Top Altcoins to Watch Next Week: Will Solana (SOL), Shiba Inu (SHIB), and Injective (INJ) Prices Rise Due to Bitcoin’s Decline in Dominance?
The week started with a market downturn, but has since seen a significant recovery, with Bitcoin approaching the $44,000 level. As a result, major altcoins are seeing a surge in investment, helping them break through key resistance levels. As the year draws to a close, the upcoming week could see increased volatility, potentially resulting in new highs or lows for Solana, Shiba Inu, and Injective.
Bitcoin’s Low Dominance Drives Altcoins
Currently, Bitcoin is facing a resistance level of $45,000, and its market dominance has declined slightly from a high of 55.12% to 52.74%. At the same time, the market dominance of altcoins is increasing, with the indicator soaring from 11.08% to 13.11%.
Technical analysts often view Bitcoin’s decline in market dominance and a range move or consolidation in Bitcoin’s price as a potential indicator of an immediate breakout in altcoin prices. With BTC’s dominance currently decreasing and altcoins’ dominance surging, we may see a strong week for altcoins next week.
Solana Price Analysis
Solana experienced a notable bounce from its 20-day exponential moving average (EMA) and broke a rising channel pattern. This reflects strong buying interest from bullish traders.
SOL price has reached a high of $99.5 and may face selling pressure near $100. However, if the bulls can maintain their positions above $104 without major losses, there is still a good chance that the upward trend will continue. If buyers break the $100 level, Solana could head towards $118 next week.
Shiba Inu price analysis
The price of the Shiba Inu currently remains above $0.00001, so there is demand to buy it. Bulls are currently aiming to break immediate resistance to push the price higher.
If SHIB price breaks above the previous resistance of $0.000012, it will be bullish towards $0.000015-$0.000018 in the coming week. However, these resistance levels can put selling pressure on.
If SHIB immediately falls below the moving average, this could be a wake-up call for sellers. In this case, the meme coin could test the patience of buyers again at $0.000009.
Injection Pricing Analysis
The price of Injective hit a new high of $44 as buyers stepped up accumulation. However, the price is currently experiencing some rejection as it continues to surge.
This upward move may hit a slight hurdle at $50. If the price reverses at this point but remains above $40, it means market sentiment is still favorable and investors are taking advantage of the low prices. This scenario increases the likelihood that the price will exceed $50. In this case, INJ prices could rise to $55-$62 next week.
RSI moving near the midline suggests that the current rally may be too long in the near term and a minor correction may occur. For bears to take advantage, they need to pull the price below EMA200.