Here’s What’s Next for Bitcoin, Ethereum, Solana and One Gaming Altcoin, According to Top Crypto Trader
Widely followed analyst Justin Bennett weighs in on several of the top crypto assets as markets end the week on a high.
In the latest edition of the trader’s Cryptocademy newsletter, Bennett identifies $24,200 as a crucial make-or-break level for Bitcoin (BTC).
“Bitcoin is struggling to close above the $24,200 area as I’ve mentioned over the last couple of weeks. It’s going to take a daily close above that to turn it around to support and reveal the $25,400 area.
Alternatively, a close below $24,200 will keep it intact as resistance. Furthermore, a finish above and then back below the level will result in a fakeout.”
At the time of writing, Bitcoin is trading at $24,522, but is still up over 5% from a week ago.
Bennett then identifies a narrow range in which leading smart contract platform Ethereum (ETH) could swing, with $1,780 as a key low to sustain and $2,150 as a potential near-term high.
“ETH is struggling a bit today at the $1900 area. It’s not a surprise given that we knew sellers were likely to defend that level.
Any pullback from Ethereum needs to stay above $1,780 on a daily closing basis for the market to remain constructive. Anything below that and we could see a major retracement begin.
If ETH can get above $1,910 on a daily closing basis, the next stop will be $2,150.”
Ethereum continues to rise as ETH is currently trading at $1,962.
Bennett is also investigating the layer-1 protocol Solana (SOL). He expects choppy price action if the ETH competitor makes a move to the upside, noting that $40 is a key support level.
“SOL is one to watch. There is a decent sized triangle that has developed due to the descending trendline from late last year and the ascending line from the June low.
I expect the upcoming breakout to be fairly volatile given that the market has been reeling for nearly two months.
Downside targets include $32 and $26, while upside targets are $47.50, $53 and $60. The $40 area is a must-hold level for SOL.”
Solana continues the trend with positive market momentum changing hands at $47.19.
Bennett concludes his crypto analysis by considering the Ethereum-based virtual world The Sandbox (SAND). The analyst observes that while the metaverse game is at an important crossroads, the altcoin could see significant sell-side pressure if the price tops $1.50.
“SAND is still consolidating within the pattern I mentioned a week ago. However, the market is running out of room and will be forced to make a decision in the next few days.
A break higher would open up the $1.50 area, while a break lower would target levels like $1.30 or even $1.00.
Just be careful if we get a break higher as the November $1.50 trendline is likely to attract a ton of sellers.”
The Sandbox has experienced a rocky week of trading and is currently trading at $1.36.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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