Log in

🎊 Cryptonary New Year Sale! 50% OFF. Save $500 Now Only ⏰ : 0d 4h 43m 28s

Market Direction

Price prediction for BTC, ETH, SOL, WIF, POPCAT

Updated: Nov 8, 2024
Published: Sep 10, 2024
0
Share:

With BTC, ETH, and SOL experiencing fluctuations, understanding where the market is headed has become more important than ever.

Post Feature Image

As the crypto market continues to evolve, navigating the landscape requires precision and insight. Today, we will explore Bitcoin’s relief rally, market dynamics across the majors, and our favourite memes, WIF and POPCAT, and also get an update.

Let’s dive in!

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.


BTC

  • In BTC terms, open interest has increased slightly over the past few days, and the funding rate has turned substantially negative.
  • Traders are now paying a premium to be Short here. This provides the setup for a slight furthering in the relief rally that we're seeing.
BTC Funding Rate:

BTC OI-weighted funding rate and price fluctuations showing market sentiment between September 8 and 9, 2024.

Technical analysis

  • Prices across the board moved down meaningfully last week. For BTC, price found support and bounced from the major horizontal support we have had outlined for many months at $52,800. 
  • Price is now below the grey support box ($56,500 to $58,000), which will now likely become the new resistance. 
  • Beyond the grey box, $60,300 will likely act as a resistance for price in the short term. 
  • BTC is currently squeezing into a local downtrend line. A breakout of this could see price get back up to and retest $58,000, although we're not confident that it will get back above this level in the short term.
  • To the downside, we expect the $48k to $52k area to be a large area of support. 
  • BTC has put in a bullish divergence (lower low in price but higher low on the oscillator). This can help push BTC up to $58k.
 Bitcoin technical analysis chart with support, resistance levels, and RSI indicators showing potential future price movement.

Cryptonary's take

Over the coming days, we expect risk assets (Bitcoin included) to have a continuation of the relief rally. However, we expect this to stall around or just shy of the $58k level. We expect a move back down to the low to mid $50k following that. The next few weeks will likely see substantial volatility, and we think we'll see BTC trade between $52k and $58k during this period. We're not necessarily on board with the view that Bitcoin will materially break down below $48k, as we see some calling for it on Twitter. If BTC were to re-visit the late $40k, we would be strong buyers in that zone.


ETH

  • ETH's Open Interest has remained relatively flat, suggesting that traders aren't looking to aggressively trade ETH here. 
  • ETH's Funding Rate flip-flops between slightly positive and slightly negative, indicating indecision amongst traders.
  • Overall, this is a healthier setup. ETH's funding rate is less negative than that of BTC, while open interest hasn't ramped up. From a mechanics perspective, ETH is arguably an attractive long at these prices, while the leverage market has seen a major flushing out. 
ETH's funding rate:

ETH OI-weighted funding rate and price fluctuations between September 8 and 9, 2024, indicating market trends.

Technical analysis

  • ETH has also fallen below its grey support box (between $2,330 and $2,470).
  • ETH did find support at our major horizontal support line of $2,150, though.
  • ETH has also put in a bullish divergence (lower low in price and higher low on the oscillator), with the higher low being put in just above oversold territory. 
  • If ETH can break out from its local downtrend line, it's possible ETH could retest the $2,550 local horizontal resistance. 
  • Beyond $2,550, the major horizontal resistance is at $2,875.
Ethereum price analysis chart with resistance, support levels, and RSI indicators, showing potential future price movements.

Cryptonary's take

Despite the fact that we're still relatively wary of the market over the coming weeks, ETH looks as if it's either at or close to a bottom here. ETH has been down just shy of 50% from its highs this cycle, while we've also seen a major resetting in the leverage market. Price is currently sitting on top of a major support zone between $1,900 and $2,150. If ETH does revisit this area, this is likely a good price to bid with a 12-month view.


SOL

  • SOL's Open Interest has increased in the last few days while the Funding Rate has flip-flopped between slightly positive and slightly negative. 
  • There has been more willingness amongst traders to Long SOL in recent days. 
SOL's Funding Rate:

SOL OI-weighted funding rate and price changes between September 8 and 9, 2024, showing market sentiment.

