- The crypto market has been showing high volatility due to recent economic fluctuations.
- Experts believe there may be a potential rebound for the altcoin market next week, with Solana (SOL), Binance Coin (BNB), and Polygon (MATIC) leading the way.
- Analysts predict that if these altcoins manage to break through resistance levels next week, they could lead to a significant surge in price.
Altcoins with Potential Breakout
The crypto market has recently experienced an uplift in prices due to a positive Consumer Price Index (CPI) report. However, since then, the sharp decline in prices has caused investors to look towards other potential altcoins as their possible escape route. Three such coins are Solana (SOL), Binance Coin (BNB), and Polygon (MATIC).
Solana has been trading around its immediate support level of $19.82 for the last four days. At present, it is trading at $20.21, gaining over 2.5% in the last 24 hours. The 20-day EMA has begun an upward trend, and the RSI is recovering from its bearish territory; this suggests a slight advantage for the bulls. If SOL can break above $21.5, it could indicate that it is getting sufficient buying pressure to jump to its next resistance level at $23-$25. On the other hand, if there is further dip or a downtrend below 38.6% Fib level, it could mean that negative sentiment persists and cause SOL’s price to drop down to as low as $16.
Binance Coin (BNB)
Since mid-April 2021, BNB’s price had been heading towards an uptrend until recently when it started experiencing downward momentum following Bitcoin’s price decline after reaching its all-time high of almost $65K on May 8th 2021. As of now, BNB’s price stands at US$573 after declining by 4%. The MACD formed a bearish crossover which indicates that further downtrend may be on its way; however should pullbacks occur at any point then there is a possibility of an upsurge too. In order for BNB’s price movement to sustain a bullish trend more buyers need to enter the market which will help break through current resistance levels at around US$600-$610 regionally before targeting higher highs near US$700-$710 range in case of long positions being established by traders/investors alike
MATIC underwent tremendous growth since mid-April 2021 when it was trading around US$0.75 per token; currently MATIC stands at just over US$1 per token after increasing by 6%. Its recent surge was primarily driven by major announcements like Coinbase listing MATIC along with several buyback programs conducted by their team members and other influencers associated with them which led many investors pour money into MATIC tokens causing its value increase drastically throughout April and early May 2021 period followed by sideways movement during past few days along with majority of cryptocurrencies due to BTC dipping from 65k mark back towards 50k USDT area where it currently trades as of writing this article but yet again MATIC looks primed for another run anytime soon given how well supported it currently seems no matter what happens with BTC’s value movements against USDT pairings on popular exchanges across globe