In recent days, the trading volume of altcoins has decreased and profit-taking activities have decreased. Last weekend was also sweltering. No one can say that cryptocurrencies will rise steadily, but when 2024 looks so fascinating, it does not seem logical for the declines to continue for a long time. What’s Next for Solana (SOL) and Bitcoin (BTC)?
Bitcoin (BTC) Chart Commentary
Counting Elliott waves can help you understand ongoing movements. The most likely number on the 2-day chart indicates that a local top has been reached. Technical analysts often use Elliott wave counting. This shows that we are in the fourth of five rising waves.
The lower wave number (black) indicates that the price has completed an extended third wave, approximately 1.61 times higher than the first wave. Bitcoin’s critical zone is $41,500, and if this horizontal support area is lost, the price could drop to $36,800 in the fourth wave. This figure indicates a decline of approximately 14% compared to the current price, which means the altcoin’s losses could be 2-3 times.
Moreover, we see that this correction lasts up to 6-8 weeks, depending on the length of the second wave. To invalidate the downtrend, BTC must immediately close above $49,050. The bullish scenario target could increase by 22% to $52,000.
Solana (SOL) Chart Commentary
SOL Coin has always been one of the most popular altcoins in terms of trading volume and it still ranks at the top. The price fell below $100 again, but it is trying to stay near $95. With the continued growth of the Solana ecosystem and the desire to reach high triple-digit levels, SOL coin investors appear to be holding off on selling for now.
However, if BTC goes into a downward trend for a few weeks, it will be difficult for SOL coin investors to endure it. The previously formed uptrend line will be maintained, but a close above $97.6 is required. If this fails, SOL coin price could drop to $86 and the $64-67 threshold. Below that, the oversold target will take a deep dive to $45.
