Cryptocurrencies have seen serious declines in recent weeks. Bitcoin still seems to be in a bearish trend and other altcoin projects are also being affected by BTC’s movements. Meanwhile, analysts are bullish for various altcoins. Here are the details…
Altcoin projects with the potential to rise: The first is SOL
According to analyst Sahana vibhute, among all popular altcoins, some are believed to rise with great potential at the earliest. Firstly, SOL price stabilized a significant uptrend along the uptrend line just after breaking out of the falling wedge pattern. Despite multiple rejections and pullbacks, the price has firmly held the low support. The result is laying the groundwork for the bulls to gain some confidence and push the price up to $50 at the earliest.
However, despite maintaining an uptrend, it appears to be trading sideways as volatility subsides. Therefore, in a bearish pattern, the asset is expected to continue increasing consolidation to hit the target.
Expected levels for Polkadot
On the other hand, DOT price has been trading at low FIB levels between 0 and 0.23 since the beginning of the month. This tight trade, if extended, could often result in a massive rally to the upside. However, after the recent reversal from the lower levels, the price looks poised to hit the $0.23 fib levels at the earliest at $7. The cryptocurrency had previously made a false rise at these levels. But the final test may be successful. Also, a notable uptrend could test the upper targets.
What are the resistance levels for Altcoin Avalanche?
AVAX price broke the descending trendline it had been following since the beginning of the downtrend in April 2022. According to the analyst, the price is seeing great pressure from both sides. Therefore, the fracture cannot be verified. However, in an attempt to break the downtrend, the price now looks set to rise. Therefore, it is expected to reach the $30 levels initially. It then needs to test the critical resistance at $40.
Near Protocol (NEAR): Will the downward trend continue?
NEAR price is currently making the asset consistently lower highs. Therefore, it seems to be drowned in a deep downtrend. However, since the beginning of July, the price has been trading in the upper bands, so there is a slight possibility of upside.
For this reason, it is now crucial for the asset to surpass the upper resistance of the channel for the asset to materialize with a healthy uptrend. Until the descending channel is broken, there is less chance of a solid uptrend. But with a breakout, the asset could be unstoppable until the upper secures critical resistance.
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