The BTC price, which started the new week above $37,000, has also caused a surge in altcoins. Although the news of the Binance settlement yesterday briefly pushed the price to $37,750, it did not bring the $38,000 test with it. So, what is the current situation for popular cryptocurrencies? Can the uptrend continue according to the latest data?
The SOL Coin price dropped by about 6% compared to yesterday and its trading volume is above the $2 billion threshold with a 15% increase. The increasing volume indicates that there is a dominant selling pressure. Investors who focus on the negative aspect of the Binance settlement process prefer to remain cautious. At the time of writing this article, SOL Coin is being bought at $56.75.
The $45 threshold was important for the beginning of a faster uptrend, and after surpassing this level, the rally continued up to the $68 limit. However, after a series of five consecutive green candles, the first red candle appeared, and those who wanted to make a satisfactory profit started selling. If the price starts to close below $50, this could lead to a return to the $45 threshold.
If the SOL Coin price loses the $48-50 range, it could retreat to the support at $40-38. Below that, a drop to the levels of $27 and $20 is technically possible. The rally supported by GSOL stalled on November 16 due to a rapid decline in trust. If the price inflation caused by excessive demand continues, it is possible to see a price increase above $200 (GSOL unit price) in the spot market.
The favorite altcoin of Fan token investors, CHZ Coin, continues to linger around $0.076. Unless the CHZ Coin price breaks free from the parallel channel it entered on June 9, it seems doomed to fall unless we see weekly closings above $0.078 and $0.085. The first strong support in the event of a strong selling wave could be at $0.065.
Closings below this level could continue with gradual pauses until the $0.054 dip zone. Since the parallel channel’s resistance line has not been surpassed, CHZ Coin did not experience parabolic growth in the recent BTC rally, which seems to be related to the weakness of league excitement in the short term. As the end of the league approaches, the Chiliz ecosystem may become more active, and the price of team tokens, which are favorites for the championship, may start to be priced early.