Bitcoin Consolidates As Ethereum (ETH) And Solana (SOL) Take Lead, AI Coins (FET, AGIX, RNDR) Form Record Highs
Bitcoin price appears to have entered into a consolidation phase after hitting a new all-time high earlier this week. The investor focus has shifted toward altcoins like Ethereum and Solana, as they were the strongest to recover after Tuesday’s flash crash.
Side by side, the excitement around AI coins like Fetch.ai (FET), SingularityNET (AGIX), and Render (RNDR) pushed them to record highs on Thursday morning.
The altcoin market seems to be outperforming Bitcoin, as many altcoins are already trading at their fresh weekly highs. This could be a sign of major investors rotating their profits from BTC to these small-capped digital assets. As a result, the Total 3 market capitalization is up 1.08% as the altcoin market valuation increased by more than $7 billion.
Solana Price Soars To 2-Year Highs
Solana emerged as the leading coin among the top 10 cryptocurrencies, soaring to its highest level since January 2022. This also marked the fresh two-year highs for the smart contract cryptocurrency as its market capitalization exceeded $62.5 billion. At press time, the SOL price was trading at $142.57 after hitting my price target of $144. I mentioned this price target in last week’s analysis.
The following technical analysis of the weekly SOL/USD chart shows a fair value gap above $157. This region may act as a major supply zone in the coming days. A retest of this zone is very likely now if the BTC price action remains positive. However, in the event of a correction, the first major support lies around $126.
FET, AGIX & RNDR Make New All-Time Highs
The AI narrative is not slowing down, as the major AI coin printed new all-time highs on their charts on Thursday. SingularityNET (AGIX) is leading the charts with a 37.6% surge, while Fetch.ai (FET) and Render (RNDR) prices are following with 35% and 33% gains in the last 24 hours.
Ethereum Price Prediction
ETH price soared to fresh yearly highs yesterday after a V-shaped recovery from the weekly lows of $3,200. As a result, the price is inching closer to the $4,000 mark. On Thursday, Ethereum price was changing hands at $3,773 after a correction from the recent high of $3,907.
If the market sentiment remains bullish, a retest of the $4,000 level appears to be on the table. However, if the tables turn, the $3,580 level may act as a horizontal support.
