Bitcoin is often considered the king of the hill. But lately, it seems like some of its younger siblings, the altcoins, are preparing to make their own mark in the industry. In fact, following the recent volatility in Bitcoin, many investors have started to switch to altcoins, leading to increased interest and potential for breakout performances in the coming weeks.
These Altcoins May Turn 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 surrounding Solana (SOL) is gaining momentum as an increasing number of individuals are contemplating getting involved. The most recent Messari report reveals that the USD-denominated total value locked in Solana experienced a QoQ surge of 23.5%.
As of writing, the SOL price trades at $23.75, gaining over 6.5% from yesterday’s rate. Solana has successfully broken out of its bearish range as buyers provided momentum near the $22.8 level. In the event that 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 endeavor a rally towards the formidable overhead resistance at $29.77, which serves as a crucial level for the bulls to conquer. If the bulls succeed, it may ignite a new upward movement, causing the price to surge to $38.8.
However, if the bears aim to thwart the rally, they must swiftly push the price beneath the EMA-100 support level at $21.6. This could potentially plunge the SOL token to the following support level at $16.49.
Polygon (MATIC) Price Analysis
Recently, Google Cloud partnered with Polygon to help developers to deploy their web3 products, sparking increased confidence among investors. Currently, MATIC price trades at $1.02, gaining nearly 3% in the last 24 hours.
Polygon’s long tail indicates that the bulls are vigorously defending the support level at $0.94, but the bears haven’t surrendered yet. However, the downsloping 20-day EMA at $1.05 and the negative RSI suggest that the bears currently have the upper hand. The sellers will attempt to halt the recovery in the area between the 20-day EMA and the resistance line. A breakout will likely occur next week above $1.08, sending the token’s price to $1.17.
If the price retreats from the resistance line, it will indicate 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 may experience a decline to $0.7.
Litecoin (LTC) Price Analysis
The current day has been highly volatile for Litecoin, with both bullish and bearish attempts to seize control proving unsuccessful. Typically, such volatile days are succeeded by a period of range contraction lasting a few days.
As of writing, LTC price trades at $91, surging over 2.7% in 24 hours. If LTC holds above EMA-20, it may break the resistance of $102 next week.
