Introduction
In the past week, the altcoin market has been striving to recover from the resistance level it reached in October, while Bitcoin attempted to surpass the $36,000 mark. Despite Bitcoin’s struggles, investors quickly capitalized on the price drops of prominent altcoins. This article analyzes the potential upswing in the values of top altcoins like Binance Coin (BNB), Solana (SOL), and Arbitrum (ARB) in the upcoming week.
Bitcoin’s Influence on Altcoins
Bitcoin’s inability to sustain upward momentum led to a downturn in the altcoin market. Nevertheless, Short-Term Holders (STHs) are leveraging market moves to profit, indicating a divided market response. Traders are offloading Bitcoin in response to declines, enabling them to purchase altcoins at lower prices.
Binance Coin (BNB) Price Analysis
BNB rebounded from the $225 breakout point, with buyers aggressively protecting this level. While attempts to surpass the $235 resistance mark continue, bears are defending against rising buying pressure. This suggests potential consolidation within the $225 to $235 range. Indicators, including the 20-day EMA and RSI levels, hint at a possible rise. A push past $235 could lead to a climb to $248 and even $261, but if bears keep the price below $225, the trend might favor them.
Solana (SOL) Price Analysis
Solana’s price surge faces bearish pressure around $46, causing consolidation near a bullish region. Rebounding from $38, Solana struggles to maintain peak levels, indicating potential sell-offs. A push below $38 could trigger a slide towards the 100-day EMA at $33, possibly leading to a short-term reversal and consolidation. Bulls must uphold the $38 support to sustain control, with a surge above $48 potentially testing resistance at $59 next week.
Arbitrum (ARB) Price Analysis
ARB price is challenging the immediate $1.08 resistance, with bulls aiming to surge above the 23.6% Fib level. Success could lead to a climb towards $1.2 and possibly $1.36, supported by a rising 20-day EMA. Conversely, bears need to push the price under EMA20 to gain the upper hand, potentially causing a fall towards $0.85.
