The altcoin market faced a significant setback over the weekend due to a $1.5 billion hack on the Bybit exchange, causing a sharp decline in several altcoins. However, traders are now optimistic about a potential recovery in altcoin prices, especially with Bitcoin on the verge of reaching the $100K mark. In the upcoming week, there are promising movements expected in the prices of Solana, Story, and Ethereum.
ETHDenver Could Trigger Renewed Altcoin Interest
Ethereum is a key altcoin to keep an eye on next week as it could lead the altcoin rally, particularly with the ETHDenver 2025 conference kicking off on February 23. This major event is centered around Ethereum and often serves as a catalyst for the introduction of new projects, updates on Layer 2 technology, and advancements in decentralized finance (DeFi). With growing institutional interest in Ethereum staking and rollups, any significant announcements or partnerships at the conference could have a substantial impact on Ethereum’s value.
Furthermore, the recent excitement surrounding the SOL ETF could potentially boost Solana’s price. Overall, any regulatory changes or positive news could pave the way for a resurgence in altcoin prices.
Solana Price Analysis
The crypto market is showing signs of recovery, leading to a notable price correction for SOL following the Bybit hack. Buyers are currently pushing the price above the 23.6% Fib channel. Currently, SOL is trading at $171, with a slight 0.2% drop in the last 24 hours.
The SOL/USDT trading pair is facing resistance below $180, indicating strong seller control at this level. This could pose a significant hurdle as short-term holders may continue to sell off at this price. However, if demand picks up, buyers could potentially break through this level soon.
If the price drops below the EMA20 trend line on the 1-hour chart, sellers might attempt to push it down to the $160 support level. Meanwhile, with the Relative Strength Index (RSI) hovering around the midline at 46, there could be a retest of the upper resistance channel. Sustaining a price above $180 would be advantageous for buyers, potentially driving the price up to $219.
Story (IP) Price Analysis
Story has witnessed a notable drop after failing to maintain the $9 level, leading to a decline in buyer confidence to push the price higher. Currently, the IP price is trading at $4.46, with a 0.4% drop in the last 24 hours.
The IP/USDT trading pair is aiming for $5.3 but could encounter significant resistance, potentially triggering a pullback to the $4 range. However, with the Relative Strength Index (RSI) at 48, near the midline, Story price could continue to attract strong buying interest.
If the price breaks above $5.3, a correction towards $6.9 could follow. On the flip side, a drop below $4.1 could push the price down to around $3.
Ethereum Price Analysis
Ethereum’s price has rebounded strongly following the Bybit hack, with buyers propelling the ETH price to the crucial level of $2,800. Currently, ETH price is trading at $2,826, marking a 2.3% surge in the last 24 hours.
If Ether moves below the 20-day EMA of $2,737, sellers may attempt to push the ETH/USDT pair below $2,500. A successful breach could lead to further declines to $2,400 and potentially down to $2,300.
On the other hand, if the price surpasses $2,850, it could target the downtrend line. Although sellers are likely to defend this level, a breakthrough by buyers could propel the pair towards $3,300.
In conclusion, the altcoin market is poised for a potential recovery, with Ethereum, Solana, and Story showing promising price movements in the upcoming week. Traders and investors are closely monitoring these altcoins for any significant developments that could influence their prices.