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Solana, Synthetix, VeChain Price Analysis: 16 September

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The crypto-market today observed mixed trading signals, with some coins dipping on their charts while others either consolidated or rallied.

Solana, for instance, continued to trade sideways with a minor decline over the last 24 hours and it could rest near its two-week low. VeChain noted an appreciation of 4.7% and secured its one-week high with an uptrend.

Finally, Synthetix logged double-digit gains of 16.1% and registered overbought conditions.

Solana [SOL]

Solana, Synthetix and VeChain Price Analysis: 16 September

SOL/USD, TradingView

Solana declined by 1.3% over the last 24 hours and was trading at $160.27. The coin flashed signs of consolidation over the past few days. The nearest support line lay at $125.96 – Also the two-week low price level for Solana. The other support level for the altcoin rested at $93.20.

Solana’s price took a hit after the sell-off, with the same pictured by the Relative Strength Index dropping below 50. 

The MACD registered small green histograms – A sign of sideways trading movement. The Awesome Oscillator also flashed green signal bars. 

On the upside, Solana’s overhead resistance was at $188.53, and then at its multi-month high of $214.03. 

Solana recently reported a 17-hour outage as the coin’s transactional network met with a stoppage. 

Synthetix [SNX]

Solana, Synthetix and VeChain Price Analysis: 16 September

SNX/USD, TradingView

Synthetix rallied by 16.1% in 24 hours and was priced at $15.53. The altcoin can attempt to topple its immediate price resistance of $15.88. The last time Synthetix touched this price level was 5 months ago. On the four-hour chart, Synthetix’s price was seen above the 20-SMA. This suggested that price momentum belonged to the buyers. 

The Relative Strength Index, in accordance with the aforementioned readings, was positioned inside the overbought territory. The MACD noted a bullish crossover and continued to flash green histograms. Green signal bars grew in size on the Awesome Oscillator

A corrective price pullback cannot be ruled out, in the case of which, SNX would find itself trading near its one-week low level of $11.07. Below that price floor, SNX could sit on the $9.82 price level. 

The double-digit gains of Synthetix can be attributed to the Synthetix Improvement Proposal (SIP) 

VeChain [VET]

Solana, Synthetix and VeChain Price Analysis: 16 September

VET/USD, TradingView

VET rose by 4.7% over the aforementioned period and was priced at $0.120. The immediate resistance for the coin stood at $0.124. If the coin pushes through the ceiling, then it would mark a one-week high for the coin. Toppling $0.124, VeChain could attempt to break above $0.139, retesting its multi-month high of $0.154. 

The MACD continued to note green histograms. The Relative Strength Index was seen above the half-line as buying strength remained bullish. The Awesome Oscillator flashed one red signal bar as the last trading session was in the red. 

If the buying pressure moves south, VET could fall to its one-week low of $0.109. Trading below the $0.109-mark would mean VeChain rests on the $0.104 price floor.


Anushmita is a full-time journalist at AMBCrypto with a background in Mass Communication. She is inclined towards writing about the socio-political aspects of the crypto market and also has an interest in analyzing market trends.
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