Crypto Price Prediction 4/23: Altcoins to Watch as Post-Halving Recovery Gains Steam

Crypto Price Prediction: Following the completion of the fourth Bitcoin Halving, the crypto market witnessed a renewed recovery sentiment among investors. The altcoin markets are soaring as Bitcoin’s rebound to over $65K has enabled profits to be channeled back into more speculative cryptocurrency assets.

Since last week, the Bitcoin (BTC) price is up 4% to trade at $66131, while the Ethereum (ETH) price jumped 1.5% to reach $3166. Other top altcoin such as Binance coin (BNB), Solana (SOL) and XRP showed over 10% weekly gain.

Moreover, the buying interest in US-listed Bitcoin ETFs surged again as Wu Blockchain highlights that the total net inflow for Bitcoin spot ETFs as noted by SoSoValue was $62.089 million on April 22. Grayscale’s Bitcoin Trust (GBTC) experienced a single-day net outflow of $34.993 million. On the other hand, Fidelity’s Bitcoin ETF (FBTC) saw a significant single-day net inflow of $34.8334 million. Moreover, the cumulative net inflow for Bitcoin spot ETFs has now reached an impressive $12.384 billion.

According to SoSoValue, the total net inflow of Bitcoin spot ETF yesterday, April 22, was $62.0899 million. Grayscale GBTC had a single-day net outflow of $34.993 million. The single-day net inflow of Fidelity ETF FBTC was US$34.8334 million, and the historical cumulative net… pic.twitter.com/yt2vTMA5bm

— Wu Blockchain (@WuBlockchain) April 23, 2024

Here are the top altcoins to capture the post-halving rally.

Also Read: Crypto Interest Rises in Middle Eastern Markets With 500K Daily Traders

1) Ethereum (ETH)

Ethereum is a decentralized, open-source blockchain system that features smart contract functionality. It’s the second-largest cryptocurrency platform by market capitalization— $385.7 Billion, after Bitcoin.

Amid the current relief rally, the ETH price rebounded from $2850 support and positioned above the 50% Fibonacci retracement level. This healthy retracement surged the asset value by 10% and developed a bullish reversal pattern called the double bottom.

If the reversal momentum is sustained, the ETH price could challenge the pattern’s neckline at $3280. The post-breakout rally could bolster buyers to break overhead resistance at $3730, followed by $4100.

Also Read: Victory Securities Unveils Next Big Thing In Spot Bitcoin & Ethereum ETF

2) Solana (SOL)

Solana (SOL) is a high-performance blockchain supporting decentralized applications and cryptocurrencies. It’s renowned for its exceptional transaction speeds and scalability, attributed to its unique proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) mechanism.

After a recent downturn, Solana’s SOL token has made a strong recovery from a low of $116, bouncing back from the 50% Fibonacci retracement level. The asset experienced a robust 33% surge, now trading at $155. With this positive momentum, Solana’s market capitalization has climbed to $69.3 billion, sustaining its position as the fifth-largest cryptocurrency by market cap.

Currently, Solana price is poised to test the immediate resistance level at $162, with market sentiment skewed in favor of the bulls for a potential higher climb. If the upward trend persists, we could see a 30% increase from the current levels, which would bring Solana to retest its 2024 peak of $210.

Also Read: Solana’s Decline Paves Way for DeeStream: Kusama & Decred Investors Target 100X Gains in Presale

3) Pendle 

Pendle is a DeFi protocol that introduces fixed-income strategies into the crypto space, allowing users to tokenize and trade yield-bearing assets. It stands out in the DeFi landscape by enabling users to lock in yields and trade them, much like fixed-income securities in traditional finance.

Over the past three weeks, the Pendle coin price traded sideways witnessing supply pressure at $7.5. While the notable price swing may reflect no clear dominance from buyers or sellers, an emerging trendline is preventing the asset from prolonged correction.

The price of Pendle is currently at $6.6, experiencing a slight intraday decrease of 0.6%. The market capitalization stands around $1.57 billion, and 24-hour trading volume hovers at $137.5 Million.

To shift the market momentum in their favor, buyers need to push the price past the $7.5 resistance level, which could pave the way for reaching new record highs

Key Takeaway

The post-having relief rally is gradually uplifting the Bitcoin price and the altcoin market this week. However, the buyers are yet to pick aggressive momentum as it is said that the crypto market needs a few months for a time before entering recovery mode. Amid the expected consolidation, the digital asset may show a minor downswing to eliminate weak hands from the market and attract buyers with strong conviction.

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