• The crypto market has been volatile influenced by recent economic fluctuations.
• A trio of altcoins – Solana (SOL), Binance Coin (BNB), and Polygon (MATIC) – may break through resistance levels next week.
• Analysts predict a potential rebound in the altcoin market, providing investors with an opportunity to dive deeper into potential altcoins.
Crypto Market Volatility
The crypto market has recently experienced high volatility due to economic fluctuations. This has sparked a positive Consumer Price Index (CPI) report, which triggered a surge in Bitcoin’s (BTC) price and altcoin market. Despite this, the market has recently seen sharp declines which have stunned investors with a potential for more dips ahead.
Altcoins Poised for Potential Breakout
In spite of the recent downturn, analysts believe that this is actually the perfect time to invest in certain altcoins as they are poised for a potential breakout next week. Three such coins are Solana (SOL), Binance Coin (BNB), and Polygon (MATIC).
Solana Price Analysis
Over the last four days, Solana’s price has been hovering around its immediate support level of $19.82. As of now, the token is trading at $20.21 after gaining 2.5% over 24 hours and its 20-day EMA is trending upwards while its RSI is recovering from bearish territory – both indications that bulls could be taking over soon. If SOL’s price breaks above $21.5 then it could mean that there is enough buying pressure pushing it up towards its next resistance levels at $23-$25, potentially leading to surge toward $27 or higher. On the other hand, if Solana dips further or follows a downtrend below 38-6%, then negative sentiment will persist and its price might drop to $16 or lower instead..
Binance Coin Price Analysis
For BNB’s price analysis, it can be seen that despite an initial upward push following Bitcoin’s breakout above 30K, it quickly fell back down again due to increased bearish pressure from traders selling off their holdings aggressively . The current trend suggests that BNB may struggle to break out from its current support level at $392 and see further drops unless bulls manage to take control again soon . However , if some bullish momentum can be gathered , then BNB may attempt another breakout towards $430 before heading towards its previous all-time highs at around $460 .
Polygon Price Analysis
Finally , Polygon’s MATIC currently sits at around $1 . 43 and appears ready for another surge as long as buyers can keep up their momentum . Its short term outlook looks promising as MACD suggests increasing bullish strength while RSI continues on an uptrend trajectory . Additionally , MATIC appears close to breaking out of an ascending triangle formation which could propel it up towards its previous all-time highs of around $3 . In case of any sudden plunge however , an immediate support zone lies between 1$ -1 . 10$.