The crypto market is showing early signs of a rebound, with Ethereum rising by 7%, and altcoins like Solana and Sui beginning to show growth momentum.
Solana (SOL)
Solana's daily chart reveals a 'falling wedge' pattern, a classic bullish reversal setup. This correction began after rejection at $295 and bottomed at $112. Since then, SOL rebounded to $133 and is approaching the wedge's upper boundary. A breakout and successful retest could lead to a rise towards the 50-day moving average and the $181 zone.
Sui (SUI)
SUI is also forming a 'falling wedge' pattern, having entered this trend after peaking at $0.059. The price dropped to $1.97, sparking strong buying interest. Currently, SUI has recovered to $2.42 and is nearing the wedge's upper boundary. A breakout, followed by a confirmation retest, could target the 50-day moving average and levels $3.25 and $3.73.
Can the Market Recover?
SOL and SUI are nearing key technical levels, which can signal a broader altcoin market recovery if current bullish momentum continues to support the breakouts. Ethereum's strong performance may also boost investor confidence.
Should altcoins continue progressing with bullish patterns, this may indicate a wider market recovery. The stable interest rate situation further fosters positive investor sentiment.
