Bitcoin Price Correction Triggers Altcoin Volatility: SOL, CHZ, CEEK Analysis - COINTURK NEWS
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Bitcoin Price Correction Triggers Altcoin Volatility: SOL, CHZ, CEEK Analysis

11:58 pm (29 days ago)
November 7, 2023

November started off quickly, with BTC price corrections triggering sudden surges. However, the direction has not been determined yet. Investors focusing on Bitcoin‘s peak above $38,000 are struggling to keep up with the price. BTC rapidly jumped from the $34,500 support to $35,500, causing larger fluctuations in altcoins during this process.

Solana (SOL) Price Chart

SOL Coin is among those benefiting the most from the recent upward movement. The price reached the $47 limit. Investors who were expecting new lows below $8.5 months ago are now unable to take their eyes off the chart due to the excitement of the increasing price. The effects of the FTX crash were eliminated with the surpassing of the 18-month peak.

The popular altcoin finds buyers at $44 on the Binance exchange, and the $47 resistance is crucial on the weekly chart. If the price can surpass this level, it can reverse the downtrend that began in April 2022. Bulls who want to focus on targets of $60 and $78 also see the current BTC recovery as an opportunity.

If the ongoing BTC rally enters consolidation at $40,000 and undergoes a real correction, a target of $138 for SOL Coin may not be far-fetched by then.

CHZ Coin Chart Analysis

We previously mentioned Chiliz as a fan token blockchain and its recent partnerships. Those who follow price predictions will remember our mention of the parallel channel that emerged in June. CHZ Coin is now trying to break above the resistance line of this channel. Although it faced rejection at $0.081 due to the BTC decline, the current outlook suggests that a new test is possible.

If it succeeds, price targets of $0.13-14 can be aimed for in closings above $0.084. While most altcoins are reaching their annual highs, CHZ Coin has yet to deliver what was expected during this period. If you are looking for altcoins that have not experienced the anticipated increase after the recent BTC rally, CHZ should be on your radar.

CEEK Coin Price Chart

The altcoin for new lows has returned to the parallel channel we mentioned for the uptrend. Long wicks reflect short-term profit-taking. The excitement in the Metaverse sector has diminished, and so has the enthusiasm for CEEK Coin. We have mentioned several times the wound opened by the community’s perception that the CEEK Coin team’s main motivation is money and trying to take advantage of the excitement (for a long time).

On the daily chart, the wicks could reach $0.055 depending on the BTC price. If this level is surpassed, the beginning of a medium-term uptrend is expected. However, CEEK Coin investors are already worn out after massive losses, and it is uncertain whether there will be a demand wave to counter short-term sellers.

Disclaimer: The information provided in this article is not investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research before making any transactions.

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