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As cryptocurrency investors remain cautious amidst the volatility in Bitcoin prices, they are now approaching altcoins with even more caution. Recent data suggests that the Fed’s policy may remain tight for longer than expected. So what are the medium-term targets for SOL, CHZ, and CEEK Coin? Which levels could be reached in the coming weeks?
Solana (SOL) Analysis
The economic and political landscape is becoming increasingly complex on a global scale. Inflation fluctuates due to rising energy prices, which could further increase costs. This situation could mean that central banks will tighten more and for a longer period. Risk markets are certainly not pleased with this situation. The dollar index climbed back to 106.5 after a brief decline. This indicates that the 108 and 110 regions are being targeted again in a risky manner.
The bulls of Solana (SOL) could not resist any longer and we saw the price drop below $22. The rally at the beginning of October started from $21. If the price closes below this level, it could fall to $20.2 and $19. The sub-$21 range does not present a very positive outlook in the medium term.
If the decline continues from $19, the next targets will be $17.5 and $15.8.
Chiliz (CHZ) Coin Analysis
CHZ has fallen below $0.056 again. There is not much to ignite demand in the fan token area. Positive divergence usually occurs towards the end of the league season and during cup competitions. At this stage, we may see that the price of CHZ Coin has fallen even further. On the daily chart, new lows could be seen unless $0.056 is regained.
The weekly chart does not look very promising below $0.05. The rise that started in the first quarter of 2021 found support here. In the lower range, there are levels of $0.026 and $0.018 that could be seen during oversold periods. If this scenario occurs, all the gains of the last bull will be completely wiped out.
CEEK Coin Analysis
We have been saying for a long time that we could see pump/dump movements in weak tokens due to declining volumes. Speculative traders are having a field day with altcoins. Apparently, it’s now time for CEEK Coin. The price rose to $0.043, last seen in late August. However, it returned to levels three days ago.
If there are closings above $0.035, the $0.04 region could be targeted again. However, the medium-term outlook indicates that new all-time low levels will be set with closings below $0.044. For deeper lows, bears will try to pull the price below $0.033. Then, new support could form between $0.03 and $0.025.