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Jul 19, 2024, 09:18 pm

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1
Bitcoin Bollinger Bands Squeezing: Is BTC Ready For $140,000?

Bitcoin is in an uptrend, but events in the daily chart show pockets of weakness. Though BTC is stagnant, analysts are upbeat, expecting prices to rise in the days to come.


Is Bitcoin Ready To Rip Higher: Analyst Says Bulls Are Eyeing $140,000


Taking to X, one analyst has picked out an unusual development: In the weekly chart, the Bitcoin Bollinger Bands (BB) is currently at their tightest level in history. Besides April 2016 and July 2023 events, the Bitcoin BB is tightening, forming a squeeze.



Since BB is a technical indicator used to gauge underlying volatility, what’s happening now should draw traders’ attention. Specifically, prices tend to explode within the next few sessions whenever BB forms a squeeze, compressing to what is now.


Bitcoin Bollinger Band squeeze | Source: @BittelJulien via X

However, traders should also know that the direction of breakout can be in either direction. In the past, Bitcoin prices rose higher. To illustrate, after the BB squeeze in July, the coin went on to fly in the coming months, breaking $70,000 by March before the coin rose to $73,800.


If the past guides, and indeed, prices explode at the end of this squeeze, the analyst predicts Bitcoin flying to $140,000 and even $190,000 in the next few months.


Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView

 


The expansion would be a welcomed boost for bulls, considering that prices are now in what the analyst described as a “boring zone.”


Any uptick above $73,800 and all-time highs, pushing BTC to six-digit levels, would automatically be in the “banana zone.”


Spot BTC ETF Issuers On A Buying Spree, Donald Trump’s Endorsement


The confidence that Bitcoin will rip higher is also due to fundamental factors. Despite the current price lull after the refreshing surge earlier this week, spot Bitcoin ETF issuers are buying.


BlackRock is spearheading this buying spree. Records show that the asset manager bought over $1 billion of BTC in July.


BlackRock buying BTC rapidly | Source: @thomas_fahrer via X

On July 18, one observer noted that they bought 18,600 BTC, or $107 million worth of the coin, on behalf of their clients. According to SosoValue, as of July 19, BlackRock’s IBIT manages over $20 billion worth of BTC.



Moreover, adding fuel to the fire, it is speculated that if Donald Trump wins the United States presidency, his administration might consider BTC a strategic reserve. While this possibility is debatable for now, it highlights the growing interest from policymakers, which is a massive boost for crypto.


Source: Bitcoin Bollinger Bands Squeezing: Is BTC Ready For $140,000?
2
Analyst Upbeat On XRP Rally Despite SEC Meeting Cancellation - Details

Nobody in the XRP community expected the SEC to cancel a meeting behind closed doors on July 18 without giving any reason. Some people think this move has something to do with the approval process for spot Ethereum ETFs.



Crypto Community Clueless On Meeting Cancellation


There has been an obvious shakeup in the cryptocurrency market because of the sudden about-face. XRP, Ripple’s native coin, fell 8% to $0.58, its 24-hour low. Trade volume was down as well, yet it rose 20%, showing investors’ interest amid uncertainties.


There is a lot of talk in the market that the SEC’s decision might have something to do with the process of approving spot Ethereum ETFs.


Some of these funds have already been given preliminary approvals and were supposed to start trading next week. The US regulator may have canceled the meetings as a smart move in light of these events.




Market Experts Keep A Close Eye On The Altcoin


Technical experts are paying close attention to how the price of XRP changes in this unstable market. Javon, a renowned analyst, identified a chart pattern that resembles XRP’s recent bull run.


The symmetrical triangular pattern expanding since 2018 matches the 2014-2017 trend. The first pattern led to a rapid rise that sent XRP from about $0.005 to a staggering high of $3.347, a rise of almost 43,000%.



If the past is any indication, another rise could be coming soon. According to Javon’s prediction, the price of XRP could climb to a level above $237. Even though this prediction is very high, it fits with how things have been in the past and shows that things could go up from where they are now.



