Solana

Show

Polygon

The post <a href="https://coinpedia.org/price-analysis/solana-and-polygon-price-show-weakness-despite-bullish-trend-whats-next-for-sol-matic-price/">Solana And Polygon Price Show Weakness Despite Bullish Trend! What’s Next For SOL &amp; MATIC Price?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
The cryptocurrency industry has recorded a bullish week by displaying significant price action since the week’s start. Further, the market records a robust bullish sentiment, highlighting increased buying pressure within the crypto space. 
Despite the recent market pump, <a href="https://markets.coinpedia.org/solana/" target="_blank" rel="noreferrer noopener">Solana (SOL)</a> and <a href="https://markets.coinpedia.org/cardano/" target="_blank" rel="noreferrer noopener">Polygon (MATIC)</a> tokens failed to break out of their essential resistance levels even after adding significant value to their respective portfolios, highlighting a strong liquidation point at that level in the market. 
<h2 class="wp-block-heading" id="h-solana-price-analysis">Solana Price Analysis:</h2> 
The <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/">Solana price</a> traded in a closed range between $89.45 and $100 for a brief period, during which the SOL price made multiple attempts to break out. After facing repeated rejection, the price lost momentum and recorded a correction of 14.58% in the chart. 
After testing its low of $80.19, the bulls regained momentum and added approximately 34% in valuation, following which it faced rejection at $107.26. The bulls then lost momentum and lost 12.87% but traded with the support of a 200-day EMA. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/JU6ZiD3Zh3PbjW7lqcNxBILLXp5xpEwvJmCTqZv5srT8nbyQk2j-ttL3T13Hnrc94PIOUU-NvCwqcrFGlZ6TpxXQa9ldrnr3Logfs3tW5XWMaliTzXplaybVMlfCoTNGj6m9oMil9iizXDBSMaSMyh8" alt="Solana Price Analysis">
 <figcaption class="wp-element-caption">
 TradingView: SOL/USDT
 </figcaption>
</figure> 
After multiple attempts, the bulls recorded a breakout and added over 24% to its portfolio. Currently, the SOL price is on the verge of testing its upper limit of $117.31, the outcome of which is unpredictable. 
The technical indicator, RSI, displays a sharp decline, highlighting a rise in the bear power in the market. Further, the averages show a bearish convergence, suggesting the price will undergo correction shortly. 
If the market pushes the price above $117.31, the bulls will regain momentum, and the Solana price will test its upper level of $135 this month. Conversely, if the bears overpowered the bulls, the SOL price will lose momentum and prepare to test its lower limit of $100 in the upcoming weeks. 
Also Read: <a href="https://coinpedia.org/price-analysis/heres-what-next-for-cardano-ada-ripple-xrp-price-as-crypto-market-gains-momentum/">Here’s What Next For Cardano (ADA) &amp; Ripple (XRP) Price As Crypto Market Gains Momentum</a> 
<h2 class="wp-block-heading" id="h-polygon-price-analysis">Polygon Price Analysis:</h2> 
The MATIC price traded between $0.8022 and $0.8435 for a while, after which the market volatility increased, and the price displayed significant fluctuations. After multiple attempts, the bulls successfully broke out of the resistance level and jumped 21.24%, following which it faced rejection at $0.9467. 
After facing rejection, the bulls lost momentum and lost 25.57% over the next twelve days. Following this, the <a href="https://coinpedia.org/price-prediction/matic-network-matic-price-prediction/">MATIC price</a> traded between $0.7046 and $0.7580 for the next few days. As the market volatility grew, the bulls regained momentum and recorded a jump of approximately 14%. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/MrNmtt4po5IgH9wCLFM31UVFv5THTb8l1E03HWgK0XYSUlCQ__32TH1lOUkV32KbjqsJEJOz1GHFnzgKLXtGCAar0_INeFokcshgHUrAAygmEDNbEVM773HOdNfxZBvSeKV3K5CqFtqKFiQN_IPY_gk" alt="MATIC Price Analysis">
 <figcaption class="wp-element-caption">
 TradingView: MATIC/USDT
 </figcaption>
</figure> 
Following this, the Polygon price traded in a consolidated range between $0.7580 and $0.8435 for about a week. Since then, the Polygon token has traded in a rising channel pattern, highlighting a bullish influence in the crypto market. 
The RSI records a strong bearish move by displaying a sharp fall in the chart. Moreover, the averages show a bearish convergence, suggesting a negative price action for this coin in the coming time. 
If the bulls regain momentum and push the price above the resistance level of $0.8926, the MATIC price will prepare to test its $1 mark in the upcoming weeks. Negatively, if a trend reversal occurs, the Polygon price will lose momentum and fall to test its lower limit of $0.8022 this month.

Solana And Polygon Price Show Weakness Despite Bullish Trend! What’s Next For SOL & MATIC Price?

Mục lục

CoinPedia News

Các bài viết khác được xuất bản trên 15 thg 2, 2024

Crypto Market Targets $2.1 Trillion as Altcoins Gain Momentum

Valentine’s Day: Be Careful of Crypto Romance Scams

Bitcoin Struggles to Breach $53,000 Despite Market Optimism

Citigroup Partners With Ava Labs To Complete Proof-of-Concept for Tokenizing Private Equity Funds

Binance Labs Announces First Batch Of Sixth-Season (S6) Incubation Projects

Top 3 BRC-20 Tokens to Eye Before the Bull Run

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!