Bitcoin’s foray above $50k impacted the altcoin industry positively. Altcoins such as MATIC and Solana kicked off recent rallies. Amidst MATIC’s scalability news, institutional investments hiked pushing the coin up by 8.8%. Solana eyed revisiting its all-time high of $125.95 with a 7% appreciation over the last 24 hours.
Finally, BAT retested its one-week high in 8 days after hiking by 4.6%.
MATIC
MATIC/USD, TradingView
MATIC surged by 8.8% over the last 24 hours and was trading at $1.51. The crypto touched this price level for the second time in 8 days. Its overhead resistance lay at $1.53, toppling which it could target $1.72. For the bullish thesis to prevail, MATIC has to hold itself above the $1.28 support level. Technical parameters for MATIC also signaled positive price action.
With MATIC’s recent announcement of providing scalability capabilities, buying pressure hiked in anticipation. The Relative Strength Index moved near the overbought zone. Green histograms amplified on the MACD.
Also, the Bollinger Bands diverged, implying market volatility could increase.
On the contrary, the immediate support lay at $1.38, a level that has propelled three rallies in 2 weeks. In case the alt slips below $1.38, the next support can be found at $1.28.
Solana [SOL]
SOL/USD, TradingView
SOL skyrocketed as it touched $116.78 after recording gains of 7%. With positive price action, the crypto might attempt to retest its all-time high of $125.95. Despite a minor price pullback at press time, the technicals still flashed bullishness.
The Relative Strength Index remained above 50. The Chaikin Money Flow depicted an uptrend in capital inflows.
Conversely, the MACD displayed red histograms. In case profit booking occurs in the market, SOL could fall down to trade at $99.92 and then, $91.22.
Solana’s demand has surged owing to the network’s entry into the NFT space over the past few weeks. With the alt trading in three digits for the first time recently, SOL surpassed Polygon as far as market capitalization is concerned.
BAT
BAT/USD, TradingView
BAT was trading at $0.86 after logging 4.6% gains since yesterday. At the press time price level, BAT retested this level twice in 8 days. The four-hour chart of BAT demonstrated an uptrend in the market and if the price pushes north, the resistance level waited at $0.89.
Buying pressure increased as it could move into the overbought territory. The MACD’s green histograms were also seen to grow in size after the bullish crossover. In accordance with the same, the Awesome Oscillator flashed green signal bars.
On the flip side, BAT’s primary support level was at $0.81 and then at $0.73.