XRP: Resistance And Support

The technical indicators at hand provide XRP buyers with a mixed bag of data. In terms of support, the altcoin is still higher above the 50% Fibonacci retracing line and the 100-hour Simple Moving Average. Strong support is spotted at $0.5820 and $0.5850. These figures are quite significant as they highlight major areas where the price may settle and maybe even rise.



On the other hand, the coin meets strong opposition at different levels. Right now, there is resistance around $0.620. There are also bigger blocks at $0.6350, $0.6420, and possibly even $0.6550 and $0.680.



If there is a clear break above these support levels, more gains could happen. But if XRP fails to break through these levels, there may be a drop to the downside. The price is likely to find support near $0.600, and it will likely go down even more if it falls below $0.5850.


Featured image from Quick Tips, chart from TradingView


Source: Analyst Upbeat On XRP Rally Despite SEC Meeting Cancellation - Details
3
Market Strategist Says Bitcoin Downtrend Is Finally Over, Here's Where Price Is Headed Next

A market strategist has declared that Bitcoin (BTC), the world's largest cryptocurrency, has finally concluded its downtrend. According to the strategist, Bitcoin may be heading to a new price target, driven by the positive shift in its market value. 


Bitcoin Downtrend Is Over


A crypto analyst identified as 'Rekt Capital' on X (formerly Twitter) has announced to his 484,500 followers that Bitcoin's prolonged downward trend was officially over. The analyst, who has been monitoring the cryptocurrency's market and price actions, has suggested that Bitcoin may be getting ready for a robust recovery



Rekt Capital has also disclosed that a fresh uptrend has begun for the pioneer cryptocurrency. The crypto analyst shared a detailed price chart depicting Bitcoin's price movements in 2024, highlighting the cryptocurrency's current price position.


Bitcoin

With Bitcoin steadily moving out of bearish trends, Rekt Capital predicts that the cryptocurrency could see its price surging between $65,000 to $71,500. The analyst revealed that for Bitcoin to reach this bullish price target, it will have to successfully break past $65,000 to form a new red cluster of price action while maintaining a stable value. 


Rekt Capital disclosed that Bitcoin is currently trying to claim the $65,000 mark, however this price range is acting as a resistance level. He also noted that Bitcoin will have to close daily above $65,000 before it can fully enjoy a trend continuation to the upside. 


Despite Rekt Capital's optimistic projections for Bitcoin's price, the cryptocurrency has recently recorded slight declines in its value. CoinMarketCap's data reveals that Bitcoin's price declined by 1.35% in the last 24 hours. 


Although Bitcoin was on an uptrend over the past week, increasing by a whopping 11.98%, its price is still reflecting a bit of volatility and experiencing significant drops in its daily trading volume. 


Santiment has also reported that the amount of Bitcoin holders has dropped aggressively, driven by traders’ belief that the March all-time high was the highest Bitcoin's price would reach in 2024. On the flip side, the market intelligence platform has suggested that large-scale liquidations such as this will likely increase the probability of a continued rebound for Bitcoin.


BTC Holds Steady Near $65,000 Resistance


In another X post, crypto analyst, Aksel Kibar highlighted Bitcoin's recent price actions, emphasizing that the cryptocurrency has been testing resistance levels around $65,000 for the past five months. Sharing a detailed chart of Bitcoin's price movements from 2011 to 2025, Kibar disclosed that Bitcoin was holding on strong, only witnessing slight price deviations which possibly indicates sustained interest from investors. 



The analyst has interpreted Bitcoin's recent behavior as a positive sign for a long-term bullish outlook. Kibar also noted that when a cryptocurrency lingers near a specific resistance level without a significant sell-off, it often signals an imminent breakout.


Bitcoin price chart from Tradingview.com

Source: Market Strategist Says Bitcoin Downtrend Is Finally Over, Here's Where Price Is Headed Next
4
Mass Exodus? Over 672,000 Bitcoin Holders Drop Out Amid Market Shifts

As Santiment analytics disclose an accelerating decline in wallets holding one or more Bitcoin, the cryptocurrency industry has gone abuzz.


Crucial for gauging mood in the market, this indicator has been progressively dropping as traders become less optimistic that Bitcoin may rise beyond its historic high of $73,750, which it last touched on March 14. The general feeling in the market is that people don’t think Bitcoin will reach a new all-time high this year.



