Bitcoin has recently dropped below the critical $60,000 mark, currently testing support at $58,500. This decline has rippled across the broader cryptocurrency market, causing significant losses for many altcoins. Ethereum (ETH) has been one of the hardest hit. On The Sniper Trading Show by Crypto Banter, analysts reviewed price movements of major cryptocurrencies to forecast market trends, particularly for altcoins like Ethereum, FTM, and Solana (SOL).
Ethereum and Solana: Investor Favorites
Ethereum has broken through a key resistance level and managed to turn it into support. According to analysts, if Ethereum can maintain this support and break upward, it may begin a rally towards new all-time highs. This development is a positive signal for ETH investors and could indicate a potential short-term bullish trend.
Meanwhile, Solana is approaching a significant Fibonacci retracement level, typically seen as a possible reversal point. While a minor dip may occur, analysts predict a strong bounce back for SOL, potentially pushing its price to $140 and possibly higher. If Solana breaks out on higher timeframes, its price could even surge towards $160.
FTM, RUNE, and PENDLE Show Strong Growth Potential
Fantom (FTM) is currently exhibiting strong upward momentum, with several consecutive green candles. Should FTM surpass its current highs, it could rise to the $0.60–$0.65 range, representing a 30% increase from its present value. Historically, bull markets struggle to sustain long pullbacks, which bodes well for Fantom investors.
Similarly, Thorchain (RUNE) is on the verge of a breakout, with a predicted 20% price surge to $4.95. Pendle (PENDLE) is also showing strong potential, forming a bull flag pattern that suggests a 70% increase could be on the horizon, indicating a move to higher price levels.
Polkadot and Immutable X: Rare Buying Opportunities
Polkadot (DOT) is currently trading near the bottom of its weekly range, around $4, presenting a rare buying opportunity. Analysts expect a price squeeze towards $8 in the near future. Meanwhile, Immutable X (IMX) is forming a bullish triangle pattern, indicating the potential to break resistance and rise to the $2 level.
As Bitcoin hovers near critical support, analysts are closely watching altcoins like FTM, Solana, and Ethereum for potential bullish moves. Accumulating these assets before a potential Bitcoin rally could position investors for significant gains.
The Bit Journal will continue to monitor these market movements and provide updates on the latest cryptocurrency trends.
