Crypto analyst Valdrin Tahiri states that Solana (SOL) is trading within a descending parallel channel. According to the analyst, Lido Finance (LDO) is trying to confirm the $1.27 area as support. Also, the analyst notes that BitDAO (BIT), Ethereum Classic (ETC) and Near Protocol (NEAR) are emerging from descending resistance lines. Valdrin Tahiri looks at the top five altcoin projects in the entire crypto market over the past week.
Solana leads altcoin gains: 44.87%
cryptocoin.comAs you have followed, SOL price has fallen within a descending parallel channel since November 10. The downside move saw $8 on Dec. 29. The ensuing bounce created a long bottom wick. He then confirmed the support line (green icon) of the channel. It started an upward movement which saw the price increase by 76%. This led the SOL price to the resistance line of the channel. Whether the altcoin price breaks out of the channel or is rejected can determine the direction of the future trend. A breakout could take it to the $18.30 resistance area. However, a rejection could catalyze a dip towards the channel’s $7 support line.
LDO reclaims $1.27: 34.73%
Between November 9 and December 22, LDO price formed a double bottom pattern within the $0.90 horizontal support area. This occurred after the price broke out of a descending resistance line. After the second bottom (green icon), the price started a sharp upward move and broke out of the $1.27 resistance area. Altcoin price could rally to $1.75 if it successfully confirms the $1.27 area as support. On the other hand, a break below this level could lead to a decline towards the $0.90 support area.
Third altcoin BIT breaks resistance: 22.47%
BIT price had fallen below a descending resistance line since August 5th. This led to a drop of $0.26 on Nov. BIT price has since increased and broke out of the descending resistance line on Dec. It continued its upward movement as support (green icon) on 17 December. Currently, altcoin price is trading just below the $0.42 horizontal resistance area. If it successfully rises above it, BIT price could rally to $0.65. On the other hand, a rejection would likely lead to a retest of the $0.34 support area.
Near Protocol (NEAR) exceeded resistance: 19.52%
Similar to BitDAO, NEAR is another altcoin emerging from a descending resistance line. NEAR broke out after forming a double bottom pattern on the RSI combined with a bullish trend. Such divergences often precede upward moves. It is possible for the price to drop and retest the resistance line. However, the most likely scenario is an upside move towards the $1.80 horizontal resistance area.
Ethereum Classic (ETC), another altcoin breaking resistance
Finally, ETC is another altcoin emerging from a descending resistance line. Similar to NEAR, the breakout occurred after the price formed a double bottom along with a bullish divergence (green line). Therefore, if the upward move continues, the next closest resistance area will be $22. Conversely, a drop below the resistance line means that the breakout is not legitimate, followed by new lows.
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