Bitcoin has recently fallen below the critical $60,000 level and is currently retesting $58,500. This decline has affected the broader crypto market, causing most altcoins in the top 10 to lose value. Ethereum (ETH) in particular has been one of the hardest hit by this decline. On The Sniper Trading Show, a program by crypto analyst Crypto Banter, analysts examined the price movements of various major cryptocurrencies. Understanding this price behavior is crucial for predicting market direction, especially for altcoins like Ethereum, FTM coin, and Solana (SOL).
Ethereum and Solana in the focus of investors
Ethereum has started to bounce back after breaking through the critical resistance level with a surge in price. Ethereum not only broke through the resistance level, but also managed to turn this resistance level into support. According to the analyst, if ETH maintains this support level and breaks upwards, it could start a rally to a new peak. This is seen as a promising sign for Ethereum investors and could be a sign of a potential uptrend in the short term.
Solana is on the verge of a bounce, according to the analyst. SOL is approaching a key Fibonacci retracement level at 0.618, which is generally considered a potential reversal zone. There may be a small drop, but Solana has the potential to make a strong bounce, which could take the price to $140 or even higher. Furthermore, a breakout from a trend on the higher timeframe could send SOL’s price towards $160.
Potential breakouts for FTM coin, RUNE, and PENDLE
Fantom is currently performing strongly, rising without a major pullback with several consecutive green candles. If FTM breaks past its current highs, its price could rally to the $0.60–$0.65 range, representing a roughly 30% increase from current levels. Historically, in bull markets, markets are often unable to withstand pullbacks for long. This is considered a very positive sign for Fantom investors.
The analyst also noted that Thorchain (RUNE) is on the verge of a breakout and is expected to increase by 20%, with which its price could rise to $4.95. Pendle (PENDLE) also has strong potential and is showing a bull flag formation, which could indicate a 70% increase in its price and the possibility of heading higher.
Polkadot (DOT) is currently trading at the bottom of its weekly range, around $4, which presents a rare buying opportunity. A squeeze to $8 is expected in the near future. Immutable X (IMX) is forming a bullish triangle formation and has the potential to break out of resistance. This suggests that the price could rise to $2.
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