The cryptocurrency market is entering a phase where Bitcoin (BTC) is regaining strength while altcoins are weakening. The decline in altcoins appears to be a result of a feared “sell the news” event, particularly after the rapid rise of these assets over the past weeks. This correction was somewhat anticipated due to their recent accelerated growth.
Solana (SOL) experienced a significant rise, supported by various factors, reaching a peak of $126. However, with the waning influence of catalysts like BONK Coin, its price is returning to normal levels. Although SOL Coin was trading at $95 at the time of writing, the focus is expected to shift more towards BTC in the coming week, potentially challenging the $88 support level.
If the sell-off continues, SOL could retract to $73 and $67 levels, with a further downside support at $45. For an upward trend to resume, SOL must reclaim $97.6 as support and surpass the $112 threshold.
Chiliz (CHZ) completed a double-top formation on the daily chart, leading to a price drop back to its early December levels. The price could see a gradual decline to the bottom of the channel if it starts closing below $0.0778, targeting $0.072, $0.067, and potentially $0.058 in extreme sell-off conditions. To reverse the trend, CHZ needs to break through the sell wall between $0.85 and $0.095.
CEEK Coin is struggling within a parallel channel, slipping below the $0.055 support to $0.05. With a lack of positive fundamental analysis, sellers are emboldened, and a continued downturn could retest the $0.044 level. To avoid setting new all-time lows, CEEK must turn $0.055 back into support.