With the Bitcoin price struggling to hold ground above the $65,000 level, the altcoins experience massive supply pressure. As the top altcoins drop more than 10% within 24 hours, the market is extremely bearish at the moment.
Amidst the sell-off, Coinglass’s liquidation data reveal that almost $500 million worth of long positions were wiped off within 48 hours.
With such an extreme turnaround in the market, will the altcoins manage to prevail over the correction phase? Amidst the crypto market crash, check out our list of top altcoins to buy in this dip.
Correction Brings Buying Opportunity In Ethereum
With the recent approval of ETF, the Ethereum price skyrocketed to $3,700+ levels last month. However, the bull run remains short-lived as the wider market correction drops the ETH price under $3,500 and warns of further correction.
As the falling wedge breakout rally fails in the daily chart, the ETH price drops to the 23.60% Fibonacci level. However, the underlying demand at lower levels teases a double-bottom reversal for the biggest altcoin in the crypto industry.
With the double bottom reversal, the ETH price can shoot up to surpass the 50% Fibonacci level at $3,774 to potentially reach $4000 this month.
Will This Altcoin Under The Retest Phase Revert Back?
In the daily chart, the bullish trend in the Toncoin price surpasses the triangle pattern. However, the uptrend fails to sustain above the $8 mark, resulting in a quick bearish turnaround.
With an almost 11% drop within days, the TON price is back under $7.50 and may soon retest the broken resistance trendline. However, the post-retest reversal chance, as slim as it may, can result in the price jump to $8.
Solana Eyes $400 With A Reversal Rally
With a 15% drop within the last seven days, the SOL price dipped under the $150 psychological mark. Further, the altcoin has failed to make any bullish weekly candle in the last five weeks and even displays higher price rejection.
With massive overhead supply visible in the weekly chart, the SOL price tests the 50% Fibonacci level at $125. Further, the long-tail formation projects a potential double-bottom reversal to restart the bull run.
In such a case, the bull run in Solana can surpass the $200 mark for a new all-time high above $250. As per the Fibonacci level, the 1.618 level at $403 can be a potential target for the altcoin this year.
Also Read : Memecoins Bleed as Markets Turn Red: Will Pepe, FLOKI, and BONK Price Overcome 12% Losses?
