Altcoin Market Rebounds: Bitcoin Surge Boosts Optimism, Ethereum Leads Rally

The altcoin market experienced a significant downturn last weekend, with a $1.5 billion hack on the Bybit exchange leading to a sharp decline in several altcoins. However, traders are now optimistic about a strong recovery in altcoin prices, following Bitcoin's surge towards the $100K mark. In the upcoming week, we could see promising movements in the prices of Solana, Story, and Ethereum.

Ethereum is the main altcoin to watch next week as it could lead the altcoin rally, especially with the ETHDenver 2025 conference starting on February 23. This major event focuses on Ethereum and often sparks the introduction of new projects, updates on Layer 2 technology, and developments in decentralized finance (DeFi). With increasing interest from institutions in Ethereum staking and rollups, any major announcements or partnerships at the conference could significantly increase Ethereum's value.

The recent buzz around the SOL ETF could help boost Solana's price. Overall, any regulatory changes or news could pave the way for a rebound in altcoin prices.

Solana's price has seen a significant correction after the Bybit hack, with buyers currently pushing the price above the 23.6% Fib channel. Solana is currently trading at $171, having dropped by 0.2% in the last 24 hours. The SOL/USDT trading pair is facing challenges under $180, showing that sellers have strong control at this level. However, if demand increases, buyers could potentially push past this level soon. If the price drops below the EMA20 trend line on the 1-hour chart, sellers might attempt to drive it down to the $160 support level. Meanwhile, with the Relative Strength Index (RSI) hovering around the midline at 46, it could lead to a retest of the upper resistance channel. If the price stays above $180, it would be advantageous for buyers, possibly driving the price up to $219.

Story has seen a notable drop after buyers failed to maintain the level at $9. This drop has weakened buyer confidence to push the price upwards. Currently, IP price is trading at $4.46, having dropped by 0.4% in the last 24 hours. The IP/USDT trading pair is aiming for $5.