The Solana price has fallen under a descending resistance line since reaching an all-time high price of $259.90 in November 2021. The decrease led to a low of $8 in December 2022. The SOL price reversed the trend immediately afterward, creating a bullish engulfing candlestick next week (green icon).
Despite the increase, the SOL price failed to move above the $27 resistance area or the descending resistance line. Furthermore, the weekly RSI is still below 50. Therefore, the trend cannot be considered bullish yet.
If a breakout occurs, the next closest resistance would be at $47. On the other hand, a rejection could lead to a drop to the $14 support area.
On February 16, Cardano crossed $0.41, in a bullish move that sent its year-to-date performance above 67%. However, by March 7, it had retraced 22% toward $0.32, which sent the social sentiment among network participants into a downward spiral.
Blockchain analytics firm, Santiment, has reported that the mentions of Cardano across mainstream crypto media channels have dwindled significantly in the last 30 days.
The chart below depicts how Cardano’s social dominance declined from 1.4% on February 10 to 0.69% on March 8.
After Bitcoin soared to over $26,500 following yesterday’s release of the Consumer Price Index (CPI) in the US, the price experienced a sharp correction. The BTC price briefly fell just below $24,000. At the time of writing, Bitcoin was trading at $24,868, below key resistance at $25,200.
However, Charles Edwards, founder of Capriole Investments, has spotted an extremely bullish chart pattern for Bitcoin that could propel the price to over $100,000. Via Twitter, Edwards wrote, “Textbook perfect Bitcoin ‘Bump & Run Reversal’ bottom is back and the target is over $100,000.
What is the Metaverse?
A Metaverse is a digital world that’s created and operated on top of the internet. It’s a virtual universe where users can socialize, collaborate, and have fun using VR headsets, augmented reality glasses, smartphone apps, and other technologies.
The term “metaverse” was coined by venture capitalist Matthew Ball in 2018. Since then, the term has spread across everything from video games to hologram technology and cryptocurrencies.
When people talk about the metaverse, they are referring to an alternative three-dimensional digital reality that could one day supersede the internet. These new immersive spaces will let people share experiences with others they can’t or don’t want to be physically together, and do things online they’ve never been able to do before.
It’s a space where you can play video games, build homes and interact with brands in ways that couldn’t be done outside the metaverse. It’s also a place where you can buy and sell cryptocurrencies, and where you can exchange them for real goods like clothes or cars.
Cryptocurrency is one of the most common tools used by businesses to connect with their consumers in the metaverse. Several firms already use it to allow customers to virtually try on clothes or accessories before making an actual purchase, and to make purchases from virtual showrooms and shops.
Getting started in the metaverse requires a few pieces of hardware, such as a VR headset or augmented reality gear. These items are becoming cheaper and more available, with haptic gloves, bodysuits, and other devices gaining traction as production costs continue to drop.