Technical analysis

  • SOL is still in its major downtrend. However, it has continued to hold the horizontal support zone between $120 and $131. 
  • SOL looks to be in a precarious position. It has retested the $120 to $131 region many times now while mostly putting in lower highs. 
  • However, SOL has put in 3 bullish divergences (lower low in price, higher low on the oscillator) in a row. This should be enough for price to be able to reclaim above $131 and attempt a retest at $140. 
  • If price does break down below $120, the next major support is at $103. 
Solana price analysis with resistance, support levels, and RSI indicator showing potential movement around $127 and $120.

Cryptonary's take

Having retested the support many times, we would be wary of SOL in the near term for a potential breakdown. However, if price were to drop below $120 and retest anywhere near $103, we would be strong bidders of SOL. But, we must consider that sentiment is currently very low, so it wouldn't be wise to turn bearish on SOL at the potential lows or close to them. Therefore, we advocate holding our SOL Spot bags and just adding to our bags if SOL dips to anywhere between $103 and $120. We still believe that we'll see SOL well above $500 in 2025.


WIF

  • WIF is currently beneath its local uptrend line whilst it also remains in a larger, multi-month downtrend.
  • WIF also remains beneath its major horizontal level at $1.60. In order to see bullish momentum return, WIF needs to comfortably reclaim this level.
  • Above $1.60, the next major horizontal resistance is at $2.20, with a local level at $1.96.
  • To the downside, if WIF were to lose the late $1.30s, then a retest of $1.20 is likely, although we'd expect there to be strong demand at this level ($1.20).
For an in-depth look at market performance, see our analysis on dogwifhat (WIF).

Dogwifhat Sol price chart showing key resistance, support levels, and RSI indicators, with price fluctuating around $1.53.

Cryptonary's take

WIF is currently compressing into a tight range despite achieving significant volumes; this may result in a volatile breakout at some point in the near future. Unfortunately, we don't have a strong conviction on the direction as of yet. For this reason, we are remaining in Spot positions (for the long-term), and we'll look to add to our bags if price does dip down to $1.20. Other than that, for now, we're just sitting patiently and not looking to take a lot of action.


POPCAT

  • Honestly, the price action is quite impressive, considering how much the majors (BTC, ETH, and SOL) have pulled back. 
  • Price has broken below the support area of the low $0.50s, but it is now looking to reclaim above that. 
  • However, price is now running into the resistance of the underside of the uptrend line and the downtrend line. 
  • If price can break out, then the near-term target is $0.66; beyond this, it's $0.77. 
  • On the downside, if price breaks down, we'd expect it to retest $0.40; however, this would be a level we'd bid.
POPCAT price chart showing key resistance and support levels, with price fluctuating around $0.57 and RSI near 50.

Cryptonary's take

In short, POPCAT is one of the plays that has held up the best and that we think can be a major winner in the next larger move higher for crypto. We'd be looking to hold spot positions and add to Spot positions around $0.40 if the price revisits this level. 

Overall, we're confident in POPCAT going into year-end and 2025.

 

Get started for free

Create your free account or log in to read the full article.

By signing up, you agree to our Terms & Conditions
Recommended from Cryptonary
BTC, ETH and More: Market Remains Range Bound
PRO
Market Direction
BTC, ETH and More: Market Remains R...The market has been busy this week, with sharp moves and plenty of noise along the way. But beneath ...
10 min read
Dec 12, 2025
BTC, ETH and More: Technical Overview of Key Levels
PRO
Market Direction
BTC, ETH and More: Technical Overvi...Ahead of the Fed meeting, the market has compressed into a series of critical support and resistance...
10 min read
Dec 9, 2025
BTC, ETH and More: Key Levels Are Being Rejected
PRO
Market Direction
BTC, ETH and More: Key Levels Are B...With volatility compressing and major assets colliding with critical zones, the market is setting up...
10 min read
Dec 5, 2025