees this as an opportune moment to enter a short-term buying position. At the time of writing, Toncoin is trading at around $5.8, and the analysis suggests it could potentially spike as high as $10, presenting a potential profit opportunity of nearly 100%.
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