The cryptocurrency market is navigating a period of considerable fluctuation as LUNA, Solana (SOL), and Chiliz (CHZ) brace for volatile days ahead. BTC’s attempt to breach the $60,000 mark for the second time this week was met with insufficient buying strength, causing a rapid price retreat to $57,000. This movement follows recent inflation data and raises questions about the near-term expectations for altcoins.
Can LUNA Coin Recover?
LUNA Coin remains below its parallel channel support at $0.548, seeking to establish new support around $0.373. A potential bounce from this level could lead to a test of $0.440. To reverse the downward trend initiated in early June, LUNA must reclaim higher supports and re-enter the channel at $0.548. However, BTC’s current price level near $57,500 suggests that deeper corrections could be on the horizon.
Will Solana Maintain Its Uptrend?
Solana (SOL) has not re-entered its parallel channel, partly due to the influence of recent ETF news, yet it continues its upward momentum. The price, which found support at $137, struggled to hold above $143. Successfully doing so could extend the rally to $154 and $162. However, if SOL falls below $122, it may target $112 and $98. Ongoing developments in SOL Coin ETF applications could positively impact its price, especially if market sentiment improves, potentially accelerating SOL’s rise compared to other altcoins.
Insights for Traders
– LUNA needs to surpass $0.548 to stabilize.
– SOL’s price could surge with ETF approvals.
– CHZ struggles to break past $0.07 but aims for $0.084.
What Are Chiliz’s Next Moves?
Chiliz (CHZ) has seen intense testing around the middle area of its parallel channel, resulting in unexpected failures to close above $0.07. Reclaiming this central area could shift the target to the channel ceiling at $0.084. A continued attempt could push the price to $0.106, but a BTC decline might trigger new lows below the channel’s base.
Despite the market’s volatility, these altcoins exhibit potential pathways for recovery and growth. For traders and investors, staying informed and vigilant will be key to navigating the uncertain terrain ahead.
