This year witnessed significant growth in the cryptocurrency market, with its total limit doubling. Starting from a low of $800 billion, the market capitalization recently hit a high of $1.7 trillion, marking the highest level since early May 2022, nearly 20 months earlier. Interestingly, this rise is not primarily driven by Bitcoin, as has been seen of late, but rather by emerging altcoins, several of which have seen massive double-digit gains. Accordingly, based on their performance in 2023, we have selected the top five altcoins that are expected to lead the market in January.
Altcoin Market Dominance Hits a High
December has seen a strong bullish trend in the market, with numerous altcoins reaching new highs for the year. However, Bitcoin has struggled to make significant gains, facing stiff resistance at the $45,000 mark. The continued defense of sellers against a rise in Bitcoin price has paved the bullish path for many altcoins, which are capitalizing on the situation with increased demand and massive double-digit price gains.
Notably, the market dominance of altcoins, excluding the top 10, hit a 2023 high in December, peaking at 13.5%. Furthermore, the market capitalization, excluding Bitcoin, soared to a 1.5-year high of $815 billion. With the ETF's upcoming decision in January, investors are showing increasing interest in highly volatile securities. alternative currencieswith the aim of maximizing your returns.
Solana (SOL) Price Analysis
Solana recently faced rejection above the $110 mark and fell below the EMA20 trend line on the 4-hour price chart. However, SOL price could soon trigger a bounce from the 23.6% Fibonacci retracement level, with a price of $93.
If successful, this could suggest that market sentiment remains bullish, with traders actively buying during price dips. In such a case, SOL price might try to break its $125 resistance in January. A bullish breakout could send the price around $160.
Bonk (BONK) Price Analysis
Bonk price has seen its price correct to a critical support level at $0.0000123, making it a key focus for traders and investors. However, the bulls are targeting a recovery above the EMA20 trend line.
If the bulls successfully defend this support level, there is a chance that a relief rally could begin. In such a scenario, BONK could consolidate above $0.000019 over the next few days.
In January, BONK price could surge past its resistance of $0.000035 and start the year 2024 on a bullish note.
Injective price analysis (INJ)
INJ price has shown remarkable performance this year, recording an impressive gain of over 2700%. Currently, the price is facing challenge from sellers at the immediate support level of $34. Despite this, buyers are actively avoiding a drop below the moving averages, showing strong defense.
Looking ahead to next week, there is a possibility that INJ price could approach its resistance level of $45. If it manages to break above this level, there is a chance that buyers will push the price to a new all-time high by 2024.
Ethereum (ETH) Price Analysis
Ether price is currently within the pattern resistance and support of $2,500 and $2,300 respectively. However, resistance from sellers is strong around the $2,400 mark, leading to a pullback below the EMA20 trend line. Bulls aim to defend the ascending support line ahead of the SEC ETF decision.
If the bulls succeed in this, ETH price could continue its upward trajectory, targeting around $2,500. Bullish news from the SEC in January could skyrocket the price of ETH to $3,000.
Chain Link (LINK) Price Analysis
Chainlink's recent drop could be a profitable opportunity for buyers to accumulate more ahead of the 2024 bull run. Sellers rejected a move above $18 and LINK price is in sharp decline, aiming to trigger a wave of selling pressure.
However, as market sentiment remains positive in anticipation of the SEC's decision, the LINK price decline may not intensify. As a result, buyers could re-enter near the dip of $14.5 and start a recovery to challenge the $17-20 resistance zone again in January.
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