Top altcoins to watch next week: Binance Coin (BNB), XRP, and Solana (SOL) prices are set to renew and rise.
With Bitcoin’s movement stalled near the sizable $52,000 level, altcoin prices are struggling to capture market attention. Nonetheless, Bitcoin’s market dominance continues to rise, in contrast to the decline of altcoins. However, major altcoins are gaining attention due to strong buying activity, raising hopes for a bullish week ahead for Binance Coin (BNB), XRP, and Solana.
Bitcoin slowdown could cause altcoins to rise
Bitcoin surged past $52,000 this week and its rise shows no signs of slowing. This means that the demand for Bitcoin is getting higher and higher. A report from on-chain data analytics firm CryptoQuant estimates that “more than 75% of new investments in Bitcoin” come from spot Bitcoin exchange-traded funds (ETFs).
However, it is important to remember that no asset can rise indefinitely. Some analysts believe the current rally is approaching overheating in the near term. Predicting peaks amid strong momentum can be difficult, but history shows that periods of high enthusiasm often peak before experiencing significant declines. In this case, there could be a massive movement of funds into altcoins.
Binance Coin (BNB) Price Analysis
BNB price is attempting to break the $370 level but is facing bearish resistance. As a result, there is a fierce battle taking place between traders near $350. Currently, the BNB price is trading at $352, down more than 1.7% from yesterday.
The extended wick of the candlestick indicates that the bears are attempting to resist the uptrend near $367. To reduce bullish momentum, sellers would need to push the price below $337. If this is achieved, the BNB price could fall to the $319 level. However, this level may attract buyers’ attention.
However, if prices remain stable at current levels, this signals optimistic confidence that the upward trajectory will continue. A move above $370 could potentially pave the way for a rise to $400.
XRP Price Analysis
XRP experienced rejection near the $0.58 resistance, triggering a slight correction below the 0.023 Fib level. However, buyers remain confident by protecting against a decline below the moving average. At the time of writing, XRP price is trading at $0.54, down more than 2.5% from yesterday’s price.
The price has approached a downward trend line where a significant clash between buyers and sellers is expected. If buyers win, the price of XRP could rebound and surge above $0.59. There is some resistance near $0.6, but it is expected to be easily overcome.
On the other hand, if there is a sharp decline from the current position and the price breaks below the EMA line, it indicates that the seller is effectively protecting the downtrend line. In this scenario, the price could retreat to $0.50.
Solana (SOL) Price Analysis
Solana has seen a decline from $116 as selling pressure intensifies at this level, potentially setting the stage for a return to $103, the neckline of an inverted head and shoulders pattern. The current SOL price is $106, down 2.1% from the previous day.
If the price bounces off the neckline, it could be a sign that buyers have effectively established this level as a support zone, which could lead to a rally above $126. Afterwards, the SOL price could target $135.
Conversely, a decline below the neckline may suggest that sellers are taking advantage of price increases to sell. Buyers can try to stop the moving average from falling, but failure to hold it could lead to a drop to $93.