Largely due to “fear, uncertainty, and doubt” (FUD), smaller investors of the asset tend to sell off their holdings, a pattern that is reminiscent of previous market cycles.


It is interesting to note that after a large number of smaller buyers sell their Bitcoin, bigger holders usually start to buy more. This could set the stage for future rallies. At first glance, this trend seems worrying, but it could be setting the stage for the next bull market.



Bitcoin: Past Patterns Point To A Recovery


Santiment notes that historical patterns show that big declines in wallet activity frequently precede notable price rebounds. Long-term investors recognize that these times of smaller holdings’ capitulation typically provide ideal conditions for future price spikes.



People who use Bitcoin have seen similar patterns in the past, where the number of active wallets dropped a lot and then prices recovered again. There are 672,510 fewer Bitcoin owners now than there were a month ago, data by Santiment show. This could mean that the price is about to go up again.


As of this writing, the price of Bitcoin is $64,894, down significantly from its most recent peaks but still in a strong position that gives investors optimism.



Expert Forecasts Fuel Hope


Reiterating his optimistic stance on Bitcoin, well-known proponent of the cryptocurrency and CEO of Jan3 Samson Mow has added another level of fascination to the present state of the market.


Mow, who is well-known for his unwavering support of the leading cryptocurrency, has set a lofty goal: he believes that Bitcoin might soar to $1 million in the coming year.



According to him, if Bitcoin reaches $100,000, it will spark off a bull run that would take the cryptocurrency to previously unheard-of heights.



At the same time, MicroStrategy, the company with the most bitcoins, is also feeling upbeat. “Bitcoin to the Moon,” the most recent comment on X of its co-founder and executive chairman, Michael Saylor, supported Mow’s positive outlook and gave institutional investors more reason to be hopeful.


Bernstein experts, for their part, have raised their estimates for Bitcoin’s price. They now think it could reach $200,000 by 2025 and even $1 million by 2033.


They say this is because of the rise in demand for spot Bitcoin ETFs and the recent halving of the block reward, which reduces the number of new Bitcoins coming onto the market.


Featured image from Shutterstock, chart from TradingView


Source: Mass Exodus? Over 672,000 Bitcoin Holders Drop Out Amid Market Shifts
5
Solana Price Could Eclipse $1,400 As Massive Bull Flag Emerges

The Solana price has surged over 33% in the past two weeks, and according to crypto analyst Ali Martinez (@ali_charts), this could be the precursor to a much larger rally. In the weekly chart (SOL/USD), the Solana price exhibits a major bullish pattern, suggesting a potential surge beyond the $1,400 mark.


Is $1,400 Next For Solana?


Martinez highlighted a “bull flag” formation, a classic continuation pattern in technical analysis that could signify a significant upward movement in Solana's value in the upcoming months. "The bull flag nobody is talking about!" Martinez commented.


Solana bull flag pattern

The chart displays a bull flag pattern, identified through a sharp upward trend followed by a consolidating downward channel. This pattern began forming after a strong price increase from mid-September last year, where Solana ascended from around $17.50 to a peak of approximately $210. Following this rise, the price began to consolidate, forming a downward sloping channel that suggests a period of accumulation and potential buyer exhaustion after the initial surge.



The flagpole, an essential component of the bull flag pattern, was established by the initial steep increase in price, while the flag itself is represented by the subsequent consolidation phase. This phase is depicted by a series of higher lows and lower highs, converging into a narrowing point that suggests decreasing volatility and tightening price ranges--a typical precursor to a potential price breakout.


According to Martinez' analysis, the price of Solana stands at $157.98 and thus just below the upper trendline of the channel. The consolidation has formed within a tight range, with the upper and lower boundaries clearly marked by trend lines converging towards a point on the chart projected to occur soon. The critical support level, as observed from the consolidation phase, is near the $130 mark, with the resistance level just slightly above the current price, around $160.



If the bull flag pattern holds true to its typical implications, a breakout could be expected upon reaching the apex of the converging trend lines. Historically, the projected target of a bull flag breakout is estimated by measuring the length of the flagpole--more than 1,000% in SOL's case--and projecting it upwards from the point of breakout or from the support level (in a more conservative alternative).


