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Chiliz (CHZ), Solana, THETA Technical Analysis: Will SOL Rally to $58?



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THETA and Solana prices are steady, but buyers are now setting their eyes on $16 and $58, respectively. Meanwhile, CHZ/USDT may expand to $1—or better in the coming sessions.

Chiliz (CHZ)

CHZ is the token behind one of the world’s leading Ethereum-based fan engagement platforms, Socios.

It is a football fantasy platform incorporating NFTs and one of the top performers of the last few months.

Considering the upsurge, especially in Q1 2021 and the number of partnerships, most investors are optimistic and are placing bets for the CHZ.

As of writing, the token is steady on the last trading day, posting only marginal gains versus the greenback.

At the same time, trading volumes are relatively low, shrinking 22 percent to $483 million.

However, from a top-down approach, the uptrend is still valid.

CHZ/USDT Technical Analysis

CHZ Daily Price Chart for May 28

From the price chart, the CHZ/USDT uptrend is valid.

Notice that even with the price correction of the last month, CHZ has support at 78.6 percent Fibonacci retracement level.

Historically, this is a critical reaction point for crypto-assets, and CHZ, from how price action has panned out in the last week, is no exception.

The middle BB and May 19 highs form the immediate resistance level. A close above $0.43 could trigger a wave of demand, pushing CHZ to February 2021 highs of around $0.97.

On the reverse side, losses below $0.20—the 78.6 percent Fibonacci retracement level of the Q1 2021 trade range—may trigger a sell-off towards $0.02—December 2020 highs.

Solana (SOL)

The high throughput platform combining proof-of-history (PoH) and proof-of-stake boasts of high scalability and transaction costs.

Reflecting on their value proposition, given the number of projects launching on the platform, SOL prices have been tearing higher.

Even with the dump-down of the last week, the project’s outlook remains positive.

Still, looking at price action, SOL/USDT is struggling to chart higher. On the last trading day, the coin is down eight percent and 31 percent week-to-date.

Meanwhile, trading volumes (participation) are contracting, falling 14 percent to $596 million in the past 24 hours.

SOL/USDT Technical Analysis

Solana Daily Price Chart for May 28

SOL gains have been parabolic in the last five months.

As price charts reveal, the path of least resistance is northwards. However, there are hints of weakness.

For instance, in the last few weeks, trading volumes have spiked while SOL prices are dumping down. This divergence could indicate distribution and possible profit-taking.

On the bright side, the reversal from $23—the 61.8 percent Fibonacci retracement of the last five months—may be a launching pad for bulls. To be valid, SOL prices must edge above the middle BB and $40 with immediate targets at $58.

Theta (THETA)

THETA powers the video streaming platform.

It wants to resolve some of the pain points in the current architecture, including less revenue for content creators and high centralization.

With their ambition and quality validators, including Google, THETA is one of the top performers with more upsides. For this, investors and traders are optimistic about the coin’s prospects, doubling down on THETA.

Year-to-date, THETA is up 20X, has pared last week’s losses but is struggling on the previous day, dropping 12 percent. However, trading volumes are up 77 percent over the same period as the coin outperforms ETH and BTC in the last trading week.

THETA/USDT Technical Analysis

Theta Daily Price Chart for May 28

After solid gains of the last five months, THETA prices sunk 80 percent from peaks, finding support at $4.

Confidence is high, but THETA/USDT prices are in range mode inside May 19 bear bar.

Technically, this supports bears. Accordingly, the uptrend is valid only if THETA bulls close above $9.5 and the middle BB.

In that case, buyers may race back to $16 in a bull trend continuation. If not, THETA prices may correct below $4, falling to $3 and $1.5.

Charts courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

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