BTC has started to move sideways again, and after months, investors are seeing the price forming straight lines today. Although the situation for altcoins is not great, the fact that profit realizations have not turned into overselling is promising. The cumulative volume has melted by 50%, and the fact that tomorrow is a holiday for the US markets suggests that this calmness may continue for a while.
Solana (SOL)
Falling below $100 again, SOL Coin is currently at $97.6. Despite the drop, the price maintains its upward trend, aiming for three-digit prices again with closures above $92. Despite the rally starting at $8, SOL Coin did not face devastating profit sales, indicating that profitable investors expect further rises in the medium and long term.
If BTC can aim above $47,000 again, SOL Coin’s price could gather the necessary strength to surpass $111 again. The last peak at $126.6, although undercutting the $200 target, factors such as halving, interest rate cuts, growth in ETF entries, and the US elections support optimism for 2024.
Chiliz (CHZ)
For a long time, CHZ Coin has been trying to break out of the parallel channel and reach new highs. It attempted this twice before but was unsuccessful. It was caught in the general downturn of cryptocurrencies in its last attempt. However, the popular altcoin managed to stay above the resistance line and now needs to turn $0.091 into support. If successful, it could see $0.103 again.
If the rise continues, CHZ Coin’s price is expected to set a new peak between $0.14 and $0.16. Football leagues and cups will be the main agenda in the coming months, which might give CHZ Coin a chance to succeed this time.
Ripple (XRP)
SEC is still causing trouble for XRP, which has not yet escaped the situation. Although a summary judgment was a nice victory, the SEC will not abandon the class action appeal. The end of the case in the coming months and the start of the class action appeal process are expected, which means that XRP Coin may not escape SEC pressure throughout the year, as it is expected to last until the end of 2024.
In his last speech, Gensler emphasized that altcoins considered securities and the exchanges that trade them must comply with the laws. Now, with the mandatory spot BTC ETF approval, we might see an SEC that is even more focused on this issue. XRP Coin has lost the support of the parallel channel with its dreams of rising dampened. If it can reclaim $0.58, we can talk about $0.65 and $0.73 levels again.
