As Bitcoin struggles to maintain its value above $50,000, altcoins are experiencing a significant influx of supply.
The ongoing sell-off has led to over a billion dollars in liquidations within the last 24 hours, further intensifying the market downturn. This crash has primarily affected those with leveraged positions and less resilient investors.
Top Altcoins to Consider During the Current Crypto Market Downturn
Despite the current turmoil, the crypto market is expected to recover eventually. For those looking to invest during this downturn, here are some top altcoin picks that could offer potential opportunities amid the crash.
Solana Faces Downturn Amid Market Decline
As the market trends bearish, Solana (SOL) is facing a tough period. The price has shown a series of eight consecutive red candles following an evening star pattern at $190. This movement has led to a breach below the 200-day EMA, disrupting the previous rounding bottom reversal pattern.
Currently, SOL is finding support around $120, which marks a significant intraday decline of 12.53% and a 35% drop over the negative cycle. The daily RSI indicates that SOL is in an oversold condition. Despite this short-term downturn, Solana is considered to have long-term potential, with optimistic projections suggesting it could reach $500 by the end of the year.
SOL price chart by TradingView
AIOZ Network: A Promising Altcoin in the Media and AI Space
In the Media and AI segment, the AIOZ network stands out as a promising altcoin. Despite the ongoing market crash, AIOZ has held steady around $0.38 and has not yet created a new lower low.
Although the daily chart suggests a potential death cross, the current decline seems to be a retest of a broken wedge pattern. If a bullish reversal occurs, AIOZ could potentially challenge the 50% Fibonacci level at $0.80.
AIOZ price chart by TradingView
TURBO: A Buy Opportunity During the Market Dip
TURBO, another notable altcoin, offers potential for investors looking to capitalize on the current dip. Despite experiencing a series of six bearish candles and a 40% decline, TURBO has managed to stay above the 200-day EMA.
This resilience positions TURBO as a strong buy during the market downturn. With its current price around $0.0030, there is potential for significant gains if the market shifts to a bullish trend, with TURBO possibly reaching the psychological level of $0.010.
TURBO price chart by TradingView
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
