Bitcoin is once again setting its sights on the $58,000 mark, and its recent recovery has positively influenced several altcoins, including Solana (SOL), Chiliz (CHZ), and CEEK Coin. This positive momentum raises questions about the future performance of these altcoins as Bitcoin nears the $60,000 threshold.
Solana’s Recent Movements
In 2021, Solana’s network had a total value locked (TVL) of $10 billion, but it plummeted to $260 million following the FTX collapse. As the price rebounded from $8.5, the TVL rose to over $5.6 billion before stabilizing around $4.8 billion. Despite the volume drop to $400 million in August, it has been hovering above $700 million recently, although it remains weak compared to the last rise period. If SOL can maintain above $138, prices might return to the $150-$162 range. If not, prices could dip as low as $110, especially since BTC has yet to reclaim $60,000.
Chiliz: Potential for Recovery?
Chiliz (CHZ) has been trying to turn $0.0516 into support after hitting a low of $0.0467. The price experienced a 67% decline over a 104-day period. Investor optimism between March and June was quashed by BTC’s volatility, leading to accelerated losses. For CHZ to revisit the $0.1 levels, it needs to reclaim the parallel channel support at $0.0593. If successful, $0.07 and $0.0853 could be within reach.
CEEK Coin Struggles
CEEK Coin saw a significant drop in interest following the announcement that metaverse lands would be sold using stablecoins instead of CEEK Coin. This led to a massive sell-off and further losses as interest in the metaverse waned. The altcoin, currently at its all-time low, could stage a comeback if it reclaims $0.0398 convincingly. Otherwise, it risks hitting new lows.
While Bitcoin’s journey towards $58,000 has positively impacted several altcoins, the ultimate performance of SOL, CHZ, and CEEK will depend on their ability to maintain critical support levels and overcome market volatility. Investors should keep a close eye on these developments as they unfold.
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