This calculation would position the potential price target for Solana above $1,400, according to Martinez' chart. In the more conservative scenario, Solana could also reach at least $1,300.


Key Resistance Levels For SOL


On the way towards the enormous price target, there are several resistances and intermediate price targets to overcome. In the short term, the 0.618 Fibonacci retracement level at $163 is the most important. Known as the “golden ratio,” this is currently the most watched resistance.


Afterwards the 0.786 Fib at $205 needs to be watched as a last major resistance before a price returns to the November 2021 all-time high at approximately $260.


The Fibonacci extension levels further offer potential targets if the Solana price surpasses its original high. The 161.8% extension at $415.23 marks a significant target for initial price discovery.


Subsequent levels like the 261.8% extension at $666 and the 361.8% level at $918 are crucial in a very strong trend where the price extends well beyond the initial range. Remarkably, even the 423.6% extension only predicts a rally in Solana's price up to $1,074.


Solana price

Source: Solana Price Could Eclipse $1,400 As Massive Bull Flag Emerges
6
Injective (INJ) Breaches Key Resistance, Setting Stage For 1,350% Boom --  Analyst

Recently, injective (INJ) has undergone explosive growth, pushing itself to unprecedented heights and drawing interest both from experts and bitcoin aficionados. Over the past week, the digital asset has jumped about 32%, and a measly 1% in the last day.




INJ, at the time of writing, was trading at $26.17. A chance that its price will explode, going as high as $380, could be in the cards. Here, we break down the factors that have led to INJ’s great success and talk about what might happen in the future for this growing digital currency asset.


Injective: Positive Patterns


Given recent increases in Bitcoin, Injective’s remarkable price surge coincides with a bullish trend in the larger cryptocurrency market. The general market mood is rather optimistic, which provides a rich environment for alternative currencies like INJ to flourish.


Analysts are attributing this increase to the arrival of Ethereum ETFs on July 23rd as well as favorable market circumstances. This next event is likely to intensify investor interest in the crypto market, therefore benefiting altcoins and increasing their attractiveness among investors.


As more buyers flock to Ethereum ETFs and the demand for altcoins rises, they will bring new life to the market. As a result of its recent gains and overall good progress, injective is well-positioned to make money from this trend.



There have been over $600 million worth of trades in bitcoin in the last 24 hours, giving it a market value of $2.44 billion. As the market for cryptocurrencies continues to grow, INJ’s rising trend could lead to even bigger price changes in the near future.



Technical Indicators Signal Greater Upside


Technical study by eminent bitcoin expert Javon Marks fuels even more the hope around Injective. Marks has found in INJ’s price charts a Hidden Bull Divergence pattern, a technical indication of great bullish momentum.



After INJ’s price crossed a historical resistance point often indicating possible for significant upward movement, an important logarithmic level of $21.65, this pattern has developed.


Marks’ examination reveals INJ’s amazing upside potential given its target price of $380. From existing trading levels, this prediction shows an amazing 1,350% rise. Excited traders and investors have responded to the Hidden Bull Divergence as they see this technical pattern as a good signal of future price rise.


Should INJ keep on its optimistic trajectory, it may make incredible profits and confirm its leadership among the players in the cryptocurrency scene.




Investor Mood And Short-Term Forecast

Looking ahead, Injective’s short-term projection is also really positive. Technical indications and a Fear & Greed Index reading of 60, which shows a strong sense of greed and optimism among investors, reinforce the generally positive attitude of the present. Recent forecasts see INJ rising by 228.76% to reach $86.92 by August 18, 2024.


Featured image from Mel Magazine, chart from TradingView


Source: Injective (INJ) Breaches Key Resistance, Setting Stage For 1,350% Boom --  Analyst
7
Buying 'Ethereum Beta' Altcoins Is A Recipe For Disaster, Researcher Finds

In a research report released on July 18, 2024, Thor Hartvigsen, a crypto researcher, strongly cautioned against the investment strategy of purchasing high-beta altcoins within the Ethereum ecosystem as a leveraged tactic, particularly with the forthcoming launch of the spot Ethereum ETFs in the United States.


