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The post Solana (SOL) and Polygon (MATIC) Price May Face a Potential Drop If This Scenario Plays-out appeared first on Coinpedia Fintech News The altcoin market has been experiencing an […]
The post Solana (SOL) and Polygon (MATIC) Price May Face a Potential Drop If This Scenario Plays-out appeared first on Coinpedia Fintech News
The altcoin market has been experiencing an unexpected downtrend after a promising upward rally, giving bearish woes to investors’ portfolios. Two of the most talked-about altcoins, Solana and MATIC, are no exception, as they are following the ongoing market trend and developing a possible downtrend in the next few days.
Solana and MATIC are two of the fastest-growing altcoins in the market that have made a significant recovery rally after forming a price bottom in November. Since the beginning of 2023, these altcoins have caught investors’ attention and have been making headlines for their impressive performance. However, the bearish market sentiments have jeopardized the upward rally, and many investors are concerned about their future performance.
SOL price has been able to hold its trend above the $22 mark, which it gained a week ago. However, the next challenge for the altcoin is at $28.2, as a rejection near this level may plunge the asset below its 23.6% Fib level. As of writing, Solana trades at $24.18, declining nearly 1% in the last 24 hours.
A prominent crypto analyst, Momentos, predicts two scenarios for the upcoming Solana price. The analyst noted that the SOL price might become bearish if it fails to hold its pivot area at $26-$29, slumping the token to its EMA-20 trend line at $10.94. However, a trend above the pivot area may send this token to test its crucial resistance above the EMA-200 at $32.
Polygon (MATIC) has recently faced a solid rejection near $1.18 and has quickly dropped to the bottom price zone near $1.1 as investors started their profit-taking operations to avoid any sudden price dump ahead. Moreover, the eyes of the altcoin traders are now on the FOMC meeting and Jerome Powell’s comment on interest rate hikes as it can shake up the MATIC price.
A well-known altcoin trader, RMDFinance, predicted that MATIC price is poised for a downtrend as it forms a descending channel pattern. A breakout below the weekly support level of $1.06 may begin bearish trading sessions as MATIC may witness a significant rise in short positions.
According to CoinMarketCap, MATIC’s price hovers at $1.11 with a downtrend of 0.49%. Looking at the daily price chart, the RSI-14 indicator may push the token upward to test its resistance at $1.2 to confirm a short-term upside retracement. If MATIC breaks its resistance at $1.2, it may pave an upward journey to $1.33.
