Bitcoin’s current price trajectory remains underwhelming, with significant sales impacting altcoins. BTC is currently testing the $62,000 mark, a notable drop from the $70,000 it achieved just days prior. The decline, exacerbated by comments from former President Trump, has led to an $8,000 loss within a week. Altcoins, which did not reflect Bitcoin’s prior rise, are now mirroring its fall. This article examines the targets for Solana (SOL), Chiliz (CHZ), and CEEK Coin amidst this downturn.
Why is Solana (SOL) Declining?
SOL Coin has plummeted to $160, suffering a daily loss of 12%. The downward trend in BTC prices, fueled by geopolitical risks, is dragging SOL Coin below this threshold. The situation might worsen as the weekend approaches, potentially accelerating sales.
Should SOL Coin approach the $155 support level, and if BTC tests below $60,000 once more, SOL might hit a low of $134. This drop was last seen in early July, and given the consistent bearish trend, lower levels are plausible before the week’s end. In oversold conditions, altcoins can face severe impacts, with SOL Coin potentially targeting $98, marking a significant loss from its peak.
What is Happening with Chiliz (CHZ)?
Chiliz (CHZ) had shown positive divergence for an extended period but failed to breach the $0.17 resistance due to Bitcoin’s negative influence. The coin is now nearing its previously identified base of $0.058. As predicted, CHZ Coin’s price is susceptible to further declines given BTC’s current bearish stance, potentially staying below $0.086 even if BTC experiences a rapid recovery.
CEEK Coin Analysis
In a declining market, CEEK Coin is expected to see a steeper fall. The coin is once again targeting the OKX ATL level at $0.028. A daily close in the current range and BTC’s inability to rebound swiftly could lead CEEK Coin investors to witness a new all-time low, hovering around $0.025. This might prompt some to buy the dip.
Key Takeaways for Investors
- Monitor BTC’s price closely as its movements significantly affect major altcoins.
- Solana’s (SOL) immediate support levels are $155 and $134; further declines could target $98.
- Chiliz (CHZ) might remain below $0.086; its base support is at $0.058.
- CEEK Coin could reach new lows around $0.025 if market conditions persist.
As the cryptocurrency market continues to face turbulence, investors must stay vigilant and consider potential lower targets for their holdings. Understanding these critical support levels and market dynamics will be essential in navigating this bearish phase.