• Crypto prices moved sideways this week as the US dollar index continued its downward trend.
• This report provides predictions for Solana, Theta Network, and Hooked Protocol’s HOOK prices.
• Solana price has formed a triple-top pattern and a head and shoulders pattern, suggesting a bearish breakout in the coming days.
This week, the cryptocurrency market saw prices move sideways as the US dollar index continued its downward trend. Bitcoin rose above $23,000 for the first time in months while the total market cap of all cryptocurrencies rose to over $1 trillion. In this report, we will provide predictions for some of the top cryptocurrencies, including Solana, Theta Network, and Hooked Protocol’s HOOK.
Solana (SOL/USD) price has made a spectacular comeback as investors raise their bets that the blockchain will recover amid FTX woes. It has also been helped by the surge of NFTs traded in the ecosystem, as we wrote here. As such, Solana price soared to a high of $26.53, the highest point since FX imploded. However, the 4H chart is sending a warning about the coin. A closer look shows that it has formed what looks like a triple-top pattern whose neckline is at $20.48. This pattern also has a close resemblance to a head and shoulders pattern. The two patterns are some of the most bearish patterns in the industry. Therefore, there is a likelihood that Solana will have a bearish breakout in the coming days as sellers target the neckline of the two patterns at $20. This price is about 15% below the current level.
Theta Network (THETA/USD) has moved above the cup and handle pattern, which is a bullish chart pattern. The chart pattern is usually interpreted as a sign of a potential breakout. The cup and handle pattern usually occurs when a stock or cryptocurrency displays a short-term downward trend followed by an upward trend that breaks out of the downward trend. This is often followed by a short-term consolidation period, which is the handle part of the pattern. As such, Theta Network may be preparing for a breakout as buyers target the neckline of the cup and handle pattern at $9.72. This target price is about 12% above the current price.
Hooked Protocol’s HOOK has surged above its all-time high and is currently trading at $2.15. The cryptocurrency has been buoyed by the rising demand for decentralized finance (DeFi) projects, a trend that has been gaining traction in the industry. HOOK is currently trading in a bullish trend and is expected to continue its upward momentum in the coming days as buyers target the next resistance level at $2.50, which is about 16% above the current price.
Overall, the cryptocurrency market is displaying a bullish trend and the prices for Solana, Theta Network, and Hooked Protocol are expected to continue their upward momentum in the coming days.