- Arbitrum (ARB) price shows signs of further gains as analyst suggests next hurdle is at $2.
- Meanwhile, Solana and Axie Infinity are poised at key support levels after recent spikes.
Away from Bitcoin and Ethereum, three cryptocurrencies trending today are Arbitrum (ARB), Solana (SOL) and Axie Infinity (AXS). Here’s how the altcoins are poised as the broader crypto market eyes a positive start to 2024.
Arbitrum (ARB) price outlook
The price of Arbitrum, a rollup chain for scaling Ethereum, has surged more than 11% in the past 24 hours. ARB stands out as one of the top performing coins in the past week with 35% upside, with this coming as Arbitrum bounced from a brief network outage. It currently trades near $1.54, having tested the $1.66 high on Thursday. According to data from CoinGecko, Arbitrum’s current price level sees it just 8% off its all-time high.
With sentiment positive, ARB/USD could target the $2 mark to strengthen the anticipated bullish move in 2024.
According to crypto analyst Michaël van de Poppe, ARB should may rely on solid support in the $1.40 to $1.45 range.
I’ve posted some updates on $ARB.
Retest at $0.98 did work, continuation towards $1.35 as well and even further.
Some beautiful S/R flips, I think $1.40-1.45 should hold and we can continue to $2. pic.twitter.com/wIFEg26zq8
— Michaël van de Poppe (@CryptoMichNL) December 28, 2023
Solana price risks dip to or below $100
Solana has dumped more than 8% in the past 24 hours to see it trade towards the critical level of $100. Currently, SOL price is at $102, with weekly gains cut to just 17%. Trading volume is down 12% as of writing, while ecosystem tokens such as Bonk are also dumping hard.
While SOL could still rebound to recent highs amid the crypto bull market, there’s potential for a bearish flip below the highlighted psychological level. However, the market remains largely bullish on the altcoin. Crypto trader @ShardiB2 points to the overbought outlook for SOL but notes the declines provide a buy the dip opportunity.
Well, got seriously overbought, had a daily reversal candle confirm and now cooling off
I’m in all spot, let it come down, not like it’s going to stay there IMO and we can all scoop up more and do it again
still green dots, green line pic.twitter.com/Jqgx2WdbLe
— Shardi B Trading #teamshardi (@ShardiB2) December 28, 2023
Axie Infinity seeks bullish flip
Axie Infinity (AXS) has not had a terrific year, with its token lagging top altcoin performers over the past twelve months. However, AXS has pumped more than 170% since mid-October, including a significant 40% spike in the past 30 days.
News related to the Axie Infinity gaming ecosystem, in particular the long awaited Axie Part Evolution. It’s an ecosystem bump that could see Axies’ value rise with a broader impact for the AXS price.
While the token currently trades near $9.13, down 4.6% in the past 24 hours, the upside trajectory could hold if it stays above $9.00. Profit taking in the past two days has injected downside pressure. AXS traded at highs of $11 earlier.
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