Following an impressive rally in the latter half of June, the crypto market temporarily paused and entered a consolidation phase. This consolidation period is seen as an opportunity to rejuvenate the bullish momentum, setting the stage for a potential future surge. Given below are some of the well-established altcoins exhibiting bullish patterns, suggesting the likelihood of a robust rally in the near future.
Also Read: Is Bitcoin Bracing For A Rally With US CPI Data?
Cardano(ADA) Price Analysis: Bullish Pattern at Crucial Support
Source: Tradingview
During the recent downturn in the cryptocurrency market, Cardano, the seventh-largest cryptocurrency, reached its 2022 bottom support level of $0.24. The price has remained above this support for nearly a month, indicating the presence of demand.
This level has become a strong accumulation zone, with two previous reversals forming a double bottom pattern on the weekly chart. Currently trading at $0.29, the ADA price is consolidating sideways as market sentiment stalls.
However, under the influence of this pattern, the ADA price is likely to reach $0.46 neckline resistance, registering a potential rally of 58%.
Solana (SOL) Price Analysis: Start of Fresh Recovery
Source: Tradingview
Over the past seven months, the Solana price has been trading within a sideways trend, forming a symmetrical triangle pattern with converging trendlines acting as significant support and resistance levels. Recently, amidst the overall growth in the cryptocurrency market, SOL price experienced a bullish breakout from the triangle pattern, signaling an early sign of trend reversal.
Currently, the Solana price trades at $22, and with sustained buying the buyers could poke potential targets of $27.2, followed by $38.7, and $42.5.
Polygon(MATIC) Price Analysis: Signs of Trend Reversal
Source: Tradingview
The Polygon(MATIC) price has shown promising signs of a trend reversal as buyers successfully breached a long-standing resistance trendline, marking the beginning of a potential bull rally. After months of active selling and an established downtrend, the recent recovery in the crypto market led to a decisive breakout from the dynamic resistance, supported by increased trading volume.
While a minor pullback might occur to test the strength of the newly reclaimed trendline, it could serve as an opportunity for building long positions and providing a solid foundation for buyers. Currently trading at $0.7396, the MATIC coin price aims to overcome significant resistance levels at $0.822, $0.947, and $1.03.
