As the crypto market continues to demonstrate its high volatility influenced by recent economic swings, a trio of altcoins – Solana (SOL), Binance Coin (BNB) and Polygon (MATIC) – are poised to break through resistance levels next week. The recent uptick in the crypto market has been fueled by a positive report from the consumer price index (CPI), a critical economic indicator that drove a rise in the price of Bitcoin (BTC) and the altcoin market; however, there has been a steep decline since then. Amidst all this, experts think there could be a possible recovery for the altcoin market next week.
These Altcoins are aiming for a possible breakthrough
The crypto market has been hovering around the extreme red zone for the past few days, which occurred after the CPI report. While investors gained some bullish confidence after Bitcoin’s breakout above $30,000, the recent sharp collapse has stunned the market with the possibility of more price falls ahead. However, analysts predict that this is the perfect opportunity to dive deeper into potential altcoins as there is a potential breakout next week.
Solana (SOL) Price Analysis
For the past four days, Solana has hovered around the $19.82 immediate support level. This indicates that while investors are benefiting from price falls, they have not yet managed to trigger a significant recovery.
As of now, the SOL price is trading at $20.21, up more than 2.5% in the past 24 hours. The 20-day EMA has started an uptrend and the RSI is recovering from its bearish territory, suggesting a slight upside for the bulls. If the bulls manage to break above USD 21.5, it could mean the price is getting enough buying pressure to jump to the next resistance level of USD 23-$25. In this scenario, the price could rise to $27.
On the other hand, if the price of Solana falls further from its current level or follows a downward trend below the 38.6% Fib level, it indicates continued negative market sentiment. Consequently, the SOL price could potentially drop to $16.
Binance Coin (BNB) Price Analysis
BNB’s downward trajectory continued, approaching immediate support at $300. Currently, BNB price is trading at $310, up more than 1.3% from yesterday’s price. In the near term, BNB may soon be attempting to break above the EMA200 on the 4-hour price chart.
This could pave the way for the asset to rise to the $338 overhead resistance. As it stands, the pair could continue to hover within the broad $300 to $338 range next week.
Polygon (MATIC) price analysis
The MATIC price is currently witnessing massive volatility as bulls try to push the price out of the fear zone. The MATIC price is hovering at $0.85, up more than 0.8% from yesterday’s price.
If the MATIC price breaks above the EMA50 resistance of $0.89, the price could skyrocket to $0.99 next week. However, if you fail to go above $0.89, the seller’s position will be strengthened and the asset may fall below $0.8.