The crypto market appears to be cooling off from one of the longest-running rallies the crypto community has seen in more than a year.
Over the past week, Bitcoin nearly hit $45,000 before being caught up by the bears, and several other altcoins including Solana, Avalanche and others, more than doubled.
In this section, we will be taking a weekly overview of four of the most popular cryptocurrencies on the market, namely, Ethereum, Solana, Polkadot and Cardano.
Judging by the weekly overview of these cryptocurrencies, you as an investor, can then make better and well-informed trades and investments over the next week.
Here is…
The final quarter of 2023 proved to be one of the best years of Ethereum's run in months, considering the 60% surge from $1,500 to $2,400.
Two weeks ago, Ethereum broke above the $2,150 resistance and rallied further up to $2,400. However, the cryptocurrency has spent the whole of this week in a decline from this price zone, returning for a retest of $2,150 on Wednesday this week.
However, the fear and greed index for Ethereum so far, reports a greed level of 66, suggesting that despite Ethereum's price decline this week, investors are still very hopeful, and continue to buy more.
This is evident from the $22 million worth of ETH that Whale Alert reports that were transferred on Friday, $35 million on Thursday and a whopping $113 million on Wednesday.
Solana has been quite busy this week. Just like Ethereum, the cryptocurrency has spent the last three months in a rally. However, in terms of current price action, Solana is doing much better.
Solana was rejected from the $75 zone sometime in mid-November, causing the cryptocurrency to decline to $68. However, we saw Solana rally again this week.
SOL broke through the $75 resistance comfortably, reaching an intra-day and weekly high of $79 on Friday.
The bears have pushed Solana's price back to $74, but Solana is bound to hit $80 at least, in the coming week.
Solana's rally this week was fueled in part, by rallies on Bonk and Jito (both Solana-based cryptocurrencies), after both were listed on Binance and Coinbase respectively.
It is interesting how Polkadot spent the whole of last week consolidating between $6.6 and 7.7.
CoinMarketCap data shows that this consolidation has cost Polkadot a 3% decline in the daily timeframe, and a 4.24% decline over the last week.
Polkadot hit $6.9 on Friday this week and appears to have rebounded. So far, this constitutes another higher low, indicating that underneath it all, the bulls are in control, waiting for the perfect time to launch a break above $7.7.
If next week turns out to be Polkadot's week, we are bound to see a price rally straight up between $8 and $8.59.
Undoubtedly, this week was "Cardano's week", among other things.
This week, we saw Cardano solidify its bullish momentum since October, and hit a high of $0.6788 as shown below:
The bears have pushed Cardao down from this point, causing a decline to $0.6. However, the cryptocurrency remains bullish, as long as it doesn't break below 11 December's $0.51 low.
Overall and despite the market's bearishness in the later parts of the week, Cardano still maintains about 5% of its previous weekly gains according to data from CoinMarketCap.
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.