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Highlights
- The global crypto market cap stands at $2.39 trillion, marking a 0.21% rise within the last day, with significant cryptocurrencies like BTC, ETH, SOL, and XRP showing a notable uptick.
- A confluence of technical levels at $162 creates a high demand zone for Solana price.
- A falling wedge pattern leads to the current correction trend in the BONK price.
Crypto Price Prediction: The cryptocurrency market has been notably bearish this week following the lead of Bitcoin price correction below $70000. The market-wide correction accelerated further as spot BTC ETFs witnessed a notable outflow in the last two days.
As recently highlighted by Wu Blockchain, Bitcoin spot ETFs saw a substantial net outflow on March 19, totaling US$326 million. Notably, the Grayscale ETF GBTC experienced a single-day net outflow of US$443 million. In contrast, the Bitcoin spot ETF recording the largest net inflow on the previous day was BlackRock ETF IBIT, which saw a modest inflow of US$75.23 million.
On March 19, the total net outflow of Bitcoin spot ETF was US$326 million, with net outflows lasting two days. Grayscale ETF GBTC had a single-day net outflow of US$443 million. The Bitcoin spot ETF with the largest single-day net inflow yesterday was BlackRock ETF IBIT, with a… pic.twitter.com/jkk3swoF7E
— Wu Blockchain (@WuBlockchain) March 20, 2024
However, the BTC price correction paused at $60000 triggering a new relief rally in the crypto market.
Also Read: Bitcoin, Ethereum Bleed As 5 Crypto To Buy Standout With 100X Potential
1)Ethereum(ETH)
Ethereum(ETH) is a decentralized platform that enables smart contracts and decentralized applications (DApps) to be built and run without any downtime, fraud, control, or interference.
With a market cap of $387 Billion, Ethereum stands as the second largest cryptocurrency and is currently valued at $3226. Amid the recent market correction, the ETH price witnessed a sharp reversal from the $4082 high and plunged 22.8% to retest the 50% retracement level.
This healthy retracement uplifted, the altcoin by 2.27% sparking a fresh relief rally for crypto holders. The new-found pressure could bolster buyers to rechallenge the overhead resistances at $3340, followed by $3640.
Conversely, if the correction trend prolongs, the Ethereum price may seek support at the $2900 and $2700 mark.
Also Read: Spot Ethereum ETF: Grayscale to Include Staking in Ethereum ETF Proposal
2)Solana(SOL)
Solana (SOL) is renowned for its high-speed blockchain, offering fast transaction times and low fees, making it an attractive platform for decentralized apps and crypto games. In the first half of March, the Solana price witnessed a notable inflow which propelled its market value from $140 to $210 registering nearly 50% growth.
However, the wide-market correction plunged the SOL price 17.7% to currently trade at the $173 mark. As of the latest update, Solana coin is positioned as the 5th largest cryptocurrency with a market cap of $77.1 billion, while the 24-hour trading volume is at $9.3 billion.
An analysis of the daily chart shows, that the SOL price may have witnessed high demand pressure at $162- a level coinciding with the 23.6% Fibonacci retracement level and 20-day EMA.
If the renewed buying interest uplifts the altcoin higher, the coin buyers must watch for a key resistance level at $178, followed by $204.
3)BONK
BONK is positioned as a community-centric token within the Solana ecosystem, aiming to rejuvenate liquidity in Solana-based decentralized exchanges (DEXs). The asset quickly gained attention for its community-focused approach and meme-driven value.
By the press time, the Bonk price is trading at $0.0000265, with its market cap at $1.47 and a 24-hour trading volume of $302 Million.
The ongoing correction in the BONK price can be followed using a falling wedge pattern in the daily chart. Under the influence of this pattern, the memecoin fell from a March 3rd high of $0.000048 to a low of $0.0000195 accounting for a nearly 60% loss.
For buyers to regain control of this asset, the price must break the pattern’s overhead trendline which could lead to a recovery rally to $0.0000367, followed by $0.000048.
Takeaway
The cryptocurrency market is currently in an active correction trend with most major coins witnessing a notable downswing in the daily chart. However, with the BTC price resilience above $60000, the top altcoins followed with a bullish rebound and spark for a fresh relief rally.
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