Expect Increased Volatility in Cryptocurrency: Key Movements in Bitcoin, Ethereum, and Solana
In the coming days, volatility in cryptocurrencies is expected to continue to rise. Three major cryptocurrencies could make significant moves. As volatility increases in the next few days, investors should note important price regions. Solana has launched a strong attack and interest in Ethereum futures is increasing exponentially. Bitcoin, on the other hand, is lingering at critical resistance. So what’s next?
Bitcoin (BTC)
Bitcoin climbed as high as $44,700 due to the technical details of the ETF between Fidelity and the SEC. Asset manager VanEck wrote in his 2024 crypto predictions that Bitcoin could exceed the ATH region with “political events and legislative changes following the US presidential elections”. We were talking months ago that the November 2024 elections could turn into a propaganda race among politicians. The number of investor voters in the region is not negligible.
On December 5, the BTC price, which fell from $44,500, regained this region and will determine its route depending on whether the closures continue above it. If the rise continues, $48,000 is the first strong resistance zone.
However, if the BTC price turns its direction downwards, it can fall to the support at $41,862. The targeted level is then $39,868.
Ethereum (ETH)
ETH price finds buyers from $2,370 as BTC is looking for new peaks at the time of writing. Buyers are trying to turn $2,200 into support for ETH and the current outlook is positive. The rising triangle formation has been completed and unless a big shock wave of sales comes, the technical target is $3,400. Demand in the resistance regions of $2,500 and $3,000 will be decisive on the way to this target.
On the downside, if there are closings below $2,200, a fall can come down to $1,900.
Solana (SOL)
Solana started to rise on December 7 and rose above $68.20, the highest level of the 52 weeks. We had mentioned that the closures above this level will be the first stage for $80 and even three-digit price targets. The last break invalidates the falling formation and it has brought life to the tokens in the Solana network ecosystem (especially SOL Coin).
In the current high risk appetite environment, it would not be surprising to exceed the targets of $78 and $100. However, closings below $60 can bring a fall down to $51.
Disclaimer: The information in this article does not contain any investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their transactions in accordance with their own research.
