The crypto markets in recent times are flashing the signs of reaching their destiny within the bear markets that may pave way for the bulls to stabilize their control. While Bitcoin still appears to be within the bearish captivity, the current descending trend including fakeout may prevail.
However, the upper resistance for a fakeout also appears to have reduced heavily, and hence the bearish squeeze may eventually squash the pressure mounted to rise high very soon.
Among all the popular altcoins, some of them are believed to surge with huge potential at the earliest.
Solana(SOL)
The SOL price quickly after breaking out from the falling wedge has now stabilized a significant upswing along an uptrend line. Despite multiple rejections and pullbacks, the price held the lower support firmly. Consequently, paving way for the bulls to gain some confidence and jump in to elevate to price towards $50 at the earliest.
However, in spite of maintaining an uptrend, appears to trade sideways with diminished volatility. Therefore, with ease in the bearish pressure, the asset is expected to maintain an ascending consolidation to hit the target.
Polkadot(DOT)
The DOT price is trading within the lower FIB levels between 0 & 0.23 since the beginning of the month. The squeezed trade if extended could result in a massive outbreak usually towards the north. However, the price after the recent flip from the lower levels appears to be poised to achieve 0.23 FIB levels at $7 at the earliest. Woefully, the asset has recorded a couple of fakeouts here before but the recent test may be successful. Further, a notable uptrend may test the upper targets.
Avalanche (AVAX)
The AVAX price has broken the descending trend line that it followed ever since the beginning of the bearish trend in April 2022. The price is experiencing immense pressure from either side and hence the breakout cannot be validated. However, with an attempt to slice through the bearish trend, the price now appears to be poised to surge significantly. Therefore, achieving the levels at $30 initially, piercing through $20 and later testing the crucial resistance at $40.
Near Protocol(NEAR)
NEAR price currently appears to have been strangled within a deep descending trend as the asset is forming constant lower highs and lows. However, a minor possibility of an upswing appears as the price is trading within the upper bands since the beginning of July.
Therefore, it is now very important for the asset to pierce through the upper resistance of the channel to materialize with a healthy uptrend. Until the descending parallel channel is broken, the probability of a firm uptrend is fewer. But with a breakout, the asset may be unstoppable until it secures the upper, crucial resistance.
Was this writing helpful?
Source: https://coinpedia.org/price-analysis/sol-dot-avax-near-price-to-thrive-in-the-upcoming-cycle/