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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, Solana (SOL) and Polygon (MATIC) 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.
Solana Price Analysis:
The Solana price 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.
TradingView: SOL/USDT
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: Here’s What Next For Cardano (ADA) & Ripple (XRP) Price As Crypto Market Gains Momentum
Polygon Price Analysis:
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 MATIC price 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%.
TradingView: MATIC/USDT
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.
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