As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of bull runs and bear markets. The current situation with Bitcoin and altcoins is reminiscent of a roller coaster ride, albeit a thrilling one.
Currently, Bitcoin (BTC) is experiencing a slight dip, moving down to approximately $98,270. This minor pullback is being observed across the altcoin market. Over the past 24 hours, Solana, the fifth-largest token, has decreased by 5.09%, while Toncoin has seen a drop of 4.92%. The 24-hour volume for Bitcoin stands at around $114.27 billion, with a 2.3% volatility and a market capitalization of approximately $1.93 trillion.
Amidst other leading cryptocurrencies experiencing a 5.29% decrease, the demand to sell in the crypto market has noticeably grown stronger.
Due to an influx of supply, the cryptocurrency market has experienced a decrease of approximately $562 million over the last 24 hours. While those betting on a decline have lost just $100 million, the remaining loss is attributed to enthusiastic traders who had taken long positions. The recent downturn is believed to be a result of a “long squeeze,” as excessive optimism led many to take high-leverage positions.
Despite the drawbacks, a community analyst for CryptoQuant, maartunn, predicts a new all-time high for Toncoin and Solana. The prediction considers strong fundamentals, including active development teams and active networks.
Toncoin Targets $9.30
The price, initially at around $6.7855, has experienced a 5.06% decrease and is currently at $6.4456. This drop brings it down from the 61.80% Fibonacci resistance level to the significant 50% Fibonacci support. Over the last 24 hours, the volatility has been 4.6%, with a trading volume of $508.8 million and a market capitalization of approximately $16.43 billion.
A new candle forms that’s both bearish and suggests guilt, as the price drop tests the previously breached resistance level. Earlier in the day, the price of TON experienced a significant jump of approximately 50%, which was part of the wider market rebound.
Despite a bearish engulfing candle at a reduced cost, the Ton coin continues to hold sway over the 50% Fibonacci level. Additionally, it is currently 21.89% below its maximum historical value of $8.28.
A temporary dip during the trading day causes a negative intersection between the MACD and Signal line, suggesting a potential bearish trend. But, an upturn in the 50-day Simple Moving Average (SMA) crossing above the 100-day SMA indicates a brief bullish reversal in the short term.
According to Fibonacci principles, if Toncoin surpasses the $7.00 barrier following a retracement, it’s probable that we’ll witness another attempt to reach the 52-week high of $8.28.
By the close of December, the overall market’s recovery suggests a potential new record high for Toncoin, with Fibonacci levels predicting a price target of approximately $9.30.
Solana To Reach $300?
On the 4-hour chart, the Solana (SOL) price exhibits a local resistance trendline due to the recurring formation of lower highs. Yet, it consistently receives support around the $222 mark, forming a descending triangle pattern. This pattern suggests potential price consolidation or reversal, with the breakout likely occurring at either $222 (support) or above the resistance line. The 24-hour volatility stands at 5.2%, while the market cap and trading volume are $106.41B and $7.02B respectively.
Currently, the cost of Solana stands at a reduced price of 47.76% compared to its peak record of $264.32. This suggests potential for Solana’s value to increase if the overall market experiences recovery.
At present, the value of Solana is being exchanged for approximately $225, forming a bullish candle that breaks the pattern of four successive bearish candles. This could signal a potential bullish recovery and maintains its position above the $222 price point as a strong support level.
Because there are several indicators in play, the 4-hour Relative Strength Index (RSI) line shows an increase in positive market sentiment, demonstrated by a bullish divergence. This makes it more likely that we’ll see a fresh attempt to break through the existing resistance trendline.
With the bullish divergence increasing optimism, it seems likely that a breakout surge could drive Solana to set a new record high. Overpowering the $265 resistance level (R2 pivot point), potential objectives for Solana’s price reach $283.29 and $301.39.
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2024-12-09 22:09