Altcoins

Best Altcoins to Buy on January 7: SOL, SEI, GMT

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Top Altcoin: The crypto market traded in the majority on Sunday as all eyes are on the potential approval of Spotting Bitcoin ETFs. This could be a situation of calm before the storm, as either outcome of this topic would like to trigger a massive movement from the respective side.

However, the current market outlook favors buyers as the US SEC is apparently close to approving the first US spot Bitcoin ETFs, as indicated by the recent submission of updated 19b-4 filings from several exchanges on Friday .

On January 6, Bloomberg ETF analyst Eric Balchunas expressed optimism on X (formerly known as Twitter) that the SEC could approve a Bitcoin ETF soon. He mentioned,

Yeah, it’s basically done. The latest news I’ve heard (from multiple sources) is that the final S-1s are due at 8 a.m. Monday, as the SEC tries to get everyone lined up for the Jan. 11 launch.

Nevertheless, Balchunas stressed the importance of waiting for an official announcement from the SEC to fully confirm this development.

While overall market sentiment remains in flux, some altcoins such as Solana (SOL, SIE, GMT) provide new entry opportunities to take long positions.

Will Solana (SOL) Fix Porlong Correction at $70?

Solana Price(SOL)| TradingView Chart

Solana, the fifth largest cryptocurrency, recently saw a slowdown from its new high of $1.26, initiating a correction phase. In just two weeks, Solana’s value has fallen by approximately 25%, now trading around $94.48.

This decline comes amid growing uncertainties in the crypto market, particularly regarding the Bitcoin spot ETF. Solana recently found support at the $100 level and the 23.65% Fibonacci retracement.

This break of support suggests a possible extension of the correction, potentially another 25% to the $70 level, aligning with the 50% Fibonacci level. However, such a correction could still be beneficial for Solana, giving buyers a chance to regain their bullish momentum.

A reversal of this support level could provide a pullback opportunity, especially if Solana Price breaks through major overhead resistance trendlines. After correction, a rally could push Solana past its recent high of $126, aiming for $155, and perhaps even $200. The daily RSI, hovering around 50%, indicates a neutral position among traders.

Multiple supports peg SEI price rally at $1

SEI Awards| TradingView Chart

Over the past three weeks, the SEI part posted a robust recovery, following an ascending support trendline. The coin’s value rose from a low of $0.22 to an impressive high of $0.88, marking a significant increase of 290%.

However, amid growing uncertainties in the crypto market, the coin has faced a pullback from that high, falling to the current level of $0.64. At this point, SEI coin finds reliable support at a critical intersection: the ascending trendline, the 38.2% Fibonacci retracement level, and the horizontal support at $0.627.

With a 6% intraday gain, the coin’s price signals another potential reversal of this support zone, which could offer new entry points for traders. This bullish reversal, if sustained, should propel buyers past recent high resistance at $0.88, potentially triggering a rally towards the $1 mark.

This decision would represent a potential gain of 44%. THE MACD The indicator, currently on the verge of a bullish crossover, further supports the likelihood of a continuation of the uptrend, indicating a positive change in market sentiment for SEI coin.

Is GMT Price Ready to Hit $0.5?

GMT Price| TradingView Chart

Defying the hesitations of the general market, the GMT coin maintained a stable position above the $0.26 level and began a recovery process. In just 48 hours, it rose from $0.28 to its current price of $0.43, a remarkable rise of 61.8%.

This increase allowed it to surpass the previous high resistance of $0.37, laying the foundation for further growth. A daily close above this level could strengthen the position of buyers, potentially extending the rally towards $0.5, followed by $0.67, signifying a potential growth of 65%.

The overall picture reveals a rounding bottom pattern, suggesting sustained accumulation by investors and indicating early signs of a trend reversal. In the event of minor setbacks, the period of 20 to 50 days EMA could provide reliable support to coin holders.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a solid grasp of technical analysis, he keeps a vigilant eye on the daily price movements of major assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging field of cryptocurrencies, where he continues to explore opportunities driven by his passion for trading.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.



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