Bitcoin was resting above the $ 47,000 mark due to a 1.8% increase since yesterday, while ADA saw a slight 0.2% decline as it continued to trade above $ 2. Eventually Solana gained 36.2% and was considered among the top 10 industry winners after seeing a sharp surge in its circulating supply along with a notable rebound in the Sharpe ratio.

Bitcoin (BTC)

Bitcoin, Cardano and Solana Price Analysis: August 16th

BTC / USD, trade view

Bitcoin was trading comfortably above its support line of $ 46,197 in the past trading sessions at $ 47,892. If the coin manages to continue trading above the aforementioned support level, it could soon hit the $ 48,196 resistance level.

The tech for BTC, however, emitted mixed signals. Great oscillator observed the onset of green signal bars, which indicate a bullish price movement. Bollinger bands converges, indicating a decline in market volatility.

Vice versa, MACD showed a red bar on the histogram and also noted a bearish divergence in terms of BTC prices, further suggesting that prices could potentially fall. In the event of a retracement, BTC would fall to the USD 46,197 support line.

Cardano (ADA)

Bitcoin, Cardano and Solana price analysis: August 16th Bitcoin, Cardano and Solana price analysis: August 16th

ADA / USD, TradingView

ADA was down 0.2% one minute when prices were at $ 2.14. After breaking out of the $ 1.96 level, ADA continued to hold above that price level. However, ADA’s 4-hour chart remained bearish.

All of the asset’s technical indicators have shown bearish divergence on the chart, a level that implies a corrective pullback in price for ADA. A fall from the current price level would cause it to trade near the USD 1.96 support line.

On the 4 hour chart MACD red bars are displayed in the histogram. Red signal bars were also displayed above the half-line on the Great oscillator.

Relative Strength Index fell out of the overbought zone, but a slight upward trend set in, suggesting the purchasing power of the market. An upward move from ADA could cause the coin to test the $ 2.25 resistance level.

Solana (SOL)

Bitcoin, Cardano and Solana price analysis: August 16 Bitcoin, Cardano and Solana price analysis: August 16 Bitcoin, Cardano and Solana price analysis: August 16 Bitcoin, Cardano and Solana price analysis: August 16 Bitcoin, Cardano and Solana price analysis: August 16 Bitcoin, Cardano and Solana Price Analysis: August 16th

SOL / USD, TradingView

With an incredible 36.7% increase in the past 24 hours, SOL was among the top ten winners on the market. The coin was priced at $ 61.41. The psychological resistance level for SOL was $ 65 and continued buying pressure would drive SOL towards the above levels.

Great oscillator noted heightened green signal bars, which meant that prices were correspondingly bullish, MACD also observed growing green bars in the histogram.

Relative Strength Index shot above the overbought zone as buying pressures spiked but there could be a possible chance of a decline.

SOL had already touched these price levels above on May 16 when it was valued at $ 58 and then dropped to $ 52.44. If prices fall $ 61.41, SOL could land at the $ 55.85 support line.

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