The November 2024 report from Kraken OTC analyzes the performance of the main cryptocurrencies, highlighting interesting dynamics for Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Sui (SUI).
The market is in a phase of great excitement, with Bitcoin nearing the historic threshold of $100,000, Ethereum surpassing crucial resistances, and Solana continuing its rise. Let’s take a closer look.
The details of the Kraken OTC Report
Bitcoin (BTC): towards $100,000
Bitcoin is experiencing one of its most significant moments, approaching the symbolic and psychological milestone of $100,000. After surpassing the previous all-time high of $73,734, the leading cryptocurrency is moving in a phase of strong volatility. However, the path towards this key threshold is not without uncertainties.
The technical analysis reveals that, despite the rally, the RSI indicator is in the overbought zone, suggesting that the markets might be ripe for a correction. This does not necessarily imply a reversal, but rather a possible consolidation, during which traders monitor crucial supports such as the 21 and 50-day exponential moving averages (EMA), at $89,019 and $79,511, respectively. Holding these levels will be crucial to support the bull trend.
A decisive breakthrough of $100,000 could represent an opening towards new bull explorations, while signs of profit-taking could temporarily slow down the ascent. This makes the upcoming movements of Bitcoin particularly relevant for understanding the evolution of the overall market.
Ethereum (ETH): breakout delle resistenze
Ethereum seems to have regained its strength, surpassing the critical level of $2,813. This movement has marked a clear bull breakout, pushing the price towards technically solid levels. With all the major EMAs below the current price, ETH is preparing to test new resistances, with the previous high at $3,563 as the next important target.
The market behavior around $3,015, considered the first significant support, will be crucial to determine if Ethereum is ready to consolidate its recent momentum or if it will face a period of pause. In case of a correction, the breakout level at $2,813 could provide reliable support, highlighting how traders place great value on this pivot point.
The strength of Ethereum in the short term will depend on the market’s ability to maintain the current momentum. Consolidation above the current levels would increase investor confidence, paving the way for new highs.
Solana (SOL): constant momentum
Solana continues to demonstrate its relevance in the cryptocurrency landscape, pushing beyond the all-time high of $260 to a peak of $264.45. Despite a slight retracement to $240, the cryptocurrency maintains a bull structure, supported by persistent demand at the support levels.
Traders consider the $240 level as a key point of control, as it represents an area of strong interest for buyers. On the contrary, a break above $264.45 would lead Solana into a price discovery phase, where the absence of historical resistances could favor further bull momentum. However, a broader retracement could find support around $200, a level considered solid to ensure the continuation of the trend.
The current resilience of Solana reflects a strong market belief in the sustainability of the project, but volatility could still play an important role in the upcoming movements.
Sui (SUI): stabilization after the run
Sui experienced an impressive rally, quickly moving from $1.50 to $4.00. However, the peak was followed by a significant retracement to $3.00, a movement that could represent a moment of pause after such a rapid ascent. Despite this correction, the cryptocurrency remains above the main EMAs, a signal of a solid technical base.
The $3.00 level is configured as a fundamental support for Sui, while the resistance at $4.00 represents the target to surpass to confirm the resumption of the bull trend. A break above this level could push the price towards new highs, but further consolidation might be necessary to stabilize market dynamics.
The recent bearish divergence of the RSI highlights the importance of closely monitoring the technical evolution of Sui, as it could indicate early signs of a phase of greater stability or a potential decline.
Conclusions on the Kraken OTC Report
The cryptocurrency market continues to be characterized by strong activity, with BTC, ETH, SOL, and SUI showing positive dynamics. While Bitcoin approaches a historic level, Ethereum consolidates its position above important resistances. Solana and Sui, on the other hand, continue with different but equally significant momentum.
Traders should maintain a vigilant approach, monitoring key support and resistance levels for each asset and considering the possibility of profit-taking or consolidations before further upward movements. The current market context represents a great opportunity, but also a challenge for those who want to make the most of these trends.
