Away from Bitcoin and Ethereum, three cryptocurrencies in the spotlight today are Arbitrum (ARB), Solana (SOL), and Axie Infinity (AXS). Here’s an analysis of the altcoins as the crypto market looks to a bullish start in 2024.
Arbitrum (ARB) Price Outlook
The price of Arbitrum, a rollup chain for scaling Ethereum, has soared 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, which is just 8% away from its all-time high.
With sentiment positive, ARB/USD could target the $2 mark to strengthen the anticipated bullish move in 2024. Crypto analyst Michaël van de Poppe believes ARB should rely on solid support in the range of $1.40 to $1.45.
Solana Price Risks Dip to or Below $100
Solana has dropped more than 8% in the past 24 hours, trading 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 dropping hard.
The market remains largely bullish on Solana, though. Crypto trader @ShardiB2 mentioned the overbought outlook for SOL, but noted the declines provide a buy-the-dip opportunity.
Axie Infinity Seeks Bullish Flip
Axie Infinity (AXS) has not had a great year, lagging behind top altcoin performers over the past twelve months. Nonetheless, AXS has surged more than 170% since mid-October, including a significant 40% spike in the past 30 days.
News related to the Axie Infinity gaming ecosystem, such as the long awaited Axie Part Evolution, could create an ecosystem bump that could see Axies’ value rise with a broader impact for the AXS price. The token currently trades near $9.13, down 4.6% in the past 24 hours. If it stays above $9.00, the upside trajectory could hold. Profit taking in the past couple of days has injected downside pressure, though, with AXS trading at highs of $11 earlier.
