Bittensor (TAO), Helium (HNT), Solana (SOL) Lead Market Bounce

Last Updated:
Bittensor_TAO,_Helium_HNT,_Solana_SOL_Lead_Market_Bounce
  • TAO might retest $475 due to the golden crossed 9 and 20 EMAs formed.
  • Capital flow in HNT has decreased, suggesting a move down to $6.70.
  • SOL might drop below $100, but a long-term entry appeared at $89.

While the broader market has enjoyed a relative rebound this week, most market participants were focusing on speculative cryptocurrencies, Santiment posted. According to Santiment, assets including Bittensor (TAO), Solana (SOL), and Helium (HNT) have been beneficiaries of this rising interest. But it has been to the detriment of Bitcoin (BTC), whose social volume has been decreasing. 

In the last seven days, the price of TAO has increased by 70%. SOL’s value has jumped by 25% while HNT increased by 37%, making the trio some of the biggest gainers.

Bittensor (TAO)

TAO rose to prominence last year at the peak of the Artificial Intelligence (AI) boom. This was because Bittensor’s fundamentals focused on Machine Learning (ML) and AI utility. As a result, the token value jumped by 350,000% in the last 365 days.

As observed from the 4-hour chart, bulls have dominated since January 16. Although there was some resistance, the buying pressure has helped clear them. For instance, TAO faced stiff resistance around $273.82. But it was able to clear that path. Another one appeared at $389.49, but bears could not stop the bullish momentum.

At press time, TAO’s price was $437.64. The 9 EMA (blue) had also formed a golden cross over the 20 EMA (yellow), suggesting that the trend was still bullish. Furthermore, TAO’s price had broken above both EMAs, indicating that the price could rise higher.

TAO/USD 4-Hour Chart (Source: TradingView)

If bulls intensify the buying pressure, then TAO might retest $475. But in a bearish case, the price could drop to $406.28.

Helium (HNT)

Although HNT’s price dropped to $7.56, its 30-day performance ensured that it outperformed many top assets. From the 4-hour HNT/USD chart, the token was rejected at $8.12. This rejection affected the support, and HNT had to drop below $7.60, indicating that participants were taking profits.

The RSI showed that HNT was initially overbought on January 28. As of then, the RSI reading was 74.35. But at press time, it had dropped to 44.78. This indicates that previously bullish momentum was no longer present.

In addition, the Money Flow Index (MFI) had also dropped, suggesting that liquidity entering the Helium market had declined. Should this remain the case, HNT might fall to $6.70. 

HNT/USD 4-Hour Chart (Source: TradingView)

But if the token gets oversold, it could be an opportunity for those who missed out on the earlier run to buy.

Solana (SOL)

Interest in SOL has been surging for the last few days since bulls capitalized on the $80.24 region to use as support. This action propelled SOL to $105 before its recent retracement. It is also noteworthy to mention that SOL was able to flip the $94.45 resistance. However, the momentum displayed by the token showed that it could drop below $100. 

This assertion was reinforced by the RSI, which had fallen to 57.24. A look at the Fibonacci retracement also showed that SOL might pull back.

SOL/USD 4-Hour Chart (Source: TradingView)

In a highly bearish case, the token could drop to $89, where the 0.618 Fib level was. If this is the case, participants can look to buy. From a bullish perspective, SOL might hit $125 in the short term.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.