Trapped in Market Correction? 3 Altcoins to Restore Your Portfolio Value
Release: 2024/07/07 03:14 Reading: 532
The cryptocurrency market experienced a significant bearish turn on the first of July, with Bitcoin plunging from $63,794 to a low of $53,500. This decline is largely due to substantial BTC liquidations by the defunct Mt Gox exchange and the U.S. and German governments. The selling pressure also affected altcoins, leading to an extended correction phase.
Ki Young Ju, CEO of CryptoQuant, recently highlighted that fears around government-seized Bitcoin sales are overblown. Since 2023, $224 billion has flowed into the Bitcoin market, with only $9 billion (about 4%) from government-seized BTC.
Ju advises traders not to let fear, uncertainty, and doubt (FUD) affect their decisions, as the actual impact of these sales is minimal compared to the overall market inflows. Thus, with the broader market trend remaining bullish, this current correction may present a valuable dip-buying opportunity for investors looking to recover losses from the previous pullback.
Altcoins
Toncoin (TON)
Toncoin (TON) is the native cryptocurrency of The Open Network (TON), a scalable, secure, and user-friendly blockchain platform for decentralized applications (dApps) and payments.
Amid the recent market correction, Toncoin emerged among the few cryptocurrencies that withstood the intense selling pressure. An analysis of the daily chart shows the TON price trading in a narrow range between the $8.21 and $6.7 horizontal levels. On June 5th, the altcoin rebounded from $6.7 with a long-wick rejection candle, indicating that buyers continue to defend this support. The bullish turnaround uplifted the asset 13.8% to trade at $7.63, while the market cap jumped to $19.1 Billion.
A bullish breakout from the $8.2 resistance will signal the end of the consolidation trend and bolster buyers to chase the potential target of $9.4, followed by $10.4.
Solana (SOL)
Solana is a high-performance blockchain platform designed for decentralized applications (dApps) and cryptocurrencies. It focuses on delivering scalability without compromising decentralization or security.
SOL, the native cryptocurrency of the Solana network, showed notable resilience above $122 despite the wide market correction. The mentioned support coinciding close with the lower trendline of the triangle pattern has propelled the asset by 18.6% to reach $142.8. Consequently, the market cap jumped to $65.8 Billion. If the pattern holds true, the SOL price is poised to witness a temporary sideways action to recuperate its prevailing bullish momentum. A potential breakout from the overhead trendline will signal the uptrend continuation and aim for an initiation target of $326.
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