Why These Altcoins Are Trending Today — April 9

The cryptocurrency market has resumed its downward trend today, with the total market capitalization experiencing a 3% drop. This decline comes as liquidations soar, with traders and investors grappling with the volatile market conditions. 

Amid this, certain altcoins have captured investors’ attention and rank as some of today’s most searched assets. Some include Solidus Ai Tech (AITECH), Hyperliquid HYPE, and Sonic (S).

Solidus Ai Tech (AITECH)

Dubbed the world’s first deflationary artificial intelligence utility token, AITECH is one of today’s trending altcoins. It trades at $0.019, noting a 9% price dip in the past 24 hours, aligning with broader market trends. 

On the daily chart, readings from its plummeting Chaikin Money Flow (CMF) signal the likelihood of a sustained price fall. At press time, this momentum indicator, which measures money flow into and out of an asset, is below zero and in a downward trend at -0.33. 

When an asset’s CMF is negative, there is more selling pressure than buying pressure, suggesting a bearish market sentiment. If this persists, AITECH’s price could dip to $0.014.

AITECH Price Analysis. Source: TradingView

On the other hand, if market sentiment improves and AITECH’s demand soars, its price could climb to $0.029.

Hyperliquid (HYPE)

Layer-1 (L1) coin HYPE is another asset traders are interested in today. It has bucked the broader market dip to record 3% price gains over the past 24 hours. 

The coin’s positive Balance of Power (BoP) confirms the spike in HYPE’s demand today. At press time, this indicator is at 0.79.

The BoP measures the strength of buyers versus sellers by comparing the price movement to the volume of trades. When the BOP is positive, it suggests that buyers are in control, indicating bullish momentum.

If HYPE bulls strengthen their control, they could drive the altcoin’s price past its next major resistance at $12.38 and toward $14.66. 

HYPE Price Analysis. Source: TradingView

Conversely, if profit-taking resumes, HYPE could lose its recent gains and fall to $9.32. 

Sonic (S)

Sonic’s S is another altcoin investors are looking at closely today. In line with market trends, S’ price is down 5% over the past 24 hours.  Its trading volume is also down 43%, highlighting the reduced market participation from S traders.

When an asset’s price and trading volume decline, it suggests weakening investor interest and a loss of positive market momentum. If this trend persists, S’ decline could extend and cause it to fall to $0.31.

S Price Analysis. Source: TradingView

However, if traders resume buying activity, they could push S’ price past $0.41 toward $0.48.