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After a steep descent from the monthly highs, Bitcoin price is having the third consecutive green day in a row. However, the recovery is still not very encouraging as the BTC price is struggling to find strength above the $40,000 mark. At press time, the cryptocurrency is trading at $40,139.
At the same time, Solana price has shown a significant recovery from the recent lows of $79. The reclaim of $85 support has sent the price above $89.5. Nevertheless, the local downtrend remains intact as the price is still down 30% from its monthly highs.
Manta Network stole the show on Wednesday as it soared to a new all-time high. However, MANTA price is having a pullback after facing resistance from the $3.33 level. Currently, the price is trading at $3.06 after some profit-taking. A breakout above this level may result in another bullish leg toward new highs.
The following BTC/USD chart depicts that the leading digital asset is struggling to break the $40,200 resistance level on the hourly chart. The recent recovery in price can be attributed to the buying pressure that appeared once the price hit a major demand zone below $40,000. This zone has been marked in red on the following chart.
A clear break above $40,555 will push the price toward Monday's highs of $41,700.
It appears that Solana bulls are aiming for another retest of the $97 level. This was a previous support level, which may now act as a resistance level. If Solana price flips $85 into support on the 4H timeframe, I expect a move toward the $90 and $97 in the coming days.
The overall market sentiment of the cryptocurrencies remains bearish as the Bitcoin price has broken its uptrend on the daily timeframe. While the high timeframe outlook remains bullish, most analysts are still betting on a retest of the $38,000 level in the coming days or weeks.
If the downtrend intensifies, price targets as low as $30,000 could also be on the cards. However, it is better to let the price action develop in the coming days before rushing into any trades.
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