71 Interactions, 4 Today
Bitcoin’s ascension above $50,000 has a favourable impact on the altcoin business. Recent rises have been led by altcoins like as MATIC and Solana. As a result of MATIC’s scalability news, institutional investments increased, propelling the currency up 8.8 percent. With a 7% gain in the previous 24 hours, Solana is poised to reclaim its all-time high of $125.95.
Finally, following a 4.6 percent hike, BAT retested its one-week high in 8 days.
MATIC has increased by 8.8 percent in the last 24 hours and is now trading at $1.51. This is the second time in eight days that the cryptocurrency has reached this price level. Its overhead resistance was at $1.53, and if it fell below that level, it may target $1.72. MATIC must remain above the $1.28 support level in order for the bullish argument to prevail. MATIC’s technical characteristics also indicated strong price action.
In anticipation of MATIC’s recent statement that it will provide scaling capabilities, purchase pressure has increased. The Relative Strength Index has approached the overbought zone. On the MACD, green histograms are enhanced.
Furthermore, the Bollinger Bands have diverged, signalling that market volatility may increase.
On the contrary, the immediate support lay at $1.38, a level that has propelled three rallies in 2 weeks. In case the alt slips below $1.38, the next support can be found at $1.28.
SOL skyrocketed as it touched $116.78 after recording gains of 7%. With positive price action, the crypto might attempt to retest its all-time high of $125.95. Despite a minor price pullback at press time, the technicals still flashed bullishness.
The Relative Strength Index remained above 50. The Chaikin Money Flow depicted an uptrend in capital inflows.
Conversely, the MACD displayed red histograms. In case profit booking occurs in the market, SOL could fall down to trade at $99.92 and then, $91.22.
Solana’s demand has surged owing to the network’s entry into the NFT space over the past few weeks. With the alt trading in three digits for the first time recently, SOL surpassed Polygon as far as market capitalization is concerned.
BAT was trading at $0.86 after logging 4.6% gains since yesterday. At the press time price level, BAT retested this level twice in 8 days. The four-hour chart of BAT demonstrated an uptrend in the market and if the price pushes north, the resistance level waited at $0.89.
Buying pressure increased as it could move into the overbought territory. The MACD’s green histograms were also seen to grow in size after the bullish crossover. In accordance with the same, the Awesome Oscillator flashed green signal bars.
On the flip side, BAT’s primary support level was at $0.81 and then at $0.73.