Hartvigsen's analysis titled “ETH Beta – a Recipe for Disaster?” provides an analysis of whether buying ETH-correlated altcoins, commonly referred to as ‘ETH betas,’ constitutes a good investment strategy. These assets, including tokens like OP, ARB, MANTA, MNT, METIS, GNO, CANTO, IMX, STRK (all L2's), MKR, AAVE, SNX, FXS, LDO, PENDLE, ENS, LINK (all DeFi) PEPE, DOGE (all memes), SOL, AVAX, BNB and TON (alternative L1's) are traditionally viewed as offering leveraged exposure to movements in Ethereum’s price, assuming a higher volatility relative to Ethereum itself.


The report dissects several critical areas: price performance comparison between these altcoins and Ethereum, their correlation and beta coefficients relative to Ethereum, and their risk-adjusted returns measured by the Sharpe ratio. The researcher highlights the inherent risks and inefficiencies in banking on these altcoins for enhanced Ethereum exposure.


Why Buying 'Ethereum Beta' Altcoins Is Generally A Bad Idea


Discussing price performance, Hartvigsen points out, “The TOTAL3 (altcoin market cap) against the ETH market cap is at around 1.48. Since 2020, this chart has only been this low on a few rare occasions, signaling the outperformance of ETH against most alts.” This historical context sets a grim precedent for those hoping for altcoin outperformance concurrent with Ethereum’s growth. The researcher elaborates that despite periodic recoveries at these levels, the overarching trend has been one of decline--a troubling signal for altcoin investors.



"Notably, not a single L2 token has outperformed ETH YTD, with the best performing token, GNO, up 34%, whereas ETH has seen a 44% gain. Worst performers include MANTA, STRK, and CANTO, all down more than 60% this year," Hartvigsen stated. With regard to the top alternative L1's, AVAX is the only one down on the year vs ETH. "Of the 8 DeFi tokens in this basket, 3 have outperformed ETH, namely PENDLE (+254%), ENS (+163%) and MKR (+78%). The remaining 5 are all down on the year with FXS as the worst performer down 73%," the researcher added.


Meanwhile, memecoins have been the best bet this year so far. "This can also be seen in the performance of the largest Ethereum-native memecoins. PEPE is the largest gainer of the sample, up +708% while SHIB is up 74% and DOGE 31%," according to Hartvigsen.


The correlation section of the report digs deeper into the relationship these altcoins have with Ethereum. “The sample of altcoins has not been chosen at random but consists of tokens usually assumed to be correlated with the performance of ETH,” Hartvigsen explains.



He further notes that “Correlation between ETH and ETH is obviously perfect and therefore is 100%. The alts most correlated with ETH are GNO, SNX, METIS, AAVE, and ARB.” However, despite some tokens showing a decent correlation with Ethereum, the researcher cautions that these do not necessarily guarantee similar performance outcomes, especially in this crypto cycle.


Correlation to ETH

In terms of beta, which measures the volatility of an asset compared to the market, the findings are telling. “From this analysis, it's clear that only a few alts have a high beta coefficient in relation to ETH, namely PEPE, METIS, ENS, and PENDLE,” Hartvigsen states. This suggests that while certain altcoins exhibit higher volatility and thus potential for greater returns relative to Ethereum, they also carry a proportionately higher risk.


Altcoin beta relative to ETH

The calculation of the Sharpe ratio, which provides a measure of risk-adjusted return, brings another dimension to the analysis. Hartvigsen remarks, “The Sharpe ratio calculations underscore the volatility-adjusted returns of these altcoins, which have varied significantly. This is critical as investors often overlook the increased risk these ‘ETH beta’ assets carry.”


Wrapping up his findings, Hartvigsen offers a clear verdict: “Buying these altcoins as a way to get leveraged exposure to Ethereum is, in my opinion, a foolish game as you're taking on a lot of additional risk you might not be aware of. If you're looking for leveraged ETH exposure, simply putting on a 2x ETH long on e.g., Aave is more sensible.” He emphasizes that such a strategy ensures a 100% correlation and a beta value of 2, without the unnecessary complications.


At press time, ETH traded at $3,439.


