Top Altcoins To Buy January 16: SOL, SEI, XAI

The crypto market, bruised but not broken by last week’s post-BTC ETF sell-off, is starting to paint a picture of cautious optimism. Bitcoin price, leading the charge, has clawed back 2% to $43,068, with Ethereum price following suit at $2,556, up another 2%. The green wave has washed over the market, pushing the total cap 1.3% higher to $1.77 trillion. It’s a slow dance for now, but the potential for a full-blown waltz is undeniable.

Keep your eyes peeled on top altcoins like Solana (SOL), SEI, and XAI. Buoyed by the rising tide, they could be poised to pirouette to new 2024 highs before long. But remember, this is still a tango with risk, so tread carefully and keep your eyes on the technical steps.

Solana Price Considers Breakout To $126

Solana price continues to be one of institutional investors’ treasured gems despite exploding by a staggering 350% from its October 1 price of $21, data by CoinGecko shows. The competitive smart contracts token has tended to sustain longstanding rallies and this uptick could mirror the previous bull run where SOL achieved new all-time highs of $260.

Although Solana price hit highs at $126 in December, pressure from profiteering investors and the generally dilapidated market structure in 2024 trimmed the gains to the support at $85.

On several occasions, SOL price has reclaimed the position above $100 but due to fading momentum, not much headway has been made towards the recent $126 highs.

Currently, a break and a subsequent close above resistance at $100 is necessary to protect Solana’s bullish thesis. The buy signal from the Moving Average Convergence Divergence (MACD) indicator could bolster the breakout if investors heed the call.

The ideal entry position would be after SOL confirms support above $100 and breaks out of the descending channel, as seen on the chart. Such a breakout would signify an improving technical outlook and might pave the way for the move to $126.

Sei Price Bleeds After Failing To Reinstate Bullish Stint

Sei price wobbles after encountering another disappointing rejection from resistance at $0.85. The sensational token rallied by a whopping 234% in the last 30 days to trade at $0.78, up 10% in 24 hours.

A 130% increase in the trading volume to $832 million suggests that investor interest in the token is growing rapidly. The market cap shot up by another 10% to $1.9 billion making SEI the 44th largest crypto in the market.

The outlook of the token from the four-hour chart, reveals a breakout from an ascending triangle which fizzled out at $0.85 before reaching its breakout target.

If the triangle x-axis functioning as support at $0.77 holds steady, a rebound could be stronger and launch SEI above $1. Altcoin Sherpa, a popular crypto analyst pointed out via a post on X that Sei looks good due to the ongoing consolidation and “highly bullish HTF market structure.” He added that the token is “bullish on all time frames” with EMAs catching up.

$SEI: Lots of comments/questions on SEI. Don’t have a super strong one tbh.

Why it looks good:
-Consolidation and highly bullish HTF market structure
-Still bullish on all time frames
-EMAs all catching up + other alts looking strong

Why it doesn’t:
-could be an exhaustion pump… pic.twitter.com/CB8ZI9iO6O

— Altcoin Sherpa (@AltcoinSherpa) January 16, 2024

Xai Price Blasts Past $1, Here’s What Could Happen Next?

Xai, a token that recently launched on Binance, the leading crypto exchange by trading volume, pumped by 8% on Tuesday and was trading at $1 at the time of writing.

The initial breakout started on Monday after XAI reclaimed ground above the 20 Exponential Moving Average (EMA) and the 50 EMA on the hourly chart. This development was a glimmer of hope as traders jumped on the opportunity, contributing to the momentum that blasted XIA to $1.2.

After ceding ground, XAI wobbles between the 50 EMA (red) support and resistance at the 20 EMA (blue). A break on either side of this range could shape the next breakout either to $1.2 and higher or to $0.8 and lower.

The MACD upholds the bearish outlook for now, flaunting a sell signal. Bulls must move fast to arrest the bearish situation and prevent declines from gaining momentum below $1. Altcoin Sherpa said that a suitable entry position would be at $0.9. Hence, dips could prove profitable.

$XAI: something like .90 would probably be a solid entry. expecting a lot of the new launches to look like this tbh. pic.twitter.com/W9b845eSzA

— Altcoin Sherpa (@AltcoinSherpa) January 16, 2024

Unlike, Sei and SOL which have exploded significantly in the last few months, XAI is relatively unexploited and could be a worthy addition to your crypto portfolio.

Related Articles