April is expected to be a big year for the virtual currency market, with a major event scheduled for the Bitcoin (BTC) halving. This also affects other assets such as Solana (SOL) and Phantom (FTM).
BeInCrypto investigates ongoing market movements and where these assets are expected to land.
Bitcoin 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. As a result, the cryptocurrency formed 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 target price is set at almost $77,000, which will be achieved as long as the $69,715 support line holds.
Bitcoin's halving is scheduled for April 22nd, so this outcome is highly likely. Pre-event expectations could drive prices higher and validate the pattern.
Read more: 7 Best US Crypto Exchanges for Bitcoin (BTC) Trading
However, if the support at $69,715 is lost, Bitcoin price is likely to fall to $66,500, effectively invalidating the bullish thesis.
Solana (SOL) is growing due to two key factors
Solana’s price is currently one of the best-performing cryptocurrencies on the market, and this growth will only snowball into April. Behind this is the support that SOL receives from institutional investors.
According to CoinShares' weekly netflow report, Solana has emerged as the institution's preferred asset, outperforming all other altcoins, including Ethereum, with $18 million worth of inflows this month.
Additionally, Solana-based DEX Jupiter has performed exceptionally well this month. The decentralized exchange has grown to be the largest DEX on the market based on volume, with total monthly DEX trading volume hitting a new all-time high of $241.97 billion.
Therefore, Solana's price could rise above $200 due to these developments. Additionally, SOL has already tested the 61.8% Fibonacci retracement, also known as the bull run support floor, as support.
This could push the altcoin up 35.88% with a potential resistance level at $250.
Read more: 13 Best Solana Meme Coins to Watch in 2024
Nevertheless, losing the $186 support floor could send it down to $164, essentially eliminating any upside potential.
Fantom (FTM) takes the bearish route
Unlike other assets on this list, Fantom's price is not expected to rise in the next month. The reason behind this is that FTM is ready to make his 20% correction according to a parabolic pattern.
According to this pattern, a drawdown to the base 3 price level is expected given FTM's failure to break out of the $1.12 resistance.
The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) demonstrate this result. These indicators highlight bearish dominance, with the latter showing a bearish crossover for the first time in two months.
Therefore, FTM will likely lose the $0.80 support and witness a further downward drawdown.
Read more: 9 Best Fantom (FTM) Wallets of 2024
However, if Phantom price rebounds from the base 3 support range, it could invalidate the bearish thesis.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although BeInCrypto strives for accurate and unbiased reporting, 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 of Use, Privacy Policy, and Disclaimer have been updated.
