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Crypto Price Prediction For February 2: SOL, IMX, AVAX – Crypto News

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2 years ago

February 2, 2024

Dripp

Crypto Price Prediction: Bitcoin’s steady hold above the $42,000 mark may act as a key driver for altcoins, potentially reigniting their path toward recovery.

Published 52 mins ago

Crypto Price Prediction: The cryptocurrency market has maintained a stable posture this week, with the majority of significant coins experiencing little change in their trading patterns. This consolidation period following a notable upsurge in January end indicates that investors are attempting to sustain the higher valuation levels. This strategy could bolster an extended period of recovery shortly.

Furthermore, in the quick update from renowned crypto trader @invest_answers on Day 14 of Bitcoin ETFs, Blackrock’s $IBIT has seen a slowdown in inflows. Despite this, the ETF sector celebrated its fifth-best day with a $200 million net inflow, underscoring strong investor interest. Notably, the Grayscale Bitcoin Trust ($GBTC) recorded its weakest outflow yet, while Fidelity’s Bitcoin Fund ($FBTC) is notably thriving.

🧵BITCOIN ETFs Day 14 🧵
BAD NEWS
1) #Blackrock $IBIT slowed
GOOD NEWS
1) ETF’s had 5th best day ever
2) $200M net inflow
3) $GBTC slowed further – weakest outflow to date
4) $FBTC #Fidelity on fire pic.twitter.com/vesuL0nzBB

— InvestAnswers (@invest_answers) February 1, 2024

If the crypto market sparks renewed buying interest, the bullish traders can look for long entry opportunities in Solana (SOL), Immutable (IMX), and Avalanche(AVAX).

What’s Ahead For Solana (SOL) as Price Holds Strong Above $100

In a recent analysis by crypto analyst @rektcapital, Solana has shown promising movement, achieving a new 3-day Close above the $98.98 Range Low. This development is particularly significant as it may indicate a strong position for SOL, potentially leading to a bullish weekly close.

$SOL

The Weekly Close is fast approaching

In the meantime, Solana has printed a new 3-Day Close above the $98.98 Range Low

This 3-day Close may be a good sign of #SOL maintaining its positioning here for a bullish Weekly Close later this week#Crypto #Solana https://t.co/lMwcHQQ2P3 pic.twitter.com/JJ893udSs6

— Rekt Capital (@rektcapital) February 2, 2024

Furthermore, a look at the daily time frame chart shows that the Solana price is developing into a well-known reversal pattern called inverted head and shoulder. The Solana price currently trades at 102.3, registering a 29.5% surge within two weeks.

A potential breakout from the pattern’s neckline resistance will accelerate the buying momentum and propel SOL value 26% up to hit the $135 mark.

Bullish Pattern Prepares Immutable(IMX) Price for 25% Surge

IMX, the native token of layer-two scaling solution Immutable recently rebounded from the $1.73 support as the crypto market witnessed eased from post-ETF sell-off. This positive turnaround surged the coin price by 30% within two weeks to currently trade at the $2.21 mark.

In the daily time frame chart this upswing has also developed into a bullish reversal pattern called a double bottom pattern, increasing the likelihood of further recovery.

If the coin price pierces the overhead neckline with a daily candle closing, the buyers may drive a 25.5% upsurge to lead the Immutable price to the $2.9 mark.

The recent jump reclaimed 20-and-50-day EMA offering buyers additional support to sustain the recovery trend.

Is Avalanche(AVAX) Price Ready to Hit $50?

In late December, the Avalanche (AVAX) coin entered a new correction with its price dropping from 40 to $27.2, marking a stark 45.5% decline. This sharp correction wiped out nearly half of the gains achieved during the bullish rally of the fourth quarter of 2023. Despite this setback, the daily timeframe revealed a positive turn with the formation of a bullish continuation pattern known as a ‘Flag’.

On January 28th, the AVAX price breached the resistance trendline of the flag pattern indicating the last correction assisted buyers in reviving the exhausted momentum.

Currently trading at $35.93, if the Avalanche price showcased sustainability above the breached resistance trendline, the buyers may chase potential targets of $42.2, followed by $50.

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