Top Altcoins to Buy January 7: SOL, SEI, GMT

Top Altcoin: Top altcoins SOL, SEI, and GMT, hold the potential for a strong bounce if the US SEC approves Spot Bitcoin ETF next week.

Top Altcoin: On Sunday, the crypto market has been trading the majority as all eyes are set on the potential approval of Spot bitcoin ETFs. This could be a calm-before-the-storm situation as either result of this topic would like to trigger a massive move on the respective side.

However, the current market outlook favors buyers as the U.S. SEC is seemingly near to the approval for the first U.S. spot Bitcoin ETFs, indicated by the recent submission of updated 19b-4 filings from multiple exchanges on Friday.

On January 6th, Bloomberg’s ETF analyst Eric Balchunas expressed optimism on X (formerly known as Twitter) regarding the possibility of the SEC approving a Bitcoin ETF soon. He mentioned, 

Yeah, it’s basically done. The latest I’m hearing (from multiple sources) is that final S-1s are due 8 am on Monday as the SEC is trying to line everyone up for the Jan 11th launch.

Nonetheless, Balchunas stressed the importance of waiting for an official announcement from the SEC to fully confirm this development.

As the general market sentiment remains in a state of flux, certain altcoins such as Solana(SOL, SIE, GMT offer new entry opportunities to go long.

Will Solana(SOL) Price Porlong Correction to $70?

Solana(SOL) Price| TradingView Chart

Solana, the fifth-largest cryptocurrency, has experienced a recent downturn from its new high of $1.26, initiating a correction phase. In just two weeks, Solana’s value has dropped by about 25%, now trading around $94.48. 

This decline comes amid growing uncertainties in the crypto market, especially concerning the Bitcoin spot ETF. Solana has recently found support at the $100 level and the 23.65% Fibonacci retracement. 

This support breakdown suggests a possible extension of the correction, potentially by another 25% to the $70 level, aligning with the 50% Fibonacci level. However, such a correction could still be beneficial for Solana, providing a chance for buyers to regain their bullish momentum. 

A reversal from this support level might offer an opportunity for a pullback, especially if Solana price breaks through key overhead resistance trendlines. Post-correction, a rally could push Solana past its recent high of $126, targeting $155, and possibly even $200. The daily RSI, hovering around 50%, indicates a neutral stance among traders

Multiple Support Sets SEI Price Rally to $1

SEI Price
SEI Price| TradingView Chart

Over the recent three weeks, the SEI coin has exhibited a robust recovery, following an ascending support trendline. The coin’s value rose from a low of $0.22 to an impressive peak of $0.88, marking a significant 290% surge. 

However, amidst growing uncertainties in the crypto market, the coin faced a pullback from this peak, declining to the current level of $0.64. At this point, the SEI coin is finding reliable support at a critical intersection: the ascending trendline, the 38.2% Fibonacci retracement level, and horizontal support of $0.627.

With a 6% intraday gain, the coin price signals another potential reversal from this support zone, which could provide fresh entry points for traders. This bullish reversal, if sustained, is anticipated to propel the buyers beyond the recent high resistance of $0.88, potentially triggering a rally toward the $1 mark. 

This move would represent a potential gain of 44%. The MACD indicator, currently on the verge of a bullish crossover, further supports the likelihood of an uptrend continuation, indicating a positive shift in market sentiment for the SEI coin.

Is GMT Price Ready to Hit $0.5?

GMT Price
GMT Price| TradingView Chart

Defying the general market’s hesitancy, the GMT coin has maintained a steady position above the $0.26 level and begun a recovery journey. In just 48 hours, it surged from $0.28 to its current price of $0.43, a remarkable 61.8% rally. 

This increase has allowed it to surpass the previous high resistance of $0.37, laying the groundwork for further growth. A daily close above this level could strengthen the buyers’ position, potentially extending the recovery rally towards $0.5, followed by $0.67, signifying a potential 65% growth. 

The broader picture reveals a rounding bottom pattern, suggesting sustained accumulation by investors and indicating early signs of a trend reversal. Should there be minor pullbacks, the 20-50-day EMA could provide reliable support for coin holders.

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About the Author: Daniel