- POL’s $0.4250 support remains critical for stability amid reduced trading volume.
- SAND faces $0.3350 as key support, with declining volume signaling lower momentum.
- AAVE consolidates near $161.00 support, eyeing a potential breakout past $165.00.
Polygon (POL) is holding steady at $0.37 despite a recent dip, while The Sandbox (SAND) and Aave (AAVE) are facing bearish pressure. Let’s find out if these altcoins can recover and follow Polygon’s lead.
Polygon (POL) Navigating a Volatile Landscape
POL’s price has faced downward pressure, currently trading at $0.4537, marking a 5.50% increase for the day.
Significantly, $0.4400 acts as a strong resistance, followed by $0.4350, which limits upward momentum during recoveries. On the downside, $0.4250 serves as a pivotal support, while $0.4200 could emerge as a lower boundary if bearish sentiment persists.
Source: CoinMarketCap
Consequently, a hold above $0.4250 could promote consolidation within $0.4300–$0.4350. However, breaking $0.4250 could lead to further declines. A 26.10% volume drop and a 2.32% market cap reduction highlight reduced activity.
The Sandbox (SAND) Battling Persistent Downward Pressure
SAND has struggled to maintain upward momentum, trading at $0.3402 after a 1.99% decline. The price initially tested $0.3477 but encountered strong selling pressure, leading to a consistent decline. Resistance lies at $0.3477 and $0.3450, while $0.3350 provides critical support, with $0.3300 acting as a potential fallback if bearish trends continue.
High intraday volatility underscores active trading, though sustained momentum remains elusive. A significant 34.07% drop in trading volume and a 1.90% dip in market cap reflect cooling market sentiment.
Holding above $0.3350 could stabilize SAND, enabling consolidation between $0.3400 and $0.3450. Conversely, a breach below $0.3350 may prompt further declines.
Aave (AAVE) Awaiting a Breakout in a Narrow Range
AAVE trades at $162.89, reflecting a modest 0.64% decline. The price reached $163.93 before retracing, showcasing range-bound behavior. Resistance at $163.93 and $165.00 indicates strong seller activity, while support at $161.00 and $159.50 provides a safety net.
A 9.43% drop in trading volume and a slight market cap decline to $2.44 billion highlight limited activity. Holding above $161.00 could allow AAVE to retest $163.93 and potentially break out above $165.00. However, failing to maintain $161.00 could trigger a move toward $159.50
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Source: https://coinedition.com/polygon-holds-steady-at-0-37-but-is-it-time-to-worry-about-sand-and-aave/