SOL, OP, SAND, ADA, ETH Spice Up Altcoin Market… Details Here
- If SOL flips the $94.56 barrier, the price could rise back to $100.
- OP could pump to $3.50 but SAND’s bullish movement could face a hurdle.
- ADA’s price might increase to $0.50 but ETH bulls could lose hold on $2,250.
Altcoins like Solana (SOL), Optimism (OP), The Sandbox (SAND), Cardano (ADA), and Ether (ETH) made notable recoveries in the last 24 hours, data from CoinMarketCap showed. These numerous climbs brought a halt to the long week of widespread declines.
SOL changed hands at $91.14 as of this writing, indicating a 4.62% increase. OP’s price reclaimed $3, SAND jumped by 2.51% and reached $0.44. Details from the price tracking platform also showed that ETH’s value increased to $2,266, while ADA rose to $0.48.
The price rise could be attributed to Bitcoin’s (BTC) performance as the coin moved past $42,000.
Solana (SOL)
SOL pulled back as low as $79 on January 23 as bears were in control of the price action. But a move above $90 suggests that it could be done with its correction stage.
Furthermore, the Money Flow Index (MFI) had risen to 60.64, indicating a surge in buying pressure. Should this reading continue to fly, then SOL might resist another fall.
The Moving Average Convergence Divergence (MACD) also confirmed this bias. At press time, the MACD has risen to positive territory. This indicates increasing upward momentum.
However, traders would need to watch out for the barrier at $94.56. If buyers push the price above this resistance, then SOL might run to $100. But failure to do this might send the price back below $90.
Optimism (OP)
OP’s strong correlation with ETH meant that the token moved upwards as ETH did. At press time, the price was $3.05. In addition, the 4-hour OP/USD pair showed that it could blast past the resistance at $3.15.
Also, the chart showed that the 9 EMA (blue) had flipped the 20 EMA (yellow), suggesting a bullish trend. Should OP’s price remain above both EMAs, then it could rise to $3.50 in the short term.
The Sandbox (SAND)
SAND’s market structure showed that the cryptocurrency has experienced a severe nosedive in the past few weeks.
Indications from the Awesome Oscillator (AO) showed that SAND was exiting its depression phase. At press time, the AO was 0.0037— indicating a possible sustenance of the bullish momentum.
However, the On Balance Volume (OBV) was flat, indicating that the buying pressur was not yet intense. Should buying pressure increase, SAND could rise as high as $0.50. But if the remains the same, the token might find it challenging to jump above $0.45.
Cardano (ADA)
Cardano bounced off the descending channels, indicating that sellers’ position are now threatened. If bulls continue to strengthen their positions, then ADA could be ready to move higher.
However, the RSI, after rising to 50.06, fell, suggesting that bulls would not have it easy. If sellers continue to resist the upside potential then ADA might fall back to $0.46.
But signals from the Chaikin Money Flow (CMF) showed that a lot of buy orders were coming in as it moved into the positive territory. If the orders continue to come in, ADA’s first target could be $0.50.
Ethereum (ETH)
From the 4-hour chart, ETH had yet to bounce off the 20 EMA (blue)w which was at $2,254. It was also the same case with the 50 EMA (yellow) which was at $2,314.
This position indicates the sellers might attempt to push down ETH’s value. However, bulls are expected to protect ETH from falling below $2,250. But if bears distort this defense, ETH could plunge to $2,100.
But the bearish thesis could be invalidated if bulls hold the support at $2,550. If this occurs, ETH could rally and retest $2,700 which is one of its highway levels lately.
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