Top 3 Altcoin Gainers as Bitcoin Consolidates Below $100,000 Milestone

Most top-ranking cryptocurrencies have declined sharply following Bitcoin’s (BTC) unsuccessful attempt to hit the $100,000 milestone, leading to liquidations worth $492.76 million in the last 24 hours.

That includes $348.65 million worth of long liquidations and $136.11 million of short liquidations. This implies that bullish traders have faced heavy losses during the crypto market correction, increasing the downside sentiment as they forcibly close their long positions by selling the underlying assets.

Nonetheless, some mid-cap altcoins have posted incredible profits in the same timeframe. That includes metaverse token, The Sandbox (SAND), and smart contracts platforms Sei Network (SEI) and Avalanche (AVAX).

The Sandbox Price Pops to Highest Since February 2023

The Sandbox (SAND) has rallied to its highest levels since February 2023 during the crypto market’s correction, in a capital inflow toward the broader metaverse sector.

Notably, SAND’s price jumped by over 25% in the last 24 hours to reach as high as $0.868 on Nov. 25. Its gains accompanied similar rallies across the metaverse and gaming tokens, with Decentraland (MANA)—the second-largest metaverse project by market cap—rising by over 2.50% in the same period.

Metaverse tokens have underperformed the broader crypto market after the United States Securities and Exchange Commission (SEC) named their top assets, including The Sandbox and Decentraland, in the lawsuit against Binance.

Notably, the commission called SAND and MANA tokens “securities,” an allegation Binance challenged in a motion filed on Nov. 4, just two days before Donald Trump won the US presidential elections.

The crypto sector’s future in the US now looks optimistic, with president-elect Trump promising friendlier regulations and the SEC Chairman Gary Gensler announcing his departure in January.

SAND’s price has surged by over 265% since Trump’s reelection.

SAND/USD Technical Analysis: Descending Broadening Wedge Limits Further Bullish Aspects

The Sandbox market boom in November brought its price to a technical resistance level that has preceded 55-70% corrections in the past. When mixed with the falling trendline support, the level—at around $0.78—constitutes a descending broadening wedge pattern, as shown below.

If the pattern remains relevant, SAND’s price could drop toward its June 2021 support target of around $0.19, down 75% from the current price levels. SAND’s overbought relative strength index (RSI) readings on the weekly chart further the bearish outlook.

Conversely, a clear close above the descending broadening wedge pattern’s upper trendline could enable a SAND price rally toward the 0.786 Fibonacci retracement line of around $1.631, up by over 100% from the current price levels.

Sei Network Price Hits April 2024 High Following Strong Network Growth

The price of Sei Network’s SEI token has more than doubled following Donald Trump’s reelection as U.S. president, including a 14.50% rally in the last 24 hours to the April 2024 high of around $0.695.

Its impressive rally is underpinned by strong fundamentals, as outlined in Messari’s Q3 report on the smart contracts platform.

For instance, SEI’s quarterly revenue surged 31.1% quarter-over-quarter (QoQ) to 0.11 million SEI, driven by a 540.8% jump in average daily active addresses, which reached 32,710.

Sei’s decentralized finance (DeFi) ecosystem experienced a 254.4% QoQ rise in total value locked (TVL) to $215.8 million. Even when measured in SEI tokens, DeFi TVL grew 162.2% QoQ to 469.2 million SEI.

“The community can hope for further growth as Sei Foundation leverages its $50 million Japan Ecosystem Fund and $10 million Sei Creator Fund,” argues Patryk Krasnicki, Senior Protocol Research Analyst at Messari, adding:

“DeFi momentum could continue into Q4 as protocols throughout Sei’s ecosystem leverage incentives and points programs that attracted new users and assets in Q3.”

SEI/USD Technical Analysis: Is $2 Next Price Target?

A popular market narrative sees SEI replicating the bullish price trajectory witnessed in its close rival Sui’s (SUI) market, sparking optimism about a potential price surge to $2.

The three-day charts reveal striking similarities in the price action of both tokens, particularly their breakouts past critical Fibonacci retracement levels.

For SEI, the rally began after establishing strong support near $0.202, a level corresponding to the 0 Fibonacci retracement. The token is approaching the 0.618 Fibonacci level at $1.57, a key resistance point, in the coming days.

Traders believe SEI will eventually break above the 618 Fib line to pursue a run-up toward the 2.618 Fibonacci extension target at $2.66. That is similar to a price trajectory undertaken by SUI in recent months.

“It’s obvious that SEI is following a similar pattern, making the $2 target a realistic possibility if the uptrend and volume continue,” said market analyst Bando.

However, on the daily chart, SEI must break a solid resistance level area before pursuing bigger upside targets in 2024 and early 2025. The SEI token is testing the upper trendline of its ascending channel (~$0.675), a level that has historically acted as a major resistance.

This setup suggests a potential bearish reversal, with the price at risk of a sharp correction. If the trendline holds as resistance, SEI could drop over 35%, targeting the $0.426 level by December.

Historical data reinforces this bearish scenario. In April-May 2024, SEI faced a similar rejection after testing $0.675 as a horizontal resistance level, resulting in a steep 33.77% decline.

Avalanche Token is Blasting Toward March 2024 Highs

Avalanche’s AVAX token has jumped by more than 10% in the last 24 hours to around $48 on Nov. 25, further strengthening its bull pennant breakout setup.

The bull pennant formed after a sharp upward move from the $29.53 level in late October. Following the consolidation within the pennant, AVAX’s breakout suggests a continuation of the prior rally. The pattern’s measured move points to a potential target of $60, aligning closely with the Fibonacci 1.00 extension level at $61.30.

Technical indicators further support a cautious bullish case. The Relative Strength Index (RSI) has entered overbought territory at 75, reflecting strong buying momentum. Meanwhile, AVAX is trading way above its 50-day and 200-day exponential moving averages (EMAs).

Traders should watch for potential profit-taking near key resistance levels, particularly around the $52.50 mark, corresponding to the Fibonacci 0.5 retracement. A sustained close above this level could confirm AVAX’s path toward its $60 target.