Ethereum

Solana

Terra Classic

Bitcoin ETF

Terra

Crypto Price Prediction: The cryptocurrency market is experiencing relative stability during the weekend, following a bearish trend earlier in the week. This downturn saw <a href="https://coingape.com/bitcoins-maintains-lukewarm-performance-amid-sp-500-record-high/" rel="noopener noreferrer nofollow">Bitcoin</a>, the largest cryptocurrency, fall from a high of $49,000 to $40,300, marking a 17.85% loss.&nbsp;
This selling pressure is largely attributed to <a href="https://coingape.com/grayscale-ceo-challenges-bitcoin-etf-rivals-lauds-1-5-fee-amid-sec-approvals/" rel="noopener noreferrer nofollow">Grayscale</a> beginning to sell its Bitcoin holdings in response to investors offloading shares of the GBTC ETF. The outflow of $2.2 billion from Grayscale’s GBTC and concerns about the Bitcoin ETF being a ‘sell-the-news’ event have led most major cryptocurrencies into a correction phase.
Despite this, several industry experts view the current downturn as a natural correction, necessary for the major cryptocurrencies to gather strength for future growth.&nbsp;
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/u/UOkPLr5K.png" alt="Bitcoin price TradingView Chart" width="1946" height="937">
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 Bitcoin Price| TradingView Chart
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On the Bitcoin weekly time frame chart, there’s a notable struggle to sustain above the 50% <a href="https://coingape.com/glossary/fibonacci-retracement/" rel="noopener noreferrer nofollow">Fibonacci retracement level</a>, around $42,300. This effort to reclaim 50% of the lost value from the recent downtrend reflects a growing conviction among market bulls and a weakening hold by bears on the asset.
With a positive outlook for the near future, the following cryptocurrencies Ethereum(ETH), Solana(SOL), and Luna Classic (LUNC) can offer suitable pullback opportunities to traders.
<h2 id="b-why-ethereum-eth-price-nearing-a-22-breakout-rally-b">Why Ethereum (ETH) Price Nearing a 22% Breakout Rally</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/a/AYLKWVpX.png" alt="Ethereum (ETH) Price" width="1946" height="937">
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 Ethereum (ETH) Price| TradingView Chart
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Amid the current downturn in the crypto market, the <a href="https://coingape.com/price/ethereum/" rel="noopener noreferrer nofollow">Ethereum price</a> recently hit a local high of $2700 before starting a correction phase this week. The price now stands at $2487, reflecting a loss of 8.35% over the past two weeks.
A closer examination of the 4-hour chart reveals that this correction is contained within two converging trendlines, forming what appears to be a pennant pattern. If this pattern proves accurate, it suggests that the current correction phase could be a consolidation period, allowing buyers to gather strength for a potential upward movement.
Adding to this bullish perspective is a notable observation by <a rel="noopener noreferrer nofollow" href="https://x.com/ki_young_ju/status/1747937298040390090?s=20">Ki Young Ju</a>, CEO of CryptoQuant, regarding Ethereum’s staking activity. On January 18th, he highlighted in a tweet that 24% of Ethereum’s total supply is now staked, with only 11% available on exchanges. Contrary to expectations of significant unstaking post the Shapella upgrade, the staking rate continues to rise.
Given these technical and on-chain developments, the <a href="https://coingape.com/ethereum-dencun-upgrade-here-are-2-crucial-dates-to-watch/" rel="noopener noreferrer nofollow">ETH</a> price might break through the pennant’s upper trendline, indicating an end to the correction phase. This breakout could potentially spark a rally of around 22%, pushing the price beyond the $3000 mark..
<h2 id="b-new-found-support-bolsters-solana-sol-price-rally-to-125-but-there-s-more-b">New Found Support Bolsters Solana (SOL) Price Rally to $125, But There’s More&nbsp;</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/h/HMfEC4vd.png" alt="Solana (SOL) Price" width="1815" height="836">
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 Solana (SOL) Price| TradingView Chart
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Solana, the fourth largest cryptocurrency by market cap, has displayed impressive resilience amid the broader market’s downturn, holding steadily above the crucial $85 mark. This level coincides with the 38.2% Fibonacci retracement, signaling that buyers are maintaining a strong foothold.&nbsp;
As highlighted in a <a href="https://coingape.com/markets/top-altcoins-to-buy-january-21-sol-grt-chz/#:~:text=If%20the%20theory%20is%20corrected,favorite%20coins%20at%20a%20discount." rel="noopener noreferrer nofollow">recent analysis</a> by Coingape, the Solana price correction is shaping the ‘handle’ of a larger Cup-and-Handle pattern, a bullish chart formation. This suggests that the ongoing retracement could rejuvenate the bullish momentum, potentially driving the SOL price up by 35% to breach the critical neckline resistance at $125.
A successful breakout from this neckline, particularly if backed by a daily candle closing above it, would be a robust indication of a trend reversal. Such a development could set the <a href="https://coingape.com/price/solana/" rel="noopener noreferrer nofollow">Solana price</a> on a path towards a significant target of $255.&nbsp;
<h2 id="b-terra-classic-lunc-price-wavering-in-a-mark-or-break-scenario-b">Terra Classic (LUNC) Price Wavering In a Mark-or-Break Scenario</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/k/KvAVZlzd.png" alt="Terra Classic (LUNC) Price" width="1814" height="836">
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 Terra Classic (LUNC) Price| TradingView Chart
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The <a href="https://coingape.com/price/terra-luna-classic/" rel="noopener noreferrer nofollow">Terra Classic (LUNC) price</a> has been in a corrective phase since December 2023, with its price dropping from a high of $0.00028 to its current value of $0.000118, indicating a substantial 60% loss.&nbsp;
The coin found crucial support at the 78.6% Fibonacci retracement level around $0.0000102, changing its course from a downward trend to sideways. The daily chart shows that this consolidation has evolved into a symmetrical triangle pattern, typically a sign of the continuation of the existing trend.
A breakdown below this triangle’s lower support trendline might lead to further price declines for <a href="https://coingape.com/terra-classic-community-turns-down-major-proposal-lunc-price-retraces/" rel="noopener noreferrer nofollow">LUNC</a>, potentially towards $0.0000975 and then $0.0000842. Alternatively, a rare upside break from this pattern could signal an attempt by buyers to regain bullish momentum.
If buyers manage a breakout, they could be looking at an upward rally towards resistance levels at $0.000147, followed by $0.000173, providing a much-needed boost to reverse the bearish sentiment.
<h3 id="related-articles">Related Articles:</h3>
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The post <a href="https://coingape.com/markets/crypto-price-prediction-today-jan-21-eth-sol-lunc/" rel="noopener noreferrer nofollow">Crypto Price Prediction For Jan 21: Ethereum (ETH), Solana (SOL), Luna Classic (LUNC)</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Crypto Price Prediction For Jan 21: Ethereum (ETH), Solana (SOL), Luna Classic (LUNC)

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