The upcoming month of April is anticipated to be significant for the crypto industry, as a significant event involving the halving of Bitcoin (BTC) is planned. This is also likely to affect other assets, including Solana (SOL) and Fantom (FTM).
The current market trends are being examined by BeInCrypto to determine the potential outcomes of these assets.
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In the beginning of this month, the value of Bitcoin reached a record high of $73,750, but it has since been experiencing a decrease. As a result, a flag pattern has formed on the 4-hour chart. However, the cryptocurrency recently broke out of this pattern and is currently being traded at $70,151.
According to the bullish flag pattern, the projected price is nearly $77,000. This goal can be reached if the support line of $69,715 remains intact.
It is highly probable that this result will occur as the Bitcoin halving is set to occur on April 22. The excitement leading up to the event may cause prices to rise, potentially confirming the pattern.
In the event that the $69,715 support level is breached, there is a strong possibility that the value of Bitcoin may decline to $66,500, thereby rendering the bullish argument invalid.
Propelling Solana (SOL): Key Success Factors
Currently, Solana is one of the top-performing digital currencies in the market, as reported by BeInCrypto. Its value has been steadily increasing and is expected to continue rising throughout April. This can be attributed to the strong backing of institutional investors for SOL.
According to the latest netflows report by CoinShares, Solana surpassed all other altcoins, including Ethereum, to become the top choice for institutions with a recorded inflow of $18 million this month.
Moreover, Jupiter, a DEX built on Solana, had an outstanding performance this month. It emerged as the top decentralized exchange in terms of volume, contributing to the record-breaking monthly total transaction volume of $241.97 billion in the DEX market.
As a result, the price of Solana is expected to be affected by these advancements and potentially surpass $200. Moreover, SOL is currently being tested as a support at the 61.8% Fibonacci Retracement level, also referred to as the support floor during a bullish market.
The potential outcome of this could result in a 35.88% surge for the altcoin, potentially reaching the resistance level of $250.
However, if the $186 support level is broken, there is a risk of a drop to $164, essentially removing any chance of a rally.
The Bearish Route is Expected for Fantom (FTM)
The upcoming month is not expected to see a rise in Fantom’s price, unlike the other assets mentioned. This is due to the fact that FTM may experience a 20% decrease as indicated by the parabolic curve pattern.
According to the established pattern, it is anticipated that FTM will experience a decline to the $3 base price level, as it was unable to successfully surpass the resistance at $1.12.
Moreover, the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are providing evidence for this result. Both indicators indicate a dominant bearish sentiment, with the latter showing a bearish crossover for the first time in the past two months.
It is likely that FTM will experience a decrease in value, resulting in a loss of support at $0.80 and a subsequent decline. If Fantom’s price were to recover from the 3 support range, it could potentially disprove the bearish thesis.
In conclusion, the month of April presents a diverse mix of potential outcomes for these cryptocurrencies, with Bitcoin and Solana poised for increases and Fantom likely facing a decrease.
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