Asian Market Wrap: Bitcoin Consolidates, Solana Tests Key Moving Average

Cryptocurrency markets were mixed on August 12 during the Asian trading session, with Bitcoin holding steady above key support while Solana and Chainlink showed distinct short-term trends.

Bitcoin continued to consolidate within a narrow range, with immediate support at $29,000 and resistance near $29,800. The lack of strong directional momentum suggests traders are waiting for a clear catalyst, such as a major macroeconomic data release or a regulatory update.

Solana is currently testing its 50-day moving average, which has acted as dynamic resistance over the past week. A decisive close above $24.50 could signal a short-term bullish reversal, while failure to hold $22.50 may lead to a decline toward $21.80.