In the current week’s market assessment, a comprehensive examination is conducted on various alternative cryptocurrencies orbiting the prevailing “airdrop” narrative, with a particular focus on the imminent Monad and Dymension airdrops.
The outset of the week witnessed a substantial market downturn, predominantly attributable to the adverse repercussions of the ETF decision-induced sell-off and the subsequent unlocking of GBTC leading to the sale of Bitcoin.
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Bitcoin Market Analysis
In the earlier Bitcoin analysis, it was suggested that BTC could face a downturn if it couldn’t maintain support at $44,500. During last Friday’s New York trading session, a significant number of short positions, totaling $100 million, were added, evident in the order books. This stirred up some noise on Crypto Twitter as long positions and influencers got jittery about the considerable influx of short positions. Notably, perpetual decentralized exchanges like DYDX and GMX also experienced a notable uptick in short positions.
Over the weekend, BTC pretty much stayed put, consolidating within a tight $700 range, fluctuating between $42,440 and $43,280. Currently, the price is hanging around the $42,700 support. If it can’t hold onto this level, there’s a possibility of it dipping down to the $40,000-$39,000 range. Conversely, bouncing back from this level could potentially drive the price back up to $44,500, which was the previous support.
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Ethereum Market Analysis
On the Ethereum front, the scene appears a bit lackluster, trudging along with a slow chop or bleed over the weekend. The ETHBTC pair is gradually descending, lacking a clear sign of vigor. Although there’s an anticipation for Ethereum to outperform Bitcoin in the coming weeks, that strength isn’t quite shining through at the moment. Breaking and flipping the $2,600 mark with substantial volume could pave the way for a climb to $3,000. However, exercising caution and waiting for the price to develop is prudent. The ongoing situation is characterized by a persistent chop, and the analyst has outlined potential outcomes for Ethereum in the chart below.
Altcoin Watchlist
SUI
SUI has had quite a run in 2024, marking an impressive surge of about +82% from its opening at 0.78$ for the year. Now comfortably seated at 1.42$, it’s not just the price that’s growing; the Total Value Locked (TVL) has seen a substantial boost, adding 300M in the last 3 months. The ecosystem is buzzing with NFT projects making waves.
An interesting tidbit is SUI’s substantial bridge volume from Wormhol, a project gearing up for token airdrops later in the year. This integration allows for a whopping 240,000 transactions per second on the SUI ecosystem. The upward trajectory is also fueled by a flurry of Dapp developments happening within the ecosystem. As of now, it’s a ride on the upswing, with a solid support level pegged at 1$.
SEI
SEI experienced its initial pump around Christmas, triggered by the launch of SEIYAN, a key driver in its meme coin portfolio. The token garnered significant attention, especially with notable endorsements from the whale Hsaka on X, leading to a flurry of influencers joining the shill brigade and subsequently driving up the price of SEI.
In recent days, SEIYAN has been evolving, positioning itself as a trailblazer within the SEI ecosystem. The project has secured numerous partnerships and made substantial strides in developing its Dapps. At the present moment, SEI is in a pennant formation, hinting at a potential continuation towards $1 or a dip back to $0.5, where its previous support lies.
PYTH
PYTH experienced a surge yesterday on the back of rumors suggesting that PYTH stakers could be eligible for the Monad airdrop. Since its inception, PYTH, having commenced with an airdrop and distribution of investor tokens, had adhered to a downward trajectory. However, yesterday marked a significant departure as it broke out of the downtrend parallel channel for the first time, potentially signaling a substantial reversal if the trend persists.
Noteworthy is PYTH’s extensive network of partners and clients benefiting from its oracle services. Positioned as a direct competitor to Chainlink, one of the crypto space’s major oracle providers, PYTH is making its mark in this competitive landscape.
TIA
In contrast to PYTH, TIA made its debut around the same time but took a different trajectory in terms of price action. Since its launch, TIA has been on a consistent upward trend, experiencing a notable pump of approximately +700%. Lately, many investors have opted to lock up their TIA to participate in airdrop farming. TIA stands out with one of the largest and most promising chances of qualifying for various airdrops offered by different protocols.
This surge in demand has resulted in a shortage of TIA tokens on centralized exchanges (CEX) and a substantial portion being locked up. This dynamic is effectively managing sell pressure while concurrently boosting buying pressure. With FOMO (fear of missing out) in the mix, a considerable number of investors are expressing a bullish sentiment towards TIA.
Via: 2Usethebitcoin.com
