Bitcoin Consolidation Paves Way for SOL, AVAX, RNDR, and SUI

Over the weekend, Bitcoin has been steadily rising, indicating ongoing demand from bullish investors. Bloomberg analyst James Seyffart shared data on Jan. 26 that revealed BlackRock’s iShares Bitcoin Trust (IBIT) has crossed the $2 billion mark in assets under management. While solid buying at lower levels has prevented a decline in Bitcoin, it is unlikely that a new bull market will begin right away. Traders are now focusing on inflows into newly launched Bitcoin exchange-traded funds and awaiting the Bitcoin halving in April, so Bitcoin may consolidate its gains during this time. This could be positive for select altcoins, attracting investor interest and leading to an upward movement.

Bitcoin’s recovery has also lifted select altcoins. Let’s analyze the charts of the top 5 cryptocurrencies that may outperform in the near future.

Bitcoin Price Analysis:

Bitcoin has risen above the 20-day exponential moving average ($41,959) on Jan. 27, indicating a decrease in selling pressure. Both moving averages have flattened out, and the relative strength index (RSI) is near the midpoint, suggesting a balance between supply and demand. The BTC/USDT pair may trade within the range of $44,700 and $37,980 for some time. If the price breaks and closes above $44,700, it could indicate a resurgence of buyers and potentially push the price to the local high of $48,970. On the downside, a slide below $37,980 could lead to a deeper correction toward $34,800.

Solana Price Analysis:

Solana has moved above the moving averages on Jan. 27 and is attempting to sustain above the downtrend line on Jan. 28. The 20-day EMA ($93) has flattened out, and the RSI is slightly above the midpoint, showing a balance between buyers and sellers. If Solana maintains its position above the downtrend line, it could rally to $107 and then to $117. The bears may try to push the price back below the moving averages to trap aggressive bulls and retest the support at $79.

Avalanche Price Analysis:

Avalanche has been trading within a descending channel pattern for several days. On Jan. 28, buyers pushed the price above the 20-day EMA ($34) after purchasing the dip to the support line on Jan. 23. If the price breaks through the overhead resistance at the downtrend line, it would indicate aggressive buying by the bulls and may result in a rally to $44 and potentially $50. If the price turns down from the overhead resistance, the pair may continue trading inside the channel for a while longer.

Render Price Analysis:

After an initial pullback, Render has been consolidating between $3.56 and $4.40. Both moving averages have flattened out, and the RSI is slightly above the midpoint, indicating a balance between buyers and sellers. If the price moves above $4.40, it would signal a shift in favor of the buyers, potentially leading to a rally to $5.07 and eventually $5.28. If the price breaks below the 20-day EMA ($4), Render may continue its range-bound action for a few more days.

Sui Price Analysis:

Sui has been in an uptrend, but the bears are trying to halt the rally at $1.50. The price has formed a rounding bottom pattern, which will complete on a break and close above $1.50. If this occurs, it could result in a bullish momentum and a rally towards $2. If the price breaks below the 20-day EMA ($1.18), it could lead to a decline towards the 50-day SMA ($0.92).

It’s important to note that the information provided in this analysis is not intended as financial advice. Investors should only invest what they can afford to lose and seek independent financial advice if needed.