$2.15 billion in crypto was liquidated in 24 hours this weekend. Worse than LUNA. Worse than FTX too. Which ones will bounce back? Which won’t? How can you tell?
We ask a simple question we’ve used before to help us figure out which projects are stronger in poor market conditions. And that question is, how long ago did the project last at this current price? And was it showing strength then or weakness? Based on this question, we have 4 altcoins that will bounce back faster. A couple of them have already started it this Monday.
1) Bitcoin (BTC)
Bitcoin is one of the fastest to bounce back from a big liquidation like we saw last weekend. As I write this on Monday morning, it’s already back to being down only 3% in the last 24 hours. So really, it’s already bounced back. But even if it didn’t, we knew it would. Look at the bear market we had. The top for Bitcoin was $67,000 in November 2021, just as the bear market was starting. And yes it was long. Bitcoin hit a bear market low of $15,814 in November 2022, a year later.
But after that bottom, the bounce back started. It wasn’t fast. It was almost 18 months, but in March 2024 it reclaimed that previous high. Was some patience required? Yes. But did it recover and keep your bags in the money? Also, yes. BTC was last at today’s price less than 3 months ago, in mid-November. And Bitcoin is pretty consistent in that. It is the safest coin to hold in the industry right now.
And the more expensive it gets, the safer it is as it’s less likely that something damaging happens to take the project down to zero.
2) Sui (SUI)
Sui is another great performer we expect to bounce back fast. This weekend, Sui dropped from $4.25 to $2.73 or a drop of 35% at its lowest. SUI has already bounced back some too. It’s now at $3.15 or up ~15% off the lows of the weekend. Using our very simple criteria of when was the project last at this price, we see that Sui was last at $2.73 back in the first week of November, or 3 months ago.
Losing 3 months of gains sounds way less tragic than big, bold $2 billion liquidation, right? And that’s the point. An active or semi-active trader that has a trade go against them and sees that after 3 months they are at breakeven is disappointed. But hardly heartbroken. Sui has shown and is continuing to show great bounceback-ability.
3) BNB
Next, we have BNB. A great project we haven’t talked much about recently. Although we are just looking at charts, BNB’s aggressive token burn program helps to prop up its price. Every quarter, like clockwork. And it helps the chart too. BNB is down 16% over the weekend from $687 to $577. It’s already bounced back off its weekend low of $542 by ~8%.
The 29th quarterly $BNB token burn has been completed directly on BNB Smart Chain (BSC), with 1772712.363 $BNB being burned
When was BNB last at its $577 current price? Like Sui, it’s the first week of November. BNB has been a silent crusher. Even after this weekend’s blowout, BNB is still up 91% in the last 12 months. Betting on it is like betting on Binance to stay in a leadership position among crypto exchanges. And if you’ve seen how they work in emerging markets, you know it will take a lot to unseat them as the centralized exchange leader in these markets.
4) Solana (SOL)
Last today, we have Solana. The Solana at $8 post-FTX debacle is the stuff of legend these days. Solana got below $10 in late December 2022. It hasn’t looked back since and it’s shown its resiliency. Let’s look at the more recent history.
SOL has been on a huge run up 101% in the last 12 months even with the shakeout this weekend. Its all-time high was 15 days ago at $293. The low of the weekend was $186.51. That’s a 24% drop in just 15 days. The current price for SOL is $199. And when was the last time SOL was at this price? Just 3 short weeks ago. SOL went on an amazing run mid-January to go from $199 to its all-time high of $293.
So now those 3 weeks of gains are wiped out. Does it suck? Sure. But it’s not the end of the world. 3 weeks is not that long ago and SOL is strong and resilient. It will be back.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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