Solana, Chainlink and this popular Altcoin are resisting the bearish heat: will the markets follow?

The crypto space is consolidating again but under a bearish influence. Selling pressure is slowly increasing on the tokens, but some manage to firmly control the rally. While memecoins lead the biggest gainers, popular altcoins like Solana (SOL), Chainlink (LINK), and Polygon (LINK) are resisting selling pressure as bulls look set to stick with the uptrend . Therefore, with a bullish daily close, these altcoins are expected to trigger a fresh rally.

Solana (SOL) Price Analysis

• Short-term trading analysis indicates that the price is following a bullish channel and has just completed a strong correction.

• The double bottom at the lower support suggests that the bears attempted to restrict the rally, but the growing bullish strength crushed the negative possibilities.

• Furthermore, the DMI, which was feared to turn bearish, quickly reversed its levels with the recent rebound, indicating that bullish momentum still exists within the rally.

• More importantly, SOL price has completed the “D Wave” of the Elliot Wave and may soon initiate the 5th wave, which could drive the price beyond $200.

Chainlink (LINK) Price Analysis

• THE Chain Link Price broke out of consolidation well before reaching the top and demonstrated strong bullish strength

• After reaching a pivotal resistance zone between $18.3 and $19, the token faces notable bearish pressure and undergoes some correction.

• With this, it has landed in a decisive phase as the stochRSI tests the upper threshold levels and hence the price is expected to follow the direction of the RSI.

• If bearish, LINK price is expected to drop to $15, which is unlikely, but if the bulls manage to defend the support at $17.9, a bullish bounce could lift levels beyond $21 .

Polygon Price Analysis (MATIC)

• Polygon is among the tokens that have maintained slow trading after facing rejection from a dollar.

• Despite this, the bulls continue to hold the lead, as the MATIC Price maintains an upward trend

• Additionally, the Bollinger Bands are parallel to each other, suggesting an accumulation phase, but only a squeeze can trigger a breakout.

• However, regardless of the bearish impact, the rally remained under bullish influence, as suggested by BB Power. Therefore, after a brief accumulation, a breakout beyond $1 appears imminent but could take longer than expected.

Fuente