Crypto price analysis for January 2 – The cryptocurrency market began the year with a spike in the price of most cryptocurrencies as the majority are trading in the green zone.
Data from CoinMarketCap show that the global crypto market cap has grown by 3.25% in the last 24 hours raising its total value to 1.73 trillion. In addition, the crypto fear & greed index continues to show bullish speculations as it rests at the value of 71 as opposed to yesterday’s 65.
The largest cryptocurrency by market cap, Bitcoin has started the year with its price rising above the $45k mark. According to data from Coinstats, Bitcoin is currently trading at $45,011 which signifies a 4.42% increase over the last day.
Furthermore, the value of Ethereum has grown by 1.27% in the last 24 hours, raising its price to $2,358 per Coinstats data. With the current state of the market, traders are observing to see if other altcoins can stay bullish amid today’s sharp rise.
Let us look at the price analysis for Solana (SOL) and Dogecoin (DOGE).
Solana (SOL) price analysis
Over the last 24 hours, the price of Solana has increased by 7% making it the top gainer among the top 10 cryptocurrencies in the market.
However, despite the sharp spike in the value of SOL today, the price is still trading in the middle of the channel. Traders should focus on the daily closure.
Source: TradingView
If the price closes near $118, then the accumulated energy might push it to $125. If this happens otherwise, then the price might drop between $105 and $115.
According to Coinstats data, Solana (SOL) is currently trading at $107 with a 24-hour trading volume of $3,970,886,663 ($3.9 billion).
Dogecoin (DOGE) analysis
Live data shows that the price of DOGE has risen by 0.21% in the last 24 hours. On the Dogecoin daily chart, if the bar of the memecoin closes with a long wick, then the bulls will have a lower chance to seize the initiative.
Source: TradingView
If this happens, traders might witness a price correction to the $0.09 area. According to Coinstatss data, the price of Dogecoin (DOGE) is $0.091 with a 24-hour trading volume of $408,834,929 ($408.8 million).
