1Inch Network (1INCH), Solana (SOL), and Uniswap (UNI) managed to increase during the weekend, resuming the ascent that began the previous week.
The crypto market had a mixed performance last week. While it gradually grew at the beginning of the week, a sharp fall occurred on Friday, wiping out most of the gains from earlier.
However, these three cryptocurrencies had positive performances, especially notable during the weekend. Thus, they are being labeled as the weekend’s crypto gainers.
1INCH Breaks Out From 145-Day Resistance Line
The 1INCH price had fallen under a descending resistance line since February 2023. The decrease culminated with a new yearly low of $0.235 on June 10.
However, the price bounced immediately afterward and has increased since. The rate of increase accelerated on July 15. 1INCH broke out from the resistance line the next day and reached a new yearly high the day after.
Now, the price approaches the next resistance at $0.58.
If 1INCH successfully breaks out, it can move to the next resistance at $0.80. However, if it gets rejected, the price could fall to the resistance line at $0.40 again.
Read More: Best Upcoming Airdrops in 2023
Solana (SOL) Price Consolidates Above Resistance
The SOL price has increased since June 10, creating a long lower wick. The price created a higher low on June 14 and has increased faster since. On July 7, the price broke out from a descending resistance line that had been in place for 81 days.
On July 14, the price reached a new yearly high of $32.13. This caused a breakout from the $25 horizontal resistance area, which is now expected to provide support.
So, the trend is considered bullish as long as the price does not break down below $25.
If the increase continues, the next resistance will be at $38. However, if the SOL price falls below $25, a drop to the next closest support at $20 will be expected.
Uniswap (UNI) Price Struggles With Fib Resistance
The UNI price broke out from a descending resistance line on July 1. It returned to validate it as support nine days later (green icon) before resuming its ascent.
While the price bounced, it has yet to break out from the 0.618 Fib retracement resistance level at $6.10. Fibonacci retracement levels operate on the principle that after a significant price change in one direction, the price will retrace or revisit a previous price level before resuming in its original direction.
The 0.618 level is crucial in determining if the bounce is corrective or if it is the beginning of a new upward trend.
If the increase continues and the price breaks out, the next resistance will be at $7.50.
However, if UNI gets rejected and falls, it could return to the descending resistance line at $5.
More From BeInCrypto: 9 Best AI Crypto Trading Bots to Maximize Your Profits
For BeInCrypto’s latest crypto market analysis, click here.
Trusted
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
