Solana (CRYPTO: SOL) continues to dominate real blockchain usage, but Cardano's (CRYPTO: ADA) 5% bounce has briefly redirected trader attention away from a chart that still shows structural weakness.Solana Extends Dominance In Network ActivitySOL continued to outpace rival blockchains in decentralized exchange activity, marking its 16th straight week as the leader in DEX volume, according to Cointelegraph. Investor attention intensified after Forward Industries Inc. (NASDAQ:FWDI) released a detailed shareho ...

Core Viewpoint - BitMine Immersion Technologies has experienced significant volatility, with a 42% decline in share price since January, but a recent acquisition of 69,822 ETH has sparked optimism among investors, leading to a temporary 15% increase in stock price [1][2]. Group 1: Company Performance - The recent purchase of 69,822 ETH represents approximately 3% of Ethereum's total circulating supply, indicating a strong signal of confidence from BitMine [2]. - Despite the positive impact of the ETH acquisition, the stock remains down nearly 42% for the month, with the current trading price at $31.10, just above the critical support level of $30.88 [5]. - A sustained bullish momentum could see BMNR rise towards the resistance level of $34.94, with potential further gains if investor confidence strengthens [6]. Group 2: Market Indicators - The relative strength index (RSI) has shown a sharp uptick following the ETH acquisition, moving out of oversold territory, which typically precedes trend reversals [2]. - However, the RSI alone does not confirm a sustained bullish shift; consistent buying pressure is necessary for a full recovery [3]. - If the company fails to capitalize on the excitement from the ETH purchase, it risks losing the $30.88 support, which could lead to further declines to $27.80 or $24.64 [7].

Core Viewpoint - The gold market is experiencing continued downward pressure, with key resistance levels indicating potential further declines unless a breakout occurs above recent highs [1][5]. Price Dynamics - Gold has shown a breakdown from a bear flag pattern, confirming bearish sentiment with a close below the lower boundary [2]. - A drop below Tuesday's low would signal further bearish follow-through, targeting recent swing lows and potential support zones [2]. - The next significant support level is anticipated around the 50-day moving average at $4,856, with further declines potentially reaching the 61.8% Fibonacci retracement at $3,720 if support fails [2][3]. Long-Term Support - The 50-day moving average is expected to act as a critical support level, having not been tested since reclaimed in August [3]. - Even if the 50-day average is breached, the centerline of a rising trend channel may provide additional support [3]. Channel Dynamics - The 200-day moving average has recently risen above the bottom channel line, indicating potential support at the lower end of the channel [4]. Market Outlook - A breakout above $4,006 is crucial for shifting momentum, with resistance at the 20-day average if this level is surpassed [5]. - Continued selling pressure is indicated, with the 50-day average support being a key factor in maintaining the trend, while a break could lead to a decline towards $3,720 [5].

Support and Downside Targets - The recent swing low of $62.19 marks critical near-term support, with a decisive break below this level confirming a continuation of the broader bearish trend [1] - The next lower target is projected between $60.66 and $60.60, aligning with a 78.6% Fibonacci retracement and a measured target from a falling ABCD pattern [1] - A deeper bearish objective is indicated at $57.71 based on a 100% projection of the same ABCD structure [1] Signs of Potential Reversal - Recent consolidation suggests that bearish momentum has temporarily stalled, opening the possibility for a short-term bullish reversal [2] - A small double bottom pattern has developed, with a breakout signal triggered on a move above last Friday's high of $64.18 [2] - If confirmed, this could lead to a test of resistance near the 20-Day moving average, currently at $65.78 [2] Key Resistance Zone - The resistance area is significant due to an anchored volume weighted average price (AVWAP) line from the June trend low, currently at $65.53 [3] - This AVWAP served as reliable support until it was broken to the downside on August 6 [3] - A rally back into this area would mark a critical test for bulls, as reclaiming the 20-Day average and AVWAP is essential to shift momentum in their favor [3] Outlook - Crude oil remains trapped between support at $62.19 and resistance at $64.18, requiring a breakout beyond either boundary for momentum improvement [4] - Traders can expect further consolidation within this range, with the broader bias continuing to favor the bears [4]

Group 1 - The 50-Day support line is currently at risk, having been tested twice since the breakout in June, with the first test resulting in a bullish hammer candlestick pattern [1] - A significant resistance was encountered at the 200-Day moving average after a sharp advance, indicating a successful test of resistance at the lower rising trend channel [1] - A bear flag pattern was triggered with the breakdown below the lower channel line, indicating potential bearish momentum [1] Group 2 - There is a notable support zone between $65.65 and $65.00, which has previously acted as both support and resistance, including an AVWAP level from the April low [2] - Crude oil found support and bounced from the AVWAP line during a sharp drop from the trend high four weeks ago, reinforcing the significance of this support zone [2] Group 3 - A decisive decline below $65.00 could lead to the 61.8% Fibonacci retracement level at $64.50, with a potential further decline to the 78.6% retracement at $60.71 [3] - An ABCD pattern suggests a potential target of $64.42, aligning with the 61.8% Fibonacci level, indicating a critical price area for future movements [3] - The behavior of the market after reaching the $64.50 area will be crucial, as strong support may lead to a bounce, with recovery speed of the 50-Day MA being a determining factor [3]

Group 1 - The natural gas market is showing potential for a bullish breakout if it surpasses the recent high of $3,346, which would also place it above the 20-Day and 50-Day moving averages [1] - A bullish reversal for natural gas will only be confirmed with a rise above the recent lower swing high at $3,366 [1] - Gold is consolidating near the highs of a long-term uptrend, with a significant resistance level at $3,451, which needs to be broken for a reliable bullish signal [2] Group 2 - The pullback low of the pennant for gold at $2,121 found support around the 38.2% Fibonacci retracement level, indicating sustained buying strength [3] - A drop below the swing low of $3,243 would indicate weakness in gold and could lead to a retest of support around the 38.2% retracement level, potentially falling to the 50% retracement level at $3,041 [4]