Bitcoin price reached a new peak this month, hitting the highest level since November 2021. Although this is an important milestone, a subsequent drop of $1500-$2000 is disheartening for investors, and as we see today, altcoins are painted red. The recent decline is related to the ongoing fear in bear markets and may lead to prices that will likely be missed by some in the coming year.
Solana (SOL)
There’s no guarantee that the 4-year cycles will continue exactly as before, but so far, it’s predicted that the current cycle will start with a halving. SOL Coin is finding buyers at $105 as this article is being prepared. The price aims for $120, but today it’s here because BTC fell from its peak of $53,000 to $50,625.
So, what will SOL Coin reach in the coming days? The price, having rebounded from $115, is showing signs of weakness as it has fallen below the neckline of an inverse head and shoulders formation. If the support level breaks, a drop to $93 could happen before the month ends. However, if the trend line is surpassed, the optimistic scenario sets the target back to the general resistance of $126.
Ripple (XRP)
Although it stayed above the downtrend line on February 19, the price reversed the next day at $0.57. For XRP Coin, this is a key area, and an upward jump won’t start without closures above it. Even if BTC is positive at lower support levels, the lack of sudden increases means short-term investors aren’t paying much attention to it for now. We have already been discussing the general outlook for 2024 for weeks.
In a bullish scenario, the potential targets are $0.57 and $0.67. If the decline continues, the well-known support levels of $0.486 and $0.46 are there for investors.
Avalanche (AVAX)
Even though the bulls were strong at $36, it didn’t mean they would stay above this resistance. AVAX price is weakening with selling pressure from the $38 region. If the decline continues, the next target will be $32, and we will continue to monitor the trapped price between $32 and $42 for a long time.
On the upside, the bulls need to overcome $42 to complete the inverse head and shoulders formation and aim for peaks above $50.
