The ripple effect of the SEC’s efforts continues to be felt across the cryptocurrency markets. The hacked X account, deletion of the official approval announcement, and the SEC Chairman Gensler’s long statement that they approved the ETF amidst his refusal to endorse Bitcoin, all laid the groundwork for this. Indeed, after the ETF listing, a local peak appeared, and investors only became certain of the approval after the listing was executed.
Solana (SOL)
Even though we have left behind the most important week of the year, it is still only January 16th, and there are dozens of significant developments awaiting cryptocurrencies in the coming months. Therefore, experienced investors continue to look for the right entry opportunities in altcoins.
Solana‘s ability to rebound from the downtrend line on January 14th is promising, but it is not yet isolated from the overall market sentiment. The 20-day EMA ($96) has flattened, and the RSI indicates a balance between buyers and sellers. However, if the price loses the uptrend line, we could see a significant drop to the previously mentioned threshold of $67.
In the opposite scenario, if the downtrend line is overcome and the correction is deemed over, targets of $117 and $126 could be aimed for. The next target would then be $150.
Avalanche (AVAX)
Just as the AVAX Coin price was gaining momentum after surpassing the $50 threshold, BTC surprised it again. Although it has lost the $38 level, bears have still not managed to pull the price down to $31. If the $35.68 region is lost, the price could drop to the bottom support. Conversely, for an upward trend, AVAX Coin bulls are expected to surpass $43.5.
Dogecoin (DOGE)
Dogecoin has been trading below the 20-day EMA ($0.08) for the last few days, but like AVAX, bears have yet to achieve their target of $0.07. If DOGE price sees closures below $0.08, it could move to $0.07, or conversely to $0.1 and $0.11 in the opposite scenario.
What will feed market-wide optimism is the exciting recovery of spot Bitcoin ETFs with the market opening on January 16th. Before the Fed meeting at the end of the month, the data coming in is bad, so the market cannot find support on the macro front, and cryptocurrencies need good news in ETFs to differentiate.
