The Altcoin Market Amid Bitcoin’s Correction
The recent uptick in Bitcoin’s value seems poised for a brief correction, with a modest $132 million inflow into spot Bitcoin exchange-traded funds observed on March 14. While Bitcoin touched a low of $65K, the altcoin market is witnessing an influx of capital, leading to increased dominance. Next week, we anticipate further increases in altcoin prices as Bitcoin’s pullback triggers a surge in demand for Solana, Toncoin, and Binance Coin.
Altcoins Struggle Amid Bitcoin’s Rejection at $70K
Despite Bitcoin facing resistance in the $70K-$75K range, altcoins haven’t seen significant progress either. Altcoins have seen a 5.3% increase in dominance over a month, while Bitcoin’s dominance decreased by 1% during the same period. The Altcoin Season Index dropped from its recent high of 76 to 49, indicating that Bitcoin’s new all-time high drew more attention from the market, dampening interest in altcoins. Nevertheless, the altcoin market might witness increased buying interest in the upcoming week as Bitcoin cools off and moves towards support levels.
Solana (SOL) Price Analysis
Solana has recently experienced a significant uptrend, showing strong buying interest at higher levels. SOL price surged above Fib channels, nearing the $200 mark. As of writing, SOL trades at $186, declining over 3.6% in the last 24 hours. The RSI surged into the overbought zone, suggesting a potential corrective phase, possibly bringing the pair down to the 20-day EMA. Finding support at the 20-day EMA could signal continued positive sentiment and a potential surge to $205.
- If the price falls below the 20-day EMA, it may drop to the breakout point at $154.
Toncoin (TON) Price Analysis
Bulls attempted to push the TON price past the critical resistance at $4.5, but faced selling pressure, leading to a decline below multiple EMA trend lines. A drop below $2.9 could indicate the start of a substantial correction towards $2.2. Conversely, a bounce from the $3 level could lead to a challenge of $4.5 again.
Binance Coin (BNB) Price Analysis
BNB has retreated within its upward trend, with sellers active around $640, preventing a surge above that level. Buyers defending the EMA50 level is seen as a bullish sign, potentially paving the way for a push beyond $640 towards the resistance area between $670 and $690. However, a drop below $516 would strengthen bearish dominance.
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