We are entering a period in the cryptocurrency markets where Bitcoin (BTC) is regaining strength and altcoins are weakening. Altcoins are falling. The losses experienced by assets other than BTC seem to be the result of the feared “sell the news” event, which was expected at some point due to the rapid rise of altcoins over the past weeks.
Solana (SOL) Analysis
With the support of many factors, SOL Coin quickly rose to its peak of $126. However, as the influence of triggers like BONK Coin and JTO weakens, the positively diverging price is returning to normal. The $88 region remained a strong support in the short term. At the time of writing, SOL Coin was finding buyers at $95, but we may witness the support being challenged next week as interest shifts even more towards BTC.
If the selling continues, a pullback to the levels of $73 and $67 could be expected. Further down, there is a base support at $45. For the uptrend to continue, $97.6 needs to revert to support and the $112 level must be surpassed.
Chiliz (CHZ) Analysis
The daily chart showed a potential double top formation, which has now completed. It was not surprising, and we had previously mentioned that sales could accelerate if the price closed below $0.085. That is exactly what happened; the price returned to where it started in early December. We were discussing the parallel channel resistance, which has been difficult to overcome and maintain, as seen in the recent example.
If the price starts closing below $0.0778, a gradual decline to the bottom of the channel could be seen. In this case, targets of $0.072 and $0.067, followed by $0.058, are on the horizon. If we experience a week of extreme selling in the markets, this could be a concerning target for CHZ Coin. Conversely, for a bullish scenario, the sell wall between $0.85 and $0.095 needs to be broken down.
CEEK Coin Analysis
CEEK Coin is also stuck in the parallel channel again. The price, failing to maintain $0.055 as support, has fallen to the $0.05 support level. Fundamentally, CEEK Coin does not promise a bright future, hence sellers are more daring. If the decline continues, we may see the $0.044 level being tested again.
In a scenario where sales continue, the bottom levels are at $0.041 and $0.035. For the price to avoid setting deeper all-time lows, it is crucial to turn $0.055 back into support.
