Bitcoin is often regarded as the king of the hill. But lately, it seems that some of its younger siblings, the altcoins, are preparing to make their own mark on the industry. In fact, following the recent volatility in Bitcoin, many investors have begun to move to altcoins, leading to increased interest and potential for breakout performance in the coming weeks.
These Altcoins can make your portfolio green
The recent volatility in Bitcoin has forced investors to look beyond the king of the hill and consider the potential of altcoins. While there are many promising projects in the industry, Solana, Polygon, and Litecoin are all preparing for potential breakouts in the coming weeks.
Solana Price Analysis
The buzz around Solana (SOL) is gaining momentum as more and more people consider joining. The latest Messari report shows that the USD-denominated total value locked in Solana has experienced a QoQ increase of 23.5%.
At the time of writing, the SOL price is trading at $23.75, up more than 6.5% from yesterday’s price. Solana successfully broke out of its bearish range as buyers provided momentum near the $22.8 level. In case the price surpasses the immediate resistance of EMA-200 at $25.16, it would indicate that the bulls have successfully absorbed the supply.
This would prompt the SOL price to rally towards the formidable overhead resistance of $29.77, which serves as a crucial level for the bulls to overcome. If the bulls succeed, it could trigger another upward move, pushing the price to $38.8.
However, if the bears want to thwart the rally, they must quickly push the price below the $21.6 EMA-100 support level. This could potentially push the SOL token to the next level of support at $16.49.
Polygon (MATIC) price analysis
Recently, Google Cloud partnered with Polygon to help developers deploy their web3 products, increasing investor confidence. Currently, MATIC price is trading at $1.02, up nearly 3% in the past 24 hours.
Polygon’s long tail indicates that the bulls are vigorously defending the $0.94 support level, but the bears have not yet surrendered. However, the downside 20-day EMA at $1.05 and the negative RSI suggest that the bears currently have the upper hand. The sellers will try to stop the recovery in the area between the 20-day EMA and the resistance line. There will likely be a breakout above $1.08 next week, taking the token’s price to $1.17.
If the price pulls back from the resistance line, it indicates the possible formation of a descending triangle pattern, which will be confirmed by a breakdown below $0.93. If this support level is breached, the MATIC price could fall as low as $0.7.
Litecoin (LTC) price analysis
The current day has been highly volatile for Litecoin, with both bullish and bearish attempts to take control proving unsuccessful. Typically, such fleeting days are followed by a range contraction period of several days.
At the time of writing, the LTC price is trading at $91, up more than 2.7% in 24 hours. If LTC continues above the EMA-20, it could break the USD 102 resistance next week.