Ethereum price

Source: Buying 'Ethereum Beta' Altcoins Is A Recipe For Disaster, Researcher Finds
8
Shiba Inu Price Drops 10% As 5 Trillion SHIB Flood To Exchanges Following WazirX's Exploit

WazirX, one of India’s largest cryptocurrency exchanges, suffered a security breach on Thursday that resulted in the loss of $230 million, nearly half of its reserves. The exchange referred to the incident as a “force majeure event.” However, the repercussions extend beyond WazirX alone, casting a shadow of uncertainty over Shiba Inu (SHIB) holders.


Panic Sell-Off Fears Rise 


Blockchain analytics firm Elliptic analyzed the breach, revealing that approximately $235 million worth of various crypto assets were lost, including Shiba Inu ($96.7 million), Ethereum ($52.6 million), Polygon (MATIC) ($11 million), Pepe ($7.6 million), Tether’s USDT ($5.7 million), and Floki Inu (FLOKI) ($4.7 million).



As news of the breach spread, Julio Moreno, head of research at CryptoQuant, reported a surge in people rushing to exchanges to sell their assets. Notably, over 5 trillion SHIB tokens flooded exchanges within a few hours, intensifying concerns about a potential major sell-off wave.


SHIB

The impact on Shiba Inu’s price was evident, with the token experiencing a sharp decline of nearly 10% following the exploit to its current trading price of $0.000017. 


It was also disclosed that The hacker responsible for the WazirX breach sold off $102.1 million worth of SHIB tokens, according to on-chain data firm Arkham, contributing to the downtrend. 


However, reports indicate that market makers such as Wintermute intervened by purchasing SHIB from decentralized exchanges (DEX) and selling it on centralized exchanges, mitigating a further price drop for the token.


Shiba Inu Price Analysis


In the future, the extent of the sell-off and its impact is a concern, as investors’ decisions to sell their holdings as panic mounts could further exacerbate the current downtrend


Examining the SHIB/USD daily chart reveals three significant support lines expected to impede further downward movement. The first and relatively less significant support is anticipated to be around the $0.000014 zone. This level previously marked the end of a correction in early July, followed by a recovery towards $0.000020.


SHIB

Should selling pressure breach this level, attention turns to the crucial 6-month support at $0.000012. SHIB bulls must hold this level to prevent a deeper decline if significant buying pressure fails to materialize.


Lastly, the $0.0000092 mark represents the ultimate threshold for bullish investors in the Shiba Inu coin. A breach of this level would potentially trigger a revisit to the token’s all-time low levels.



Conversely, if SHIB experiences a recovery, the 200-day exponential moving average (EMA), depicted as the yellow line on the SHIB/USD chart, could act as a resistance point. This resistance will come into play if bullish sentiment controls SHIB’s price action.


Featured image from DALL-E, chart from TradingView.com 


Source: Shiba Inu Price Drops 10% As 5 Trillion SHIB Flood To Exchanges Following WazirX's Exploit
9
Polygon Announces Date For MATIC To POL Token Upgrade, Price Drops 7%

On Thursday, the Polygon Foundation announced the date for its upcoming MATIC to POL upgrade after reaching a community consensus. The long-awaited token migration will occur in less than two months and aims to kickstart Polygon's native token expansion. MATIC saw a 7% drop following the news.



Save The Date: Polygon Token Upgrade Coming Soon


The Layer-2 scaling solution for Ethereum, Polygon, revealed the highly anticipated date for its native token upgrade. Set for September 4, the initial phase will begin with the token migration from MATIC to POL.


Polygon

Per the announcement, POL will initially replace MATIC "as the native gas and staking token for Polygon PoS." The upgrade went live on the testnet on July 17 to "serve as a dress rehearsal" to identify and fix potential issues before the mainnet migration.



Upgrading Polygon PoS from MATIC to POL is a significant undertaking that requires the highest security possible, including robust testing.  (...) A testnet migration allows users, developers, and infrastructure providers to familiarize themselves with the processes of upgrading, ensuring technical validation and minimizing disruptions during the mainnet upgrade.



During the subsequent phases, the POL upgrade aims to expand Polygon's utility as an aggregated blockchain network by providing security and "unifying liquidity and shared state across multiple chains."


