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Even though there has been a price increase in the cryptocurrency markets, the process that lays the groundwork for those magnificent bull markets has not yet begun. Despite ETF approvals, waves of new investors are not flooding into the markets. This means that those who want to profit from altcoins may have time as long as the cumulative volume remains below 50 billion dollars.
Solana (SOL) Prediction
Last year, it was among the most profitable large altcoins in terms of market value. Its rise from an $8 low to $126 is the latest example of the endless opportunities in crypto. Those brave enough to risk losing all their money found attractive levels for selling SOL Coin.
So, what is the current expectation for SOL Coin? While the BTC price was shaky, SOL Coin inevitably weakened and dipped below the $87 support level. The bulls successfully pulled the price back up to the moving averages, which could act as a strong resistance. This recovery was also largely influenced by BTC’s aim for $42,000. SOL Coin moves much faster compared to many other altcoins.
If the trend line can be reclaimed, we may see a continued rise towards $107, $117, and $126. In the opposite scenario, bears would need to push the price below $79, with $64 being an important support level.
Ripple (XRP) Prediction
Bulls are trying to halt XRP’s decline at $0.50, but a strong recovery from this support has not materialized. This situation may also be due to the lack of major price catalysts for XRP in 2024. Perhaps if the lawsuit ends earlier than expected and collective appeals are resolved quickly, things could turn around. However, XRP Coin cannot confirm its victory until the collective appeal process is over, and worse, the process could also end in defeat.
If $0.55 is surpassed, hopes for a rally could increase, but if the $0.50 support is lost, a drop to $0.46 and $0.41 is likely.
ADA Coin Prediction
Looking at the list, SOL seems to be the altcoin most likely to recover quickly, as ADA Coin is not showing a clear signal for an uptrend. On January 23rd, it bounced from the support line of a descending channel formation and after a brief hesitation, bulls attempted to extend the relief rally to $0.51.
They have not been successful so far, and if the price turns from here or from $0.51, a drop to $0.35 could occur.
