Bitcoin halving is expected to occur just over a day from now. This event is anticipated to create unique optimism for a bull run in 2024, potentially leading to new all-time highs in Bitcoin prices. Despite being related to BTC, top altcoins like Solana (SOL) and Shiba Inu (SHIB) are reaching significant levels with serious increases.
SOL’s $200 Target
With a market cap of $62 billion and ranked fifth among cryptocurrencies, the competitive smart contract token surged to $141 on Thursday, showing signs of a trend reversal. Investors, noting a 4% increase in trading volume to $5 billion on CoinMarketCap, might be ready to re-enter the game. The sudden interest in SOL long positions, supported by a strong rising trend line, underscores a modest 7.25% increase in value.
The next few days will be crucial for Solana, determining whether $200 is attainable or if investors need to brace for turbulent times between the $120 support and $150 resistance. If the Relative Strength Index (RSI) continues its rise from near oversold conditions, Solana’s price could gain momentum and close the gap to $200.
Solana’s position is below two key moving averages. The 50-day Exponential Moving Average (EMA) and the 20-day EMA suggest that bulls might currently be at a disadvantage. This also means that Solana’s price might need an extra push to validate its long-term bullish thesis towards $200.
Latest on SHIB
The popular meme token Shiba Inu showed durability and a strong recovery. This rise followed a downtrend earlier in the day. Investors and market watchers have noticed this sudden increase. With a market cap of $13.4 billion, it ranks 11th among cryptocurrencies.
The last 24 hours saw a slight decrease in trading volume by 2.84%, reaching approximately $565.38 million. Over the past few days and extending into previous weeks, SHIB has experienced a period of consolidation. This consolidation occurs at a critical point for the cryptocurrency, particularly as the broader crypto market has faced a downturn since April 8, making investor actions increasingly significant.