Per the post, some MATIC holders may have to take certain actions for the migration depending on where they hold their tokens. POL will be automatically upgraded for MATIC holders on Polygon PoS and no action is required.


Meanwhile, action is required for users on Ethereum, Polygon zkEVM, or centralized exchanges (CEXes). These holders will have to upgrade to POL through a token migration contract.


polygon

MATIC Falls 7%, Is $0.4 Or $1 Next?


Following the news, Polygon's native token saw a price decline of around 7%. The token, trading at $0.54 at the time of the announcement, fell to the $0.52 price range in the next 2 hours.


MATIC's price dropped to the $0.51 support zone, currently hovering between the $0.513 and $0.518 range. This performance represents a 4% retrace in the monthly chart. However, the token exhibits green numbers in the weekly and biweekly timeframes, with a 2% increase. Additionally, MATIC registers a 34% increase in its daily activity, with a daily trading volume of $374.7 million.


Some market watchers have contradictory opinions on Polygon's native token performance. Crypto analyst The Cryptonomist shared a bearish forecast for MATIC in an X post.


Per the post, the analyst highlighted that MATIC had a "beautiful breakdown" from a "large rising wedge with higher TF resistance." This suggested to the analyst that the token will continue descending, even if a retest is possible. As a result, she suggested a price target of $0.4.


Meanwhile, Zayk Charts stated that MATIC was moving inside a falling wedge pattern in the macro chart. The analyst considered that a breakout out of the bullish pattern could fuel a rally toward the $1 price range.



Crypto analyst Alex Clay considers MATIC to be at a "generational bottom." Clay highlighted that the token saw a 20,000% return run after its previous 630-day-long channel accumulation.


Polygon

The analyst believes that MATIC's current 1218-day-long accumulation inside a Symmetrical triangle could lead to double-digit price targets. His prediction includes hitting the $4.5, $7.1, and $9.75 resistance levels before reaching a double-digit target.


Source: Polygon Announces Date For MATIC To POL Token Upgrade, Price Drops 7%
10
Solana Price (SOL) Targets Upside Breakout: Will It Reach New Monthly Highs?

Solana started a steady increase above the $155 zone. SOL price is signaling a decent increase above the $162 and $165 resistance levels.



  • SOL price started a decent upward move above the $155 resistance against the US Dollar.

  • The price is now trading above $158 and the 100-hourly simple moving average.

  • There is a key bullish trend line forming with support at $159 on the hourly chart of the SOL/USD pair (data source from Kraken).

  • The pair could aim for more upsides if it clears the $162.50 resistance level.


Solana Price Remains In Uptrend


Solana price remained in a positive zone above $145 and extended its increase above $150. SOL is forming a base and eyeing more upsides, whereas Bitcoin and Ethereum are correcting gains.


There was a move above the $158 level. The price surpassed the 50% Fib retracement level of the recent decline from the $164.90 swing high to the $154.85 low. There is also a key bullish trend line forming with support at $159 on the hourly chart of the SOL/USD pair.


Solana is now trading above the $158 level and the 100-hourly simple moving average. On the upside, the price might face resistance near the $162.50 level. It is close to the 76.4% Fib retracement level of the recent decline from the $164.90 swing high to the $154.85 low.


Solana Price (SOL)

The next major resistance is near the $165 level. A successful close above the $165 resistance could set the pace for another steady increase. The next key resistance is near $172. Any more gains might send the price toward the $180 level.


Are Dips Supported in SOL?


If SOL fails to rise above the $162.50 resistance, it could start a downside correction. Initial support on the downside is near the $160 level. The first major support is near the $158 level and the trend line.


A break below the $158 level might send the price toward $155. If there is a close below the $155 support, the price could decline toward the $150 support in the near term.


Technical Indicators


Hourly MACD - The MACD for SOL/USD is gaining pace in the bullish zone.


Hourly Hours RSI (Relative Strength Index) - The RSI for SOL/USD is above the 50 level.


Major Support Levels - $158 and $155.


Major Resistance Levels - $162.50 and $165.


Source: Solana Price (SOL) Targets Upside Breakout: Will It Reach New Monthly Highs?
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