The crypto space is again consolidating but under bearish influence. The selling pressure is slowly mounting over the tokens but some manage to hold a tight grip over the rally. While memecoins are leading the top gainers, popular altcoins like Solana (SOL), Chainlink (LINK), and Polygon (LINK) withstand the selling pressure as the bulls appear to be poised to stick to the bullish trend. Therefore, with a bullish daily close, these altcoins are expected to kick off a fresh upswing.
Solana (SOL) Price Analysis
- The short-term trade analysis indicates the price is following a bullish channel and has just accomplished a harsh correction
- The double bottom at the lower support suggests the bears did attempt to restrict the rally, but the growing bullish strength squashed the negative possibilities
- Besides, the DMI which was feared to go bearish, quickly flipped levels with the recent rebound, indicating the bullish momentum still exists within the rally
- Most importantly, the SOL price has accomplished the ‘D-Wave’ of the Elliot wave and may soon initiate the 5th wave, which may lead the price beyond $200
Chainlink (LINK) Price Analysis
- The Chainlink price broke above the consolidation much before reaching the apex and demonstrated acute bullish strength
- After reaching a pivotal resistance zone between $18.3 and $19, the token faces a notable bearish pressure and is undergoing some correction
- With this, it has landed in a decisive phase as the stochRSI is testing the upper threshold levels and hence the price is expected to follow the RSI’s direction
- If bearish, then the LINK price is expected to drop to $15, which is unlikely, but if the bulls manage to defend the support at $17.9, a bullish rebound could elevate the levels beyond $21.
Polygon (MATIC) Price Analysis
- Polygon is among the tokens which have maintained a sluggish trade after facing a rejection from a dollar
- Despite this, the bulls continue to hold the lead, as the MATIC price is maintaining an ascending trend
- Besides, the Bollinger bands are going parallel to each other, which suggests an accumulation phase but only a squeeze may trigger a breakout
- However, regardless of the bearish impact, the rally remained under a bullish influence, as suggested by BB Power. Therefore, after a brief accumulation, a breakout beyond $1 appears imminent but may consume more time than expected.
