- The crypto market has been consistently green, with investors optimistic about the future.
- After consolidation, Ethereum’s open interest is rising, signalling that the cryptocurrency may rise.
- Solana has exceeded expectations and remains bullish, likely retesting $100 and potentially reaching $140.
- Avalanche shows consistent growth throughout December and could see further gains if support holds.
- Both Polygon and ICP are in technical formations suggesting potential breakouts and upticks in the coming week.
2023 is on its last few legs, and investors are smiling way more than they ever did at the start of the year.
The crypto market has seen week upon week of consistent greens. And if this week is going to be anything like previous ones, here are five of the top crypto pairs to keep an eye out for, as we step into the new week.
1. Crypto – Ethereum
Ethereum has been stuck in a consolidation phase between $2,400 and $2,150 over the last few weeks.
In short, it is safe to say that Solana, Optimism and Avalanche holders are in a lot more profit than Ethereum holders.
The cryptocurrency attempted to break past the $2,400 resistance sometime around 9 December but was instead rejected to levels below $2,330.
Under the hood, however, Ethereum is posting some interesting on-chain metrics.
For example, Ethereum’s open interest is on the rise, and currently sits at around $8.44 billion, more than twice its level around 19 October, as shown by the chart above.
As some of the “top cryptocurrencies” from this week start to cool off, investors will begin to shift their focus to other alternatives, with Ethereum being at the top of this list.
At the time of writing, Solana has surpassed all expectations and is now trading miles above the initial $100 target.
This shows that the bulls on Solana currently have no respect for the bears, and are determined to continue pushing Solana upwards.
Solana is currently undergoing a consolidation of sorts, after hitting a $117 high on Friday.
Solana is likely to retest the $100 resistance sometime soon. However, depending on how quickly the bulls can initiate a rebound, Solana may rally straight up to $140 very soon.
In terms of successive bullishness, Avalanche is one of the strongest cryptocurrencies among the top 10.
According to CoinMarketCap, Avalanche is up by about 3% over the last day, and by 11% over the last 7 days.
In the charts, we can see a beautiful uptrend on the cryptocurrency, spanning the whole of December.
This means that if Avalanche doesn’t break below, we are bound to see better greens throughout this week.
4. Polygon (MATIC)
Polygon is currently trading inside a symmetric triangle in the charts as shown below.
As shown above, the consolidation on Polygon is starting to enter a squeeze within this triangle and is bound to break out very soon.
The RSI currently sits at a slightly, but neutral position. This means that while the bulls and bears have equal footing, the bulls may be able to sway the market to the upside, under the right circumstances in the coming week.
5. Internet Computer (ICP)
Internet Computer is currently trading inside a bullish pennant, as shown below:
The cryptocurrency is consolidating within this formation and may continue to do so for a while.
However, before long, we can expect to see a breakout from the top of this formation, and a potential rally to $14.8.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.