The altcoin market took a severe hit last weekend with a $1.5 billion hack on the Bybit exchange, causing a sharp decline in several altcoins. However, traders are now bullish about a strong recovery in altcoin prices, following Bitcoin’s surge toward the $100K mark. In the upcoming week, we could see promising movements in the prices of Solana, Story, and Ethereum.
ETHDenver Could Trigger Renewed Altcoin Interest
Ethereum is the main altcoin to watch next week as it could lead the altcoin rally, especially with the ETHDenver 2025 conference starting on February 23.
This major event focuses on Ethereum and often sparks the introduction of new projects, updates on Layer 2 technology, and developments in decentralized finance (DeFi). With increasing interest from institutions in Ethereum staking and rollups, any major announcements or partnerships at the conference could significantly increase Ethereum’s value.
Moreover, the recent buzz around the SOL ETF could help boost Solana’s price. Overall, any regulatory changes or news could pave the way for a rebound in altcoin prices.
Solana Price Analysis
The crypto market is bouncing back, leading to a significant price correction for SOL after the Bybit hack. Buyers are currently sending the price above the 23.6% Fib channel. Currently, SOL is trading at $171, having dropped by 0.2% in the last 24 hours.
The SOL/USDT trading pair is facing challenges under $180, showing that sellers have strong control at this level. This could be a significant barrier as short-term holders might keep selling off at this price. However, if demand increases, buyers could potentially push past this level soon.
If the price drops below the EMA20 trend line on the 1-hour chart, sellers might attempt to drive it down to the $160 support level.
Meanwhile, with the Relative Strength Index (RSI) hovering around the midline at 46, it could lead to a retest of the upper resistance channel. If the price stays above $180, it would be advantageous for buyers, possibly driving the price up to $219.
Story (IP) Price Analysis
Story has seen a notable drop after buyers failed to maintain the level at $9. This drop has weakened buyer confidence to push the price upwards. Currently, IP price is trading at $4.46, having dropped by 0.4% in the last 24 hours.
The IP/USDT trading pair is aiming for $5.3 but could face significant resistance, potentially leading to a fallback to the $4 range. Nevertheless, with the Relative Strength Index (RSI) at 48, just around the midline, Story price might continue to see strong buying interest.
If the price breaks above $5.3, a correction towards $6.9 could follow. On the other hand, if it falls below $4.1, the price could drop to around $3.
Ethereum Price Analysis
Ethereum price rebounded strongly following the Bybit hack. Buyers pushed the price of ETH to the key level of $2,800. As of writing, ETH price trades at $2,826, surging over 2.3% in the last 24 hours.
If Ether moves below the 20-day EMA of $2,737, sellers might try to drive the ETH/USDT pair below $2,500. If successful, the price could drop further to $2,400 and possibly down to $2,300.
Conversely, if the price climbs above $2,850, it might reach the downtrend line. While sellers are likely to defend this level, if buyers manage to break through, the pair could surge toward $3,300.
