The end of March was a truly breakthrough period for the crypto market: Bitcoin confidently overcame an important price position of $40,000 and even reached $48,000 twice in a week; Ethereum received a powerful bullish boost and fixed above $3,100; the altcoin market followed the flagships, bringing the crypto market capitalization above $2 trillion for the first time since the beginning of February, and this time for a noticeably longer period. But on the last day of March, the market experienced a serious collapse that affected almost all coins. BTC returned to the positions typical of the end of last week, and sales began to dominate purchases. The same story happened with almost all altcoins from the TOP-10, except, perhaps, SOL. As of today, the total drawdown in the capitalization of the digital asset market was about 4% (about $100 billion). It’s associated with the closing of long positions and another sales boom. During the day, positions were liquidated in the amount of about $121 billion, but purchases partially offset this excess. The crypto market is still coping with an unprecedented information flow in connection with large-scale geopolitical events due to the military invasion of russian troops in Ukraine. Therefore, today's article will also not include large-scale forecasts. Here we will limit ourselves to the analysis of the most promising coins of the week.
At the beginning of the week, the bulls were able to break through the Fibonacci retracement level below which the bears dominated, keeping the price of the coin below $45,000. This led to a sharp jump in the price of crypto-gold to $46,600, followed by a short-term overcoming of the $48,000 position on Monday. Naturally, Monday’s daily high could not last the whole week, so from Tuesday to Thursday the coin was trading in the range from $46,800 to $47,900. But at the end of Thursday, Bitcoin decently sank to $45,783 and continued the downtrend with a low on April 1 at the position of $44 486.
BTC closed March at positions formally above $45,000, so on April 1, there was an upward trend in the price of the asset. And according to crypto analyst Santiment, this result is quite optimistic, as trading at $47,000, which was conducted this week, was repeated for the first time after 11 weeks of market stagnation. Santiment also believes that Bitcoin’s rise above $49,000 for now will push the coin into a high-risk zone, where any “careless move” could trigger cascading sales and capital withdrawals from the market. Therefore, with a bullish rally, after all, you will have to wait a bit.
But for Solana, the price week ends not so abruptly, since the coin holds 18% of the weekly growth, and during the day it sank by only 2.4%, while for Bitcoin this figure was 4.5%.
SOL is now facing strong resistance at $124.61 and according to many crypto experts, it will be able to overcome it within 24 hours. At the same time, the nearest support for the coin was formed at the level of $119.50, where it was this morning after a short-term fall caused, apparently, by the general influence of the market.
The MACD indicator on the Solana chart is in the bullish zone and shows that the asset is experiencing positive momentum. At the same time, the RSI indicator is 63, so the coin still clearly has potential for growth. Trading volume has been gradually increasing over the past few days, so SOL technical signals can rightly be considered bullish.At the time of writing, the price of Solana is $122.77 and if it manages to overcome the resistance at $124.61, the price of the coin will continue to grow dynamically.
Another interesting crypto with a promising future showed a good weekly increase of 9%. At the moment, the local trend channel of growth is controlled by bulls, so market analysts are inclined to a positive scenario and continued growth in the price of LUNA to $148. On the daily timeframe, there is a stable growth channel since February 28, which, apparently, corrects the coin’s growth wave from February 20. The power of the buyers is so high that the price of LUNA cannot be corrected in the classic zigzag pattern. This says only one thing — the global growth of the coin is not over.
Experts say that if the bulls manage to keep the price of the coin above $94 over the next week, then we should expect a new local wave of growth to $130. And if the fuse of buyers does not subside on what has already been achieved, the next key level will be $148.