- Altcoins are gearing up for a rally according to experts.
- Bitcoin price has currency stalled below the $105k level.
- Here are important price levels for ETH, SOL, LINK and UNI.
Bitcoin’s price recently hit a high of $106,000 during a FOMC (Federal Open Market Committee) event. Lately, Bitcoin hasn’t moved much, which may signal the market’s shift towards altcoins, and they could outperform Bitcoin in the coming days and weeks.
During the last crypto bull market, several altcoins saw dramatic drops mid-cycle, only to make impressive comebacks. For example, Solana (SOL) dropped by 70% but then surged by an incredible 163x in the months that followed. According to an analyst, altcoins like Ethereum, Solana, and Chainlink, among others, might be ready for some serious moves.
Related: Is Altcoin Season Coming Feb 2025? A Look at the Bullish Signs
Ethereum (ETH): Watching Key Levels
For Ethereum, the analyst said that a descending wedge pattern is forming. These typically result in bullish breakouts. But, it’s important to monitor key price levels. The first critical level for Ethereum is $3,000, where it needs to hold steady for upward momentum.
If ETH drops below $2,800 or $2,700, further price retracement could happen. However, these levels act as support. The big target is $3,500. If Ethereum can break through this zone, it could push above $4,000.
Uniswap (UNI): A Potential Bounce?
Uniswap (UNI) could also see a boost, especially with the news about Uniswap version 4. UNI is showing some bearish signals on the hourly chart. Still, there could be a bounce if the price climbs above the $11.40-$12 range.
If UNI holds above this support level, a breakout could happen with targets at $12.70, $13.30, and $13.90.
Solana (SOL): Support is Crucial
Solana (SOL) has also seen a surge, largely driven by the meme coin launchpad. Key support levels for Solana are between $237 and $235, with an additional level at $230. If Solana holds these levels and BTC remains bullish, it could see further gains.
At press time, Solana has drifted into the red zone and is now testing the crucial $235 support level. The price has declined more than 11% in the last seven days.
Chainlink (LINK): Eyeing $36
Chainlink has closed above the 50-day moving average, and the key support level is $23.50. Upside target is $36, with mid-term targets between $27 and $30.
Related: CoinGecko’s 6 Trending Crypto Categories: What’s Hot in the Market
Currently, LINK has slipped into the green zone and the price is now looking to break above the $25 mark.
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