In an industry full of Bitcoin and altcoins, it is difficult to predict which cryptocurrencies will shine. However, there are rally signs for three altcoins. Let’s see the details.
Polkadot shines among altcoins
Among altcoins, Polkadot (DOT) price remained below the descending trend line for three consecutive months. Accordingly, there is no clear break in sight. On the other hand, it is obvious that the $3.90 resistance level is very important. A successful breakout could trigger an uptrend. However, a rejection will push DOT lower. A pullback to around $3.70 is expected before a retest of resistance at $4, $4.20 and $4.31.
A Relative Strength Index (RSI) below 50 indicates a higher probability of rejection. Accordingly, it indicates a small pullback to $3.70. If buyers regroup at this level, it will lead to the start of an uptrend. However, if the weekend rally loses momentum, the rebound will be weak. Thus, among altcoins, Polkadot will keep its price below $3.90. This trend will bring up the possibility of falling to $ 3.50 and $ 3. On the positive side, a successful turn of resistance at $3.90 into support negates the bearish outlook. This will allow DOT to continue its rise and test the resistance levels at $4.20 and $4.31.
Solana started the rally
Among altcoins, Solana (SOL) has demonstrated an impressive performance throughout 2023. Accordingly, it has achieved a return of 195% year-to-date. Thus, it surpassed 82% of Bitcoin and 70.52% of Chainlink. Despite concerns about FTX bankruptcy proceedings, Solana’s resilience and superior performance are notable. The altcoin’s outperformance of major cryptocurrencies and the contrarian sentiment among investors who may have been avoiding it due to the FTX drama suggest Solana’s rally could continue. Additionally, there are positive fundamentals arising from the staking of SOL tokens and the actions of FTX Estate. Accordingly, all of this contributes to the reasons behind Solana’s ongoing rally. On the other hand, institutional interest in SOL positions it as a preferred altcoin option.
Looking ahead, among altcoins, Solana’s price recently broke the $25.86 barrier. This indicates strong bullish momentum. To continue this rally, investors should wait for a bounce to take the price to $69.79. However, the bullish thesis will be invalidated if Solana price breaks down to the key support at $21.11. Accordingly, it would potentially lead to a revisit of the $17.92 level. The general consensus suggests that Solana has the potential to outperform other major cryptocurrencies such as Bitcoin, Ethereum, and Ripple as long as it is not ignored by retail investors.
Rally expectation for Ethereum Classic
Among altcoins, Ethereum Classic (ETC) price has been trading in a range defined by the $14.70 support level and $27.73 resistance since December 2022. A descending triangle formation has formed on the daily chart. Accordingly, this situation indicates a breaking movement potential of approximately 30%. Confirmation of an uptrend will cause resistance at $15.91 to turn into support. It also depends on targeting a level around $20.59. The midpoint of the $14.70 to $27.73 range, $19.99, is closely aligned with this bullish target. On the other hand, it shows that investors should consider scaling their positions around this level.
However, if the weekend rally loses momentum and the price of Ethereum Classic closes below the $14.70 support base, ETC will turn bearish. In such a scenario, the $10.72 level, which is the three-day support last observed in February 2021, will come into play. Additionally, the pullback would bring about a potential 30% retracement to around $10.36, with possible exhaustion. Since the market is in the consolidation phase, when we look at it as Kriptokoin.com, it provides an attractive risk-reward ratio. Therefore, investors should closely watch the $15.91 and $14.70 levels for important breakout signals.
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