WASHINGTON - The cryptocurrency market is bracing for a significant regulatory decision as the US Securities and Exchange Commission (SEC) approaches a critical deadline that could see the approval or delay of 12 filed spot exchange-traded funds (ETFs) by November 17. This decision comes amid concerns over a potential government shutdown in December, which may influence the timing of the SEC's ruling.
The approval of these ETFs is highly anticipated by the crypto community, as it could inject new capital into the market and potentially lead to inflated prices. However, there's also apprehension about the possibility of a batch approval, which might cause excessive hype and volatility. Altcoins such as Celestia, Solana, and THORChain are considered to be most vulnerable to market shifts resulting from the SEC's upcoming decision.
In recent trading sessions leading up to today, these altcoins have exhibited significant price movements. Celestia (TIA) showed signs of a rally with daily imbalances, but technical indicators suggested a possible retraction to support levels at $3.76 or $3.48 if the hourly Relative Strength Index (RSI) dips below the mean level of 50.
Similarly, Solana (SOL) has been on a downward trend, displaying a bearish breaker pattern. Its previous demand zone has turned into resistance, hinting at potential corrections to support levels at $44.38 or $37.28. In a more severe scenario, prices could plummet to the $32.76 support level.
THORChain (RUNE), after witnessing a substantial 235% rally in recent weeks, faces the possibility of retesting its resistance at $5.07. A correction might follow, bringing prices down to support levels at $4.31 or even lower to $3.44, which is the midpoint of its rally. In extreme cases, the price could drop to the $2.64 support level.
Investors and traders are closely monitoring these developments as they could significantly impact the cryptocurrency market's direction in the short term. The anticipation around the SEC's decision is palpable, with potential implications for liquidity and stability across various digital assets.
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