Here’s Why You Should Look Out for Shiba Inu, Solana & Bitcoin This Week

Sahana Kiran
Shiba Inu Solana Bitcoin
Source – Unsplash

The cryptocurrency market was finishing the month on a high after a turbulent February. The majority of assets in the sector were only making modest increases. However, certain cryptocurrencies like Shiba Inu [SHIB], Solana [SOL], and Bitcoin [BTC] are expected to be on the watchlists of many enthusiasts and traders.

Here’s why traders will be on the lookout for these cryptocurrencies.

Shiba Inu [SHIB]

The meme coin sector has been thriving for an array of reasons. The Shiba Inu has been teasing the launch of Shibarium for quite some time now. As the hype and demand around the layer-2 project took center stage, SHIB as well as BONE were seen pocketing notable gains.

Each time the lead developer of the network, Shytoshi Kusama makes an announcement around Shibarium, both the above-mentioned tokens start to soar. Earlier today, Shytoshi shared a blog post announcing that the intake form of Shibarium was live.

Source – SHIB/USDT Chart on TradingView

As seen in the above chart, Shiba Inu began surging earlier today. This further brought a multitude of buyers into the network. The Relative Strength Index [RSI] indicator noted that SHIB was in the overbought zone.

At press time, Shiba Inu was trading for $0.00001277 with a 2.43% daily rise. If its current notion persists, the asset could drive past its immediate resistance level of $0.00001318. However, a reverse in this trend could push Shiba Inu to a support level of $0.00001234.

Solana [SOL]

Solana has been a hot topic of discussion. However, this wasn’t for all the right reasons. The network encountered a major slowdown in block production over the weekend. The outage created quite a stir on Twitter, which prompted the Solana network to look into the matter.

This news came a couple of days after the network closed the doors to its physical store. Therefore, things weren’t going too well for Solana. The price of the asset recorded a dip yesterday; however, it soon managed to recover.

At press time, Solana was trading for $22.86 with a 1.05% daily rise. Unfortunately, the altcoin’s weekly drop was 13.76%. It looks like bearish sentiment could cloud the Solana market.

Source – SOL/USDT Chart on TradingView

The MACD indicator employed in Solana’s short-term price chart exhibited a bearish notion. With the MACD line below the signal line, SOL could be in for a downtrend.

Bitcoin [BTC]

Unlike Shiba Inu and Solana, Bitcoin was influenced by the broader financial market. The U.S. equities market ended Friday with a lower closing price. This further marked last week as the worst week for equities in 2023. The Nasdaq Composite Index saw the largest loss of 1.69%, followed by the S&P 500’s 1.05% decline and the Dow Jones Industrial Average’s 1.02% decline.

Bitcoin, on the other hand, began surging. The king coin was rising by 1.07% and was priced at $23,399 during press time.

Source – BTC/USDT Chart on TradingView

The bulls were ready to take on the Bitcoin market. The parabolic SAR indicator formed dotted lines below the candlesticks. This also served as a buffer against any immediate drop.