April is expected to be a big one for the crypto market as a major Bitcoin (BTC) halving event is planned. This will also impact other assets such as Solana (SOL) and Fantom (FTM).
BeInCrypto examines current market movements and shows where you can expect these assets to land.
Bitcoin is likely to rise to $77,000
Bitcoin price hit a new all-time high of $73,750 earlier this month and the cryptocurrency has been on a downward trend ever since. This caused the cryptocurrency to form a flag pattern on the 4-hour chart. The cryptocurrency broke out of this pattern earlier this week and is currently trading at $70,151.
According to the bullish flag pattern, the price target is close to $77,000 and will be achieved as long as the support line at $69,715 is maintained.
BTC/USDT 4-hour chart. Source: TradingView
This outcome is very likely as the Bitcoin halving is scheduled to take place on April 22nd. The anticipation of the event will push prices higher and may also confirm the pattern.
Read more: 7 Best Crypto Exchanges in the US for Bitcoin (BTC) Trading
However, if the $69,715 support is lost, there is a good chance that Bitcoin price could fall back to $66,500, effectively invalidating the bullish thesis.
Solana (SOL) manages to make it big thanks to two important factors
Solana’s price is currently one of the best performing cryptocurrencies in the market, and this growth will only intensify in April. The reason for this is the support SOL receives from institutional investors.
According to CoinShares' weekly net inflows report, Solana outperformed all other altcoins, including Ethereum, to emerge as the institution's preferred asset. This month it recorded $18 million worth of inflows.
Additionally, Solana-based DEX Jupiter has performed exceptionally well this month. The decentralized exchange became the largest DEX in the market by volume, driving total monthly DEX transaction volume to a new all-time high of $241.97 billion.
Therefore, Solana price is likely to rise above $200 under the influence of these developments. Furthermore, SOL is already testing the 61.8% Fibonacci retracement as support, also known as the bull run support floor.
SOL/USDT 1-week chart. Source: TradingView
This could lead the altcoin to register a 35.88% increase and mark resistance at $250.
Read more: 13 Best Solana Meme Coins to Watch in 2024
Still, a loss of the $186 support floor could result in a decline to $164, essentially eliminating the possibility of a recovery.
Fantom (FTM) will take the bearish path
Unlike the rest of the assets on this list, the Fantom price is not expected to increase in the coming month. The reason for this is that FTM is primed for a 20% correction according to the parabolic curve pattern.
According to the pattern, a decline to the base 3 price level is expected as FTM failed to break the resistance at $1.12.
FTM/USDT 1-day chart. Source: TradingView
This result is supported by the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD). These indicators suggest that the downtrend is taking precedence, with the latter recording a bearish crossover for the first time in two months.
Fantom RSI and MACD. Source: TradingView
Therefore, FTM is likely to witness a decline where it loses the $0.80 support and continues lower.
Read more: 9 Best Fantom (FTM) Wallets in 2024
However, if Fantom price recovers from the base-3 support range, there is a chance to invalidate the bearish thesis.
Disclaimer
In accordance with Trust Project policies, this pricing analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy and Disclaimers have been updated.
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