Altcoins ETIH, SOL, and DOGE face stronger corrections
ETI loses key support at $3,500
The top altcoins have also been trading dismally amid the recent broader market decline. ETH price has seen a sharp 9% correction over the past 24 hours, losing the key $3,550 support level and is currently trading at $3,346. Ethereum could test $3,000 again before rebounding.
In addition, the selling behavior of Ethereum whales has also intensified recently. Blockchain analysis platform LookonChain reported that the recent drop in Ethereum prices has prompted large investors to actively sell ETI to repay debts.
In the past five hours, a whale transferred 22,746 ETH worth $77.7 million to Binance and subsequently withdrew the stablecoin to repay debts to Spark and Aave.
Another whale deposited 49,910 ETH worth $170 million to Binance and withdrew $137.8 million worth of stablecoins in the past 8 hours.
However, market analysts remain hopeful about the future. Well-known analyst Ted Pillows wrote:
“$4,000 seems to be the new $1,400 for Ethereum. During the 2020-21 cycle, ETH was rejected from the $1,400 level multiple times before successfully breaking out. Currently, the same thing is happening with the $4,000 level, but a breakout could come soon.”
Solana Price Drops Below $200
After hitting a high of $263 in November, Solana has been trading sideways, underperforming other altcoins in its category. Amid today’s crypto market crash, Solana lost key support at $200 and is currently trading at $193 at press time.
Cryptocurrency analyst Lieutenant Ponzi draws attention to the weekly chart of Solana (SOL), noting a notable order block (OB) and bullish bat pattern. According to the analyst, the $165-170 range is emerging as a key area of focus, indicating potential resistance or reversal areas for the cryptocurrency.
DOGE price drops 13.5% as crypto market crashes
As of press time, the price of Dogecoin has fallen sharply by 13.5% today, all the way up to $0.31. At this point, the weekly decline of the world's largest meme coin has widened to more than 22%. Coinglass's 24-hour liquidation data shows that open interest fell by 20%, and the amount of Dogecoin liquidations reached $55 million, of which $44 million was long liquidations.
Despite this, market analysts remain optimistic about DOGE. Market analyst BALO highlighted key price levels for Dogecoin (DOGE)’s weekly performance.
Analysts say a weekly close above $0.26 is needed to maintain bullish momentum. Additionally, if DOGE is able to reclaim $0.42 levels, BALO predicts it could surge to $4, marking significant upside for the popular meme token.
