While volatility continues in the crypto markets, volatility and valuation indicators on the leading cryptocurrencies Bitcoin (BTC), Ethereum (ETH) and Solana (SOL) attract attention. According to data published by crypto analysis platform CryptoQuant, although the valuation levels of these assets show short-term signs of weakness, their proximity to important support levels creates expectations of a possible recovery.
$67.5 thousand support for Bitcoin plays a critical role
Bitcoin’s recent movements have put investors in a waiting period. According to data from CryptoQuant, BTC’s valuation ratio has now dropped to 0.93. This low valuation indicates that BTC may show weakness in the short term. However, after this level, it is likely that the support zone with intense trading volume around $67.5 thousand will be retested. According to experts, maintaining this important support level may pave the way for BTC to make an upward move in the near future.
On the other hand, the fact that BTC is currently close to the oversold zone according to CryptoQuant’s volatility bands shows that the selling pressure may decrease and BTC may gain new momentum by gaining strength from this support. However, a strong move above the $78.6 thousand level is required to signal a long-term uptrend for Bitcoin. Unless there is a sustained break above this level, the market may continue a retracement trend known as ‘mean reversion’.
Ethereum rises from neutral zone
The recent valuation of Ethereum (ETH) is more balanced compared to Bitcoin. According to CryptoQuant, ETH’s valuation level stands at -0.07, which is considered neutral. This shows that ETH has a resilient structure and provides some protection against possible fluctuations in Bitcoin. The critical resistance level for Ethereum was determined as $ 2600. An upward break of this level may enable ETH to gain upward momentum in the market. According to CryptoQuant, if the $2600 resistance is breached, it is likely to enter a stronger uptrend.
ETH’s valuation indicator hints that the price may remain stable for a while. However, a strong move above the $2600 level could break this stagnation. Moreover, it may attract more buyers. This situation can create an accelerated rise in the price of ETH, which is the largest crypto after Bitcoin (BTC).
Seeking support in Solana
In line with Bitcoin, Solana (SOL) has experienced a significant valuation decline in recent weeks. SOL’s valuation ratio is currently down to 0.52, indicating weakness in the short term. Despite this, the fact that SOL still manages to remain in the positive zone and investor interest continues supports the possibility of recovery. The fact that SOL is trading at a level close to the -1 Standard Deviation (SD) channel in the volatility bands indicates that selling pressure is limited. It is a matter of curiosity how a possible decline in BTC will affect Solana.
In this case, SOL, which is expected to find solid support in the high-volume trading region around $148, may enter a new uptrend by gaining strength from this support level, regardless of BTC. According to CryptoQuant’s assessment, if SOL remains above certain support levels in the short term, it may lead to its price rising further depending on the general trend of the market. However, if there is a break below these levels, investors may need to follow a more cautious strategy.
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