Last weekend, the altcoin market faced a significant setback as the Bybit exchange was hacked, resulting in a $1.5 billion loss. This incident led to a sharp decline in the prices of various altcoins. However, traders are now optimistic about a potential recovery in altcoin prices, driven by Bitcoin’s upward movement towards the $100K mark. In the upcoming week, promising price movements are expected in Solana, Story, and Ethereum.
ETHDenver Could Spark Renewed Interest in Altcoins
Next week, all eyes will be on Ethereum as it could spearhead an altcoin rally, especially with the commencement of the ETHDenver 2025 conference on February 23.
This major event, dedicated to Ethereum, 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 substantially boost Ethereum’s value.
Furthermore, the recent excitement surrounding the SOL ETF could potentially elevate Solana’s price. Overall, regulatory changes or notable news developments could pave the way for a resurgence in altcoin prices.
Solana Price Analysis
Following the Bybit hack, the crypto market is showing signs of recovery, leading to a notable price correction for SOL. Buyers are currently pushing the price above the 23.6% Fib channel. Currently, SOL is trading at $171, experiencing a slight 0.2% decrease in the last 24 hours.
The SOL/USDT trading pair is encountering resistance below $180, indicating strong control by sellers at this level. This could pose a significant hurdle as short-term holders may continue to sell at this price point. However, if demand rises, buyers could potentially surpass this level soon.
If the price falls below the EMA20 trend line on the 1-hour chart, sellers might aim to push it down to the $160 support level.
With the Relative Strength Index (RSI) hovering around the midline at 46, there is a possibility of a retest of the upper resistance channel. Sustaining a price above $180 would be beneficial for buyers, potentially driving the price towards $219.
Story (IP) Price Analysis
Story experienced a significant drop after failing to hold the $9 level, leading to a decline in buyer confidence to propel the price higher. Currently, the IP price is trading at $4.46, registering a 0.4% decrease in the last 24 hours.
The IP/USDT trading pair is aiming for $5.3 but could encounter significant resistance, potentially leading to a pullback to the $4 range. However, with the Relative Strength Index (RSI) at 48, near the midline, there may continue to be strong buying interest in Story’s price.
If the price breaks above $5.3, a correction towards $6.9 could ensue. Conversely, if it drops below $4.1, the price might decline to around $3.
Ethereum Price Analysis
Following the Bybit hack, Ethereum’s price exhibited a strong rebound. Buyers pushed the price of ETH to the crucial level of $2,800. Currently, ETH is trading at $2,826, marking a 2.3% surge in the last 24 hours.
If Ether drops below the 20-day EMA of $2,737, sellers may attempt to push the ETH/USDT pair below $2,500. In such a scenario, the price could decline further to $2,400 and potentially down to $2,300.
On the other hand, if the price climbs above $2,850, it could target the downtrend line. Although sellers are expected to defend this level, a breakthrough by buyers could propel the pair towards $3,300.
