Decentral Block Post

Solana (SOL) risks a significant price correction in the coming weeks owing to a classic bearish reversal setup.

A 35% SOL price correction ahead?

On the three-day chart, SOL's price has been painting a rising wedge, confirmed by two ascending, converging trendlines and falling trading volumes in parallel.

Rising wedges typically result in breakdown, resolving after the asset's price break below the lower trendline. If the price follows the breakdown scenario, it could fall by as much as the maximum distance between the wedge's upper and lower trendline.

SOL is far from a breakdown but trades within a falling wedge range, as shown in the chart below. The token eyes an immediate pullback from the wedge's upper trendline with its interim downside target sitting at the lower trendline around $45. 

It will risk falling toward $30 if the price breaks below the lower trendline while accompanying a rise in trading volumes. In other words, a 35% price drop by September.

Crypto lending platform Celsius Network has an approximately $1.2 billion gap in its balance sheet, with most liabilities owed to its users. In addition, the firm has filed for bankruptcy protection, so its future looks bleak.

Still, Celsius Network's native utility token CEL has soared in valuation by over 4,100% in the last two months, reaching around $3.93 on Aug. 13 compared to its mid-June bottom of $0.093.

In comparison, top coins Bitcoin (BTC) and Ether (ETH) rallied 40% and 130% in the same period.

Takeover rumors behind CEL explosion?

Technically, the price rally made CEL an excessively valued token in early August when its relative strength index (RSI) crossed above the 70 threshold.

Takeover rumors appear to be behind CEL's upside strength. Notably, Ripple wants to purchase Celsius Network's assets, according to an anonymous source cited by Reuters on Aug. 10.

Crypto lending platform Celsius Network has an approximately $1.2 billion gap in its balance sheet, with most liabilities owed to its users. In addition, the firm has filed for bankruptcy protection, so its future looks bleak.

Still, Celsius Network's native utility token CEL has soared in valuation by over 4,100% in the last two months, reaching around $3.93 on Aug. 13 compared to its mid-June bottom of $0.093.

In comparison, top coins Bitcoin (BTC) and Ether (ETH) rallied 40% and 130% in the same period.

Takeover rumors behind CEL explosion?

Technically, the price rally made CEL an excessively valued token in early August when its relative strength index (RSI) crossed above the 70 threshold.

Takeover rumors appear to be behind CEL's upside strength. Notably, Ripple wants to purchase Celsius Network's assets, according to an anonymous source cited by Reuters on Aug. 10.

The excitement around Ethereum’s (ETH) upcoming upgrade, The Merge, which involves the merger of two blockchains — Mainnet Ethereum and Beacon Chain — has unknowingly spurred rumors across the community.

Termed the most significant upgrade in the history of Ethereum, The Merge does indeed mark the end of proof-of-work (PoW) for the Ethereum blockchain. However, here are five misconceptions that stand out among the rest.

Misconception 1: Ethereum gas fees will reduce after The Merge

Ethereum’s impending upgrade will reduce Ethereum’s infamous gas fees (transaction fees) is one of the biggest misconceptions circulating among investors. While reduced gas fees tops every investor’s wishlist, The Merge is a change of consensus mechanism that will transition the Ethereum blockchain from PoW to proof-of-stake (PoS).

Instead, lowering gas fees in Ethereum will require working on expanding the network capacity and throughput. The developer community is currently working on a rollup-centric roadmap to make transactions cheaper.

Bitcoin (BTC) is still due to return to near $20,000, fresh analysis warns as BTC/USD attempts to retest multi-month highs. 

Buy-the-dip set for invalidation at $20,700

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD staging a second run-up to near $25,000 on Aug. 13, so far seeing rejection.

The pair had gained over $1,300 overnight, but as bulls again ran out of momentum near crucial resistance, few were optimistic over Bitcoin avoiding a deeper comedown.

"One last high to rekt early shorts," popular trading account Il Capo of Crypto told Twitter followers.

Similarly cautious was fellow trader Jibon, who said that he would even prefer to wait and "buy higher" than spot price to rule out any trend reversals.

Bitcoin (BTC) is still due to return to near $20,000, fresh analysis warns as BTC/USD attempts to retest multi-month highs. 

Buy-the-dip set for invalidation at $20,700

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD staging a second run-up to near $25,000 on Aug. 13, so far seeing rejection.

The pair had gained over $1,300 overnight, but as bulls again ran out of momentum near crucial resistance, few were optimistic over Bitcoin avoiding a deeper comedown.

"One last high to rekt early shorts," popular trading account Il Capo of Crypto told Twitter followers.

Similarly cautious was fellow trader Jibon, who said that he would even prefer to wait and "buy higher" than spot price to rule out any trend reversals.

Bitcoin (BTC) could not overcome the barrier at $25,000 on Aug. 11 even though it had two catalysts in the form of a "favorable" Consumer Price Index print and news that BlackRock — the world's largest asset manager, overseeing over $10 trillion in total assets — had launched a spot Bitcoin investment product. 

In comparison, Ether (ETH) has managed to hold on to its recent gains on news that the Goerli testnet had successfully activated proof-of-stake, clearing the path for Ethereum’s mainnet transition planned for Sept. 15 or Sept. 16. Data from Santiment shows that Ether whale transactions have increased along with possible whale accumulation.

However, analysts remain divided about the prospects of the current recovery. While some believe that Bitcoin’s rally could rise above $28,000, others are not so bullish and they expect the price to turn down and resume the downtrend.

Could buyers clear the overhead hurdle in Bitcoin and select altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin nudged above the overhead resistance at $24,668 on Aug. 11 but the bulls could not sustain the higher levels. This indicates that bears have not yet given up and are selling on rallies.