Technical analysis of Solana (SOL), VeChain (VET), Ocean Protocol (OCEAN), and Oasis Network (ROSE) will be presented in this article.
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SOL is driven by trying to break the $44.23 barrier. VET maintains its price stable within a lateral channel that includes 0.026 dollars and 0.020 dollars. OCEAN builds bullish momentum with the intention of breaking above the $0.2 barrier and ROSE hits the $0.067 barrier after fresh momentum higher in the last few hours.
Sunshine (SUN)
Solana creates a short-term higher low after creating a bounce off the $35.5 level. The upward momentum leads the Solana price to reach the barrier of 44.22 dollars.
The price of SOL reached a very important resistance in daily time, which, if broken, confirms the bullish continuity with the objective of reaching 48.25 dollars.
Confirming the importance that the barrier of 44.22 dollars currently has, if this resistance area is rejected, the short-term bullish momentum would end and a new bearish momentum would begin that could return Solana’s price to 25.7 Dollars.
VeChain (VET)
Despite the great movements presented in the two cryptocurrencies with the highest capitalization (Bitcoin and Ethereum), in the case of VET there has not been a great upward or downward movement.
In VET two chartist formations can be detailed. The first is a cumulative side channel, which is a sign that at any time there may be a strong volume movement at any time, which can be both bullish and bearish.
The second formation is a descending triangle, although it is not unusual to see this type of formation with two highs at the same level, so the structure can be invalidated if VET manages to break above the $0.026 barrier.
On the other hand, VET may reject the $0.026 barrier again, projecting further bearish momentum with a target of $0.017.
Ocean Protocol (OCEAN)
For the second time, Ocean Protocol creates bullish momentum with the intention of breaking the $0.2 barrier.
The price quote in OCEAN in low timeframes has created the ascending triangle chart figure.
This pattern formed by maximums of the same level and increasing minimums has a probability that the price will present an upward impulse which proposes as a target to reach 0.254 dollars in the case of OCEAN.
However, it can become a failed pattern as, within a bear market, the chances of success in this pattern are only 12%. A timely short entry can be exploited after a second rejection above the $0.2 barrier with a target of $0.12.
Oasis Network (ROSE)
Oasis Labs recently partnered with Meta to assess the fairness of their AI models, a pivotal scenario that encouraged a 23.51% rally in ROSE’s share price.
The $0.067 barrier could be considered a fairly solid area to be broken in the coming hours due to the weakening in its upward momentum.
The side channel forming between $0.067 and $0.041 indicates accumulation in the ROSE price.
The behavior is very similar to what we studied in both OCEAN and VET, although it has the peculiarity of forming a possible cup that is bullish in the short term.
The best scenario for ROSE is that its price continues within the lateral range, accumulating during the months of August and September, since bearish conditions may appear for the crypto assets with the highest capitalization, and its price increases again for a possibly bullish October.
By Audy Castaneda
