After yet another unsuccessful attempt at recovery, Solana fell back below its 100-day moving average, supporting the idea that sellers are still in charge of the medium-term trend. Bulls have little cause for optimism in the near future because the asset, which is currently trading at $73, is still trapped beneath all significant resistance levels with the exception of the 200-day moving average.
Technically speaking, the recent rejection is significant since SOL was unable to maintain its position above the 100-day moving average at $74.50. For a brief period in the second half of July, that level served as support, but the most recent daily candles indicate that sellers are taking back control. The 200-day moving average is still much higher near $79. 60, while the 50-day moving average is currently falling toward $75.70.
This creates a layered resistance zone that will be challenging to break without a more significant market recovery. Despite multiple strong recoveries from June’s capitulation low, July’s price action has mostly consisted of lower highs.
Before challenging the longer-term trend, each rally has lost steam, indicating that market participants are still taking advantage of strength to lower exposure rather than open new long positions. Over the past few sessions, volume has progressively decreased, indicating a decline in both buyers’ and sellers’ conviction.
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The absence of strong selling pressure reduces the likelihood of another sudden collapse, but it also shows that there is still not enough demand to produce a long-term breakout. Momentum is once again below the neutral threshold as the RSI has fallen to about 48. This shows that buying pressure is waning without driving Solana into an oversold situation, allowing for another leg lower in the event that support falters.
Near $72 is the first level to keep an eye on. The June recovery base could be exposed at $68-$70 if there is a clear break below that support. Bulls must recover the 50-day and 100-day moving averages on the upside before momentum starts to move in their favor.
The overall technical picture would only be significantly improved by a move above the 200-day moving average close to $80. Until then, Solana is still in a corrective phase, where rallies will probably face ongoing selling pressure before turning into a more significant trend reversal.
Zcash’s key technicall zone
After declining back toward its 200-day moving average, Zcash is testing one of its most crucial technical support zones. Bearish momentum has returned after an impressive recovery throughout July, pushing ZEC below the 50-day and 100-day moving averages and posing a threat to erase a significant portion of the prior gain.
The price has dropped to about $462, and the 200-day moving average, which is close to $411, is still the last significant long-term support below the market. Over the past two weeks, the overall structure has significantly deteriorated, even though ZEC has not yet attained that level. After peaking close to $570, the asset produced a series of lower highs and lower lows, indicating that buyers have gradually lost control.
The 100-day moving average, which was close to $472, has also lost ground, and the 50-day moving average has rolled over and is currently above price at $495. These two indicators now stand for immediate resistance, so any short-term recovery is probably going to encounter selling pressure in the $470-495 range.
Since June and the beginning of July, trading volume has drastically decreased. Consolidation is frequently accompanied by lower participation, but it also represents waning buying interest following the prior rally when paired with weakening price action.
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Indicators of momentum lend credence to the cautious approach. Without yet entering oversold territory, the RSI has declined toward 43, falling below the neutral level. Before technical exhaustion starts drawing in stronger dip buyers, there is still potential for further declines.
On the downside, focus would shift to the 200-day moving average around $410 if the market failed to stabilize around current levels. That level, which is the chart’s strongest long-term technical support, may decide whether Zcash stays in a more general recovery trend or moves into a more protracted correction.
Bitcoin’s consolidation must end
After recovering from the steep sell-off in June, Bitcoin is still consolidating around $64,000, but the overall technical structure remains unclear. The asset is still stuck below the 50-day and 200-day moving averages, preventing a clear return to bullish territory even though it has stabilized above its 100-day moving average.
The market is looking for guidance, as seen by the recent price movement. After the sharp drop from above $80,000, Bitcoin reached a local low of about $59,000 before progressively creating a string of higher lows. The 100-day moving average has flattened and started to function as dynamic support around $63,300, a level that buyers have successfully defended over the previous few sessions, thanks to that recovery.
Overhead resistance is still quite significant, though. While the 200-day moving average is still significantly above the current price at about $73,200, the 50-day moving average is currently close to $67,500 and is still trending lower. Before the longer-term outlook can improve, bulls must overcome a sizable resistance zone that they have created together.
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Compared to the panic selling in early June, volume has significantly decreased, indicating that neither buyers nor sellers currently have a clear advantage. Rather, following the previous volatility wave, Bitcoin seems to be entering a phase of accumulation or range trading. The picture painted by momentum indicators is similarly balanced.
Without going into overbought territory, the RSI has rebounded to about 53, rising back above the neutral 50 threshold. This shows that momentum is increasing but not strong enough to support a long-term breakout.
To overcome resistance around $65,500 and ultimately the 50-day moving average, more buying pressure will be required. The crucial support continues to be between $63,000 and $64,000. The $61,000 region would probably be tested first by a clean break below that zone, and June’s lows around $59,000 might then be retested.
