Altcoins have been facing ongoing declines, with the volatility of Bitcoin (BTC) prices leaving investors fatigued. These sharp downturns often result in rapid recoveries during upward market trends. A similar trend could be observed soon. So, what are the key targets for Solana (SOL), Chiliz (CHZ), CEEK, and XRP Coins?
What Are the Prospects for Solana?
Spot Solana (SOL) ETF applications have reached exchanges, and the market now awaits the SEC’s announcements and feedback between the initial and final decision dates. Over the next 5-6 months, unless rejected early, the ETF topic will significantly influence the SOL Coin’s agenda. This could lead to price swings within the Solana ecosystem.
A positive development would be applications from financial giants like BlackRock and Fidelity. The $128 support level remains firm, but SOL hasn’t seen closures above $144 recently. An upward momentum could accelerate if SOL breaks the $144-150 range.
CHZ Coin Outlook
CHZ Coin recently dipped below its parallel channel base, a scenario previously forecasted. Currently, Chiliz, which commands the largest ecosystem among fan tokens, is languishing at low levels post-league seasons. Although the $0.0587 baseline holds, the mid-range support at $0.072 hasn’t been reclaimed yet. Investors need to watch this level closely for any potential upward movements.
A dip around $0.0295 was anticipated for CEEK Coin, and it met expectations. The continuous decline in demand for metaverse altcoins and investor disinterest led CEEK to a new all-time low. While there’s a minor recovery from the dip, certainty about a return remains elusive. If BTC makes another attempt at $70,000, CEEK might test $0.05.
XRP Support Levels
XRP Coin broke its $0.43 support, landing near the next support at $0.38. Currently, XRP is hovering around this initial support. It wouldn’t be surprising to see XRP test the $0.46 support area. For a sustainable recovery, investors will look for closures above $0.48.
Actionable Insights for Investors
Here are some practical takeaways for investors considering these altcoins:
- Monitor SEC announcements and feedback related to SOL ETF applications closely.
- Watch for potential applications from major financial firms like BlackRock and Fidelity.
- Keep an eye on the $144-150 range for SOL as a key momentum indicator.
- For CHZ, observe the $0.072 level for possible recovery signals.
- Track BTC movements, especially if it approaches $70,000, which could impact CEEK.
- Look for XRP closures above $0.48 as a sign of upward movement.
Conclusion
Altcoin investors should stay vigilant amid the ongoing market fluctuations and the potential catalysts that could drive changes in trends and prices. By tracking key support and resistance levels and remaining aware of regulatory developments, investors can make more informed decisions.