Bitcoin’s Surge to $81,000 May Spark Altcoin Rally: ETH, SOL, SUI, and AAVE Analysis

Bitcoin has displayed robust growth over the past week, surpassing $81,000 on November 10. Analysts believe this rally could still be in its early stages, with further gains possible. Bitcoin analyst Tuur Demeester emphasized on X that holding (“HODLing”) remains a sound strategy, saying, “no rash action is needed, HODLing does the work for you.”

While new investors may question whether Bitcoin’s surge indicates an overvaluation, Bitwise Invest CEO Hunter Horsley argued that “Bitcoin is different.” He explained that rising prices tend to bolster confidence in its long-term value, potentially fueling further price increases.

Market Sentiment and Altcoin Response

Bitcoin’s recent rally has positively influenced various altcoins, pushing them past key resistance levels and signaling improved market sentiment. However, market commentator WhalePanda warned that weekend low liquidity could lead to price retracements.

Bitcoin (BTC/USDT) Technical Analysis

Bitcoin’s recent momentum has lifted it beyond $80,000, potentially triggering short covering. The breakout target from the $54,000 to $73,777 range is $93,554, which may act as a significant resistance level. Surpassing this level could extend the rally toward the psychological milestone of $100,000. For bears to regain control, the price would need to dip below the 20-day EMA at $71,753, potentially leading to long liquidation and a decline toward the 50-day SMA at $66,864.

The four-hour chart reveals that bulls defended the 20-EMA, maintaining short-term support. Sustaining this level may propel BTC/USDT toward $93,554. A drop below the 20-EMA could indicate weakening momentum, possibly leading to a decline toward $75,500 and $73,777.

Ether (ETH/USDT) Technical Analysis

Ether rebounded from its symmetrical triangle support line on November 6, surpassing $2,850 and approaching its downtrend line. A breakout above this line could push ETH to $4,094. Key support lies at $2,850, with a rebound suggesting continued positive sentiment. Conversely, a drop below $2,850 could shift the advantage to bears.

The four-hour RSI shows overbought conditions, suggesting a potential pullback. Support at the 20-EMA is crucial, with a strong rebound potentially driving ETH toward $3,500. Falling below the 20-EMA could prompt profit-taking, pulling ETH down to $2,850.

Solana (SOL/USDT) Technical Analysis

Solana broke above the $210 resistance on November 10, signaling bullish intent. A sustained close above this level could lead to a rally toward $230 and $260, where sellers may intensify resistance. Failure to maintain this breakout could lead to a retracement to $189, with the 20-day EMA at $178 as further support.

The four-hour chart shows buying interest at the 20-EMA, supporting potential gains toward $230 and $260. A breach of the 20-EMA may signal weakening momentum, possibly leading to a decline toward the 50-SMA.

Sui (SUI/USDT) Technical Analysis

SUI gained traction after breaking its $2.37 resistance on November 9, moving past $3.00. The long wick on the candlestick suggests selling pressure at higher levels. A dip below $2.70 could lead to a pullback toward $2.37. If bulls hold support around $3.00, the next target may be $4.00.

The four-hour chart highlights initial selling above $3.00, with $2.70 acting as the first support. A strong rebound from this level could propel SUI/USDT to $3.15 and higher. A drop below $2.70 might indicate profit-taking, leading to a move down to the 20-EMA.

Aave (AAVE/USDT) Technical Analysis

AAVE gained momentum following a breakout above its moving averages on November 6, reaching the $200 resistance on November 9. If bulls push through the $200 barrier, the AAVE/USDT pair could aim for $260. Immediate support lies at $180, with a break below potentially leading to a decline toward the 20-day EMA at $160.

The four-hour chart shows resistance near $200, with support at the 20-EMA. A rebound from this level could trigger another attempt to surpass $200 and move toward $220. A breach below the 20-EMA may signal profit-taking, pushing AAVE toward $175 and support at $165.