Top Altcoins to Watch Next Week: Solana (SOL), Toncoin (TON), and Binance Coin (BNB) are set to lead the way.
The significant rise in the value of Bitcoin appears to be preparing for a brief correction due to inflows of just $132 million into the Bitcoin Spot Exchange Traded Fund observed on March 14th. With the value of Bitcoin recently hitting a low of $65,000, the altcoin market is seeing an influx of capital flows, increasing its dominance. Next week, altcoin prices may rise further as Bitcoin’s decline spurs a surge in buying demand for Solana, Toncoin, and BNB prices.
Altcoins are struggling amid Bitcoin’s $70,000 rejection.
Bitcoin has fallen slightly in recent weeks, with strong resistance observed in the $70,000-$75,000 range, but altcoins have also failed to make much progress. However, it is worth noting that the altcoin’s dominance increased by 5.3% over the month, while Bitcoin’s dominance decreased by 1% during the same period.
The Altcoin Seasonal Index has decreased from its recent high of 76 to its current level of 49. This indicates that Bitcoin’s new all-time high (ATH) has drawn more attention from the cryptocurrency market and interest in altcoins has plummeted. Despite these changes, the altcoin market could witness a significant influx of buying interest in the coming weeks as the Bitcoin price begins to cool and move toward support levels.
Solana (SOL) Price Analysis
Solana has recently experienced a significant upward trend, highlighting strong buying interest at higher levels. SOL price continued to meet buyer demand as it surged above the Fib channel and neared the $200 level. At the time of writing, SOL price is trading at $186, down more than 3.6% in the last 24 hours.
The recent rally has pushed RSI into overbought territory, meaning the SOL/USDT pair may have surged too quickly in a short period of time. Such a sharp rise could trigger a correction phase and potentially a decline towards the 20-day EMA.
If the price finds support at the 20-day EMA, this indicates that positive sentiment continues and traders tend to buy during dips. This action could increase the chances of a rise to $205. However, if the price falls below the 20-day EMA, this positive scenario will be nullified, potentially sending the pair down to the $154 breakout point.
Toncoin (TON) price analysis
Bulls attempted to push TON price above the critical resistance level of $4.5, but significant wicks on the day’s candles indicate selling pressure at higher prices.
The price then experienced a sharp decline, falling below several EMA trend lines. If the price falls below $2.9, this could mean a more substantial correction begins, potentially heading towards $2.2.
On the other hand, a bounce from the $3 level would indicate that bulls are actively buying at a key support zone. This could cause the TON/USDT trading range to challenge $4.5 again.
Binance Coin (BNB) Price Analysis
BNB has experienced a pullback from its upward trend, suggesting investors are locking in profits after a significant surge. Sellers are active around $640, strongly preventing a surge above that level.
However, buyer defense around the EMA50 level is considered a bullish indicator, meaning investors are eager to buy without waiting for a bigger decline. This could pave the way for a move above $640, potentially leading to a resistance area between $670 and $690.
However, a break below the $516 level would strengthen the bearish dominance.