Most analysts say Bitcoin will continue its march north in 2024. According to crypto analyst Rakesh Upadhyay, ETH, SOL, OKB and INJ may also join the party. These altcoin prices have risen sharply from their 52-week lows. Therefore, it indicates solid demand from the bulls. The analyst is looking at possible upside targets and critical downside support levels of these tokens.
Ethereum (ETH) price analysis: Altcoin bulls are back!
ETH is slowly trying to recover after the sharp decline in the last bear market. The altcoin price has risen sharply from the June 2022 low of $880. This shows that the bulls are making a comeback. The price action of the last few days formed an ascending triangle pattern, which was completed with the bulls pushing the price above the overhead resistance at $2,143. The target of this bullish formation is $3,406. Sellers will fiercely protect the $3,406 to $3,582 zone. However, if the bulls prevail, it is possible for ETH to rally to $4,000 and then to $4,868.
The first sign of weakness for the leading altcoin will be a break below the moving averages. This would indicate that the bears are selling aggressively at higher levels. If ETH falls below the uptrend line of the triangle, the trend will favor the bears. Failure of a bullish pattern is a negative sign. Therefore, it could lead to further declines.
Solana (SOL) price analysis: The rise may continue
Solana has had a great performance in the last few months. It has surged from a low of $8 in December 2022 to current levels. The 20-week EMA ($43) has started to rise. Also, the RSI is in the overbought zone. This indicates a potential trend change. Although there is a high risk of a drop to the 20-week EMA, buying on dips is likely. SOL had minor resistance at $95. However, this level has passed. So the next stop will probably be $143. This level is likely to attract strong selling from bears. Because if the bulls overcome the $143 resistance, the altcoin price rally could extend to $200.
If the bears want to prevent an upward move, they will need to pull the price below the 20-week EMA. It is possible that this will also initiate a range-dependent movement for a while.
OKB price analysis: Altcoin is in a bullish trend
OKB (OKB) is one of the few tokens to break above 2021 highs. This shows that the altcoin price is in a long-term uptrend. The bulls are trying to push the price above the resistance in the $59 to $38 range. If they achieve this, OKB is likely to initiate the next leg of the upward move. It is possible for OKB to rise to $80 and then to $100. The upward sloping moving averages and the RSI near the overbought zone suggest the bulls remain in command.
It’s possible that the sellers have other plans. They will try to push the altcoin price below $54 and keep OKB in the range for a while longer. If the price drops below $38, it will signal that the bears are back in the game.
Injective (INJ) price analysis: Bull trend has started again!
cryptokoin.comAs you follow from , INJ rose above the April 2021 high of $25.30. This showed that the upward trend had started again. A break of a previous major high signals strength and attracts buyers.
The upward movement of the last few weeks has pushed the RSI into overbought territory. This shows that the rally is overextended in the near term. This situation is likely to initiate a corrective phase or consolidation. The first strong support on the downside is at $25.30. If buyers turn this level into support, it will signal the beginning of the next leg of the uptrend. The altcoin price is likely to rise to $43 and then to the psychological level of $50. Alternatively, if the price declines and stays below $25.30, there will be aggressive profit booking by the bulls. This is likely to drop the price towards the 20-week EMA ($14).
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