- As the Bitcoin price consolidates, top altcoins also follow a similar pattern and preparing to plunge in order to attract liquidity
- Altcoins like Solana, Litecoin, Chainlink, Polygon, and Avalanche are believed to undergo a massive run
After hitting highs above $1.19 trillion, the global crypto market cap has now consolidated to $1.15 trillion as the markets are consolidating since the early trading hours. The Bitcoin price earlier had raised beyond $28,500, but the bulls who appear to have drained their strength failed to hold these levels.
As a result, the bearish influence is slowly outspreading among the other altcoins. However, despite the mounting bearish influence, some of the altcoins display huge potential to go long before the beginning of a strong bull run.
Solana price has been trading within a bearish trend for quite a long time but is still believed to continue plunging until it reaches the edge of the consolidation. The price may undergo a rejection from the upper resistance and head toward the lower support. The RSI and the ADX both are bearish which may drag the price lower in the coming days. However, after marking the bottom, the price may rebound and rise high to reclaim the lost positions.
Litecoin underwent a parabolic recovery and reached the neckline post to which the price slipped down to accomplish the cup and handle pattern. The price has sparked a rebound and may rise high to hit $100 initially. Further, a significant upswing has been recorded which could reverse the trend in the coming days.
The Chainlink price is trading within a parallel channel, within predetermined resistance and support levels. The price has been trading within the average levels and recently made a notable upward price action.
The V-shape recovery is believed to induce the required momentum which may further lift the price close to the resistance of the channel. However, a bullish breakout may be mandatory as the volatility of the token is less when the strength required for a bullish breakout is accumulating as ADX is trying for a bullish divergence.