Leading Altcoins Face Corrections: HYPE, RENDER, and SOL

Hyperliquid’s HYPE value, following the billionaire’s airdrop, rose to a new all-time high on December 21 before entering a sharp correction. Meanwhile, RENDER, the leading AI-focused coin, saw a sharp 20% decline over the past week, with its market cap falling to $3.7 billion.

Likewise, SOL faced a massive 30% decline in the last 30 days after its November peak of $264, yet its ecosystem remains active with thriving apps like Raydium and Pumpfun. Both of these tokens are now approaching critical technical levels, paving the way for potential reversals or continued corrections in the coming days.

Excess fluid (HYPE)

HYPE, Hyperliquid’s native currency, has been the center of attention in recent weeks, following the billionaire’s widely publicized takedown. The token reached a new all-time high on December 21 but has since entered a correction phase, following the pattern of other altcoins in the past week.

Over the past 24 hours, HYPE’s price has fallen by 17%, bringing its market capitalization down to nearly $9 billion.

From a technical perspective, the resistance level at $28.95 holds great importance for HYPE’s price path.

A break above this level could reignite bullish momentum, which could push the symbol towards $35 and even $40 in the near term. Conversely, if the support at $22 fails to hold, the correction could deepen, taking the price down to $14.99.

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RENDER is the leading AI token by market capitalization and is currently showing a sharp correction after peaking at almost $4.5 billion last week. With its market capitalization now at $3.7 billion, the token has fallen by nearly 20% over the past seven days.

This decline comes amid growing expectations that the AI ​​narrative will continue to gain momentum in 2025, which could provide an attractive entry point for investors to get into AI altcoins. RENDER price action is currently moving in a strong downtrend, which was marked by the formation of a death cross on December 19, showing bearish momentum.

Currently, RENDER is trading near a crucial support level of $6.37, with resistance around $7.78. A successful break above this resistance level could pave the way for a rise towards $9.71.

However, failure to hold support at $6.37 could exacerbate the decline, with downside targets at $5.26 and $4.73 looming.

Solana (Sol)

SOL saw a major pullback after hitting an all-time high of $264 on November 22, with its price falling by almost 30% over the past 30 days.

Despite this correction, the Solana ecosystem is still trending, with apps like Raydium and Pumpfun continuing to generate significant traction, clocking up millions of dollars in daily fees, and Solana altcoins like PENGU, BONK, and WIF also attracting a lot of attention.

Looking ahead, SOL’s price movement hinges on key support and resistance levels. The next crucial support is at $178; If this level fails, SOL could face further declines, potentially testing $158 and $147.

Conversely, resistance at $195 is pivotal for a potential reversal. A break above this level could signal the start of a new uptrend, with targets at $203 and $221.