ZEC has retraced from its 10-year high above $1,650, with one analyst envisioning a potential collapse to $200 under certain conditions. BTC has also slipped over the past few days, but whale activity and other factors suggest the overall bullish trend remains intact.
Solana’s native token has been making headlines, too, as some market observers believe it could be on the verge of exploding to $500.
Brutal Crash for ZEC Comes Next?
Just a few days ago, the popular privacy coin surpassed $1,600 for the first time since 2016, but bulls couldn’t hold the momentum, and it corrected to under $1,500. Over the past 24 hours, ZEC headed north again and is currently worth roughly $1,590 (per CoinGecko).
The asset’s overall uptrend is undeniable, with the valuation skyrocketing by 2,600% on a yearly scale. Still, X user Crypto Patel thinks that after this “extraordinary move,” it might be time for a major pullback.
The analyst argued that a cup-and-handle structure suggests that the $1,600-$2,000 range might have marked the top of the cycle, adding that ZEC has started showing signs of “extreme extension from a psychological perspective.”
That said, they envisioned a potential collapse to $500 if the coin enters a distribution and downtrend phase, and a meltdown to $200 if the long-term structure completely reverses.
Just a Healthy Correction for BTC?
At the start of the business week, the primary cryptocurrency reached $87,000, marking its highest level since January. Its positive performance continued over the next few days before bears finally reclaimed some control. Currently, BTC is worth $84,600, but certain elements suggest this could be a temporary pullback before a new leg up.
The first one is the whale activity. Santiment recently revealed that large investors (those holding between 100 and 1,000 coins) have accumulated almost 114,000 units since July 15. For his part, Ali Martinez said these market participants have purchased over 30,000 BTC (worth more than $2.5 billion) over the past 96 hours.
Other bullish factors include the declining amount of coins stored on crypto exchanges (which reduces immediate selling pressure) and the solid institutional interest. Spot BTC ETFs have registered six green days in a row, attracting nearly $3 billion within that period.
SOL Price Outlook
Solana’s native token has surged by 12% over the last week, currently trading just south of $120. Not long ago, X user Ash Crypto claimed that the asset has one of the most bullish setups among altcoins after reclaiming the weekly MA200, briefly hitting $120 for the first time in eight months, and forming a weekly golden cross.
Veteran trader Peter Brandt and Gerla also chipped in. The former spotted a textbook cup-and-handle pattern on SOL’s price chart, which is typically a precursor to a rally, while the latter envisioned a massive jump to $500.
Meanwhile, September has been a highly positive period for Solana, suggesting that it may indeed finish in the green. CryptoRank data shows the asset has posted gains in five of the past six Septembers.
Source: CryptoPotato
