Where to buy $SOL and $RNDR in this crypto correction
Panic is pervading the crypto market. Bitcoin is on the verge of plummeting down to $51,000, and the altcoins are approaching that ‘blood on the streets’ moment. Both $SOL and $RNDR are strong fundamentals altcoins that can recover quickly. Where is a good level to buy?
Deciding on best entry points
The best time to get into assets with strong fundamentals and good potential use cases is when everyone else is selling and getting out of the market. With Bitcoin on the edge of falling all the way down to the $51,000 support level - around another $6,000 from its current position, the intelligent money could be preparing to buy.
Both Solana ($SOL) and Render ($RNDR) are top cryptocurrencies with plenty of institutional backing. Those looking to start getting into these assets may well be licking their lips and deciding on the best entry points.
Everything revolves around Bitcoin
Of course, everything revolves around Bitcoin and just how much more the king of the cryptocurrencies may fall. Given that Bitcoin is at an extremely critical level right now, this must be borne in mind when preparing to enter into any of the altcoins. If $BTC falls to $51,000 this could be a great time to buy these altcoins, but obviously this level would have to hold, and a strong bounce would need to be apparent.
Two clear buying levels for $SOL
Source: TradingView
The weekly chart for $SOL shows a clear picture of how this asset is progressing and exactly where a position might be added. The price has been rejected strongly from the $148 resistance, and it’s now a case of seeing which area of support $SOL might bounce from.
Firstly, the 0.618 fibonacci level looks like a potentially great level for a change in price direction. This also coincides with the bottom of the triangle. Given that the triangle has resulted from an uptrend, the likelihood is that this trend should continue.
If the triangle does break to the downside, $SOL could be expected to bounce at the strong support level of $112.
$RNDR bounce or huge price drop?
Source: TradingView
The weekly chart for $RNDR also shows a nice clear picture. With $RNDR starting to potentially peek through the very strong support at $6.98 and the confluence of its bull market trend line, a breakdown here could send the price all the way down to the next strong support at $4.63.
This would be quite some drop, and many investors might not be willing to take the risk of entering at what would be a 66% reduction in price from the $13.85 top.
That said, $RNDR could still hold the line at its current support. As mentioned, this would probably depend on Bitcoin holding its own last line in the sand at $57,000. Today’s close, and even more critically the weekly close, will provide clues as to what $BTC, $SOL, and $RNDR are more likely to do next.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
