As of the time of writing, the leading cryptocurrency is above $68,000 but has not yet surpassed $70,000. The main rise for altcoins is expected to begin after BTC closes above $70,000. There are two scenarios ahead: either the ETH ETF event will lead to a few weeks of nightmare due to ETHE sales, or there will be major rallies in altcoins. In both scenarios, volatility will increase.
BNB Coin Analysis
In addition, the crypto market is always full of surprises and may experience a delayed explosion despite ignoring the upcoming major event for a few days. According to CoinShares data, there was an inflow of $1.35 billion into crypto products last week. The inflows over the last three weeks have reached $3.2 billion. Although altcoin investors are unhappy, professional investors seem to expect good things. Indeed, there was an outflow of around $2 billion from short BTC products. BTC has been trying to close above $68,000 to break free from the range it has been stuck in for a long time.
Turning to BNB Coin, the price, which is stuck between $495 and $635, does not seem very disturbing for short-term traders. The SMA50 is at $586 here, and with closures above this, the momentum should increase, extending the rally to the $635 resistance. If they fail to achieve this, a new drop to $495 could occur.
In the bullish scenario, the target is $722 above $635.
Solana (SOL)
A strong rise here could create a multiplier effect on many altcoins in the Solana ecosystem, so risk-takers are watching the SOL Coin chart. Having broken out of the downtrend line, SOL Coin is eyeing $210. The bears, of course, will not give up easily and will strive to prevent closures above $189. We could see a strong rally up to $256 above $210.
XRP Coin Analysis
Attempts to break below the $0.57 level have failed. While XRP Coin has been diverging negatively for months, it is currently seeing strong demand from the bulls. There is no detail on when the case will conclude. Perhaps the strength of major altcoins is telling us that the altcoin season has already begun?
The key level is $0.64, and the price is very close to it. If this threshold is crossed, a new move to $0.67 and $0.74 could be seen. Then, the rally has the potential to extend up to $0.93.
