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The price of Bitcoin started October on a good note, but BTC is currently holding at $27,500. So, what’s next for popular altcoins? Most cryptocurrencies have significantly lost value amidst the fluctuations in the BTC price. This is why Bitcoin’s market dominance has been rising again. So, what are the expectations in the medium term?
Solana (SOL) Analysis
The CoinShares report released today shows that institutional investors have invested over $20 million in SOL Coin investment products last week. SOL Coin has been attracting institutional interest for a few weeks now, amidst market uncertainty. Considering the current conditions, $20 million weekly investment is an impressive figure for an altcoin like SOL Coin.
On October 12, the US inflation data will be released, and we might see a surprise due to the price of oil, which exceeded $90 last month. This could be one of the important triggers for the SOL Coin price in the short term. On the other hand, we have been seeing that the support level of $22.49 has been maintained on the daily chart for a while. However, this level was breached during the BTC drop on October 9.
If the SOL Coin price closes below this level, it could drop as low as $20.24 and $18.9. On the other hand, closing above $24.77 can target the resistance levels of $27.5 and $29 in the medium term. If these levels are also surpassed, the price could target $32 and $38.
Avalanche (AVAX) Analysis
Stars Arena went under maintenance, and at the same time, the price of BTC started to decline. These two factors caused AVAX to fall below $10 again. The price, which was targeting $14.5, started to drop again as it became a target for popular SocialFi hackers in the network.
The critical level on the daily chart is $9.3. If we see closures below this level, the 2023 low of $8.6 could be retested. As mentioned earlier, the inflation data could test this level if it comes as feared. The worst-case scenario in the medium term suggests a drop to $5.
It is difficult to talk about a real uptrend for AVAX Coin without surpassing $10.8 on the daily chart. If we see closures above this level, a further increase up to $20 can be expected.
Chiliz (CHZ) Coin Analysis
The favorite altcoin of football fanatics announced important news at the right time. A new partnership could have been a good catalyst for price increase, but the surprising fluctuations in BTC price nullified it. If the price continues to stay below $0.056, it could drop to $0.025. This level was last visited in February 2021.
The price has been steadily declining since May, which could provide a good buying opportunity for those expecting an increase in the UEFA Cup. As the date approaches, independent fluctuations can be seen in the fan tokens of favorite teams.