Top Altcoins to Watch Next Week: SOL, BNB, MATIC Price May Break Resistance
The post Top Altcoins to Watch Next Week: SOL, BNB, MATIC Price May Break Resistance appeared first on Coinpedia Fintech News
As the crypto market continues to demonstrate its high volatility influenced by recent economic fluctuations, a trio of altcoins – Solana (SOL), Binance Coin (BNB), and Polygon (MATIC) – are poised to break through resistance levels next week. The recent uplift in the crypto market has been sparked by a positive Consumer Price Index (CPI) report, a critical economic indicator that triggered a surge in Bitcoin’s (BTC) price and altcoin market; however, there has been a steep decline since then. Amid all these, experts believe there may be a potential rebound for the altcoin market next week.
These Altcoins are Aiming for Potential Breakout
The crypto market has been hovering around the extreme red zone for the last few days, which occurred following the CPI report. Though investors gained some bullish confidence following Bitcoin’s breakout above $30K, the recent sharp collapse has stunned the market with a possibility of more price dips ahead. However, analysts predict it is the perfect opportunity to dive deeper into potential altcoins, as there is a possible breakout next week.
Solana (SOL) Price Analysis
Over the last four days, Solana has been hovering around its immediate support level of $19.82. This indicates that while investors are capitalizing on price dips, they haven’t yet managed to initiate a significant recovery.
As of now, the SOL price 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, suggesting a slight advantage for the bulls. If the bulls manage to break above $21.5, it could mean that the price is getting enough buying pressure to jump to its next resistance level at $23-$25. In this scenario, the price might attempt a surge toward $27.
On the other hand, if Solana’s price dips further from its current level or follows a downtrend below the 38.6% Fib level, it signals the persistence of negative market sentiment. Consequently, the SOL price could potentially drop to $16.
Binance Coin (BNB) Price Analysis
BNB’s downward trajectory continued, approaching its immediate support at $300. Currently, the BNB price is trading at $310, with a surge of over 1.3% from yesterday’s rate. In the short term, BNB may soon attempt to surge above its EMA200 on the 4-hour price chart.
This could pave the way for the asset to ascend toward the overhead resistance at $338. As it stands, the pair could keep oscillating within the wide range of $300 to $338 next week.
Polygon (MATIC) Price Analysis
MATIC price is currently witnessing massive volatility as bulls are attempting to push the price from its fear zone. MATIC price is hovering at $0.85, surging over 0.8% from yesterday’s price.
If MATIC price breaks above its EMA50 resistance at $0.89, the price can skyrocket to $0.99 by next week. However, a failure to surge above $0.89 will strengthen the sellers’ position, and the asset may drop below $0.8.
Filed under: Bitcoin - @ May 14, 2023 2:30 am