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Bitcoin continues to maintain its price at $34,000 over the weekend, and the recent sell-offs have subsided. But what about altcoins? The cumulative value of cryptocurrencies is holding at $1.25 trillion. However, the total trading volume has dropped below $35 billion again, indicating that the rally may not be sustainable. While this situation is concerning for altcoins, BTC investors are enjoying the situation as the price reaches its highest point in 17 months.
Solana (SOL) Analysis
At the time of writing, the price of SOL Coin is $32.4. Although it has approached the $34 mark, the rally has weakened as BTC’s rise slows down. The fact that the $27 resistance has finally been broken on its sixth attempt is still positive. Weekly closures above this level could bring in more gains. If the rally continues, the price is expected to test the $38 and $45 regions.
If the price closes below $31, it could test the $28 and $23.5 regions. For now, BTC is not making deeper lows, so there may still be hope for an upward movement in the SOL Coin.
Chiliz (CHZ) Coin Analysis
Since hitting its low point on October 13, the price has increased by approximately 30%. Although it has experienced a rise similar to the overall market average, CHZ Coin has not fully delivered the expected results. Many cryptocurrencies are struggling to bounce back from levels below the November lows, making reversals difficult. The price is now at the center of a parallel channel and if it can close above $0.07, it could reach the ceiling line at $0.085.
However, if it closes below $0.062, it poses a significant risk and weak support at $0.058 and $0.056 could lead to new lows.
CEEK Coin Analysis
On October 27, the price of CEEK Coin targeted the resistance line at $0.055 of the old parallel channel but failed to break through. We had seen a similar scenario after a test in mid-August, where the price plummeted to new lows. If CEEK Coin can close above $0.047, a new test may be in store. It looks positive as long as BTC maintains its price above $34,000. The weekly closure will be decisive at this point.
If BTC can close above $34,000 on a weekly basis, it could trigger a new rally wave for altcoins.
