The week has not started positively for altcoins, with BTC prices dropping to $93,700 in the last 24 hours. The ongoing holiday season and the Federal Reserve’s announcement of a pessimistic scenario for 2025 have hindered the recovery of risk appetite. However, the good news is that the support level of $90,500 has held, and a potential rebound in altcoins could bring quick gains.
Solana (SOL)
As of the writing of this article, SOL Coin is trading at $184. The support level at $177 has been tested multiple times but remains intact. Those looking for short-selling opportunities are likely to increase their positions once this support level breaks, but if the long-awaited period of genuine upward movement for altcoins begins, it could become a significant trap.
Should this support be lost, we might see further selling pressure down to $156. However, if the $204 level can be reclaimed, it is likely that the nightmare for SOL Coin will end, and the all-time high zone of $260 could come back into play.
Chiliz (CHZ) and CEEK Coin
For CHZ Coin, the crucial level we have highlighted for months is $0.0856, which we discussed yesterday. If this level can be maintained as support, movement towards resistance levels may begin. However, any close below this level could lead to testing the midpoint of the parallel channel at $0.07.
Those looking for short-selling opportunities could set up positions near $0.07 if CHZ Coin loses its support following a sudden BTC drop. However, it is vital to remember that the trend remains upward, and the market could surprise those who act after breaking support.
The outlook for CEEK Coin appears more pessimistic in the long term. We mentioned that if the price drops below $0.0446, we might see a decline down to $0.0297, and this has occurred.
Currently, $0.0343 is being tested as support, and if successful, it could lead to further tests of this support level.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
