Rising Market Cap: Altcoins Strive Amidst Bitcoin Sideways Trading
With a rise of over 2% in the market cap, the cryptos are trying hard to hold significant strength. As Bitcoin price continues to trade sideways, some of the altcoins are facing notable bearish heat, while others are defending the lower support. Cardano (ADA) & Solana (SOL) are among the altcoins that have been forecasting the possibility of a bullish rebound.
Cardano (ADA) Price Analysis
After trading within a narrow range for nearly a month, the Cardano price triggered a fresh bearish move, losing by over 30% since the beginning of 2024. The volume continues to drop and is primarily dominated by bears, indicating less involvement from bulls. However, the token continues to trade in a bullish pattern, suggesting the price will follow an ascending trend in the long term.
In the weekly chart, the ADA price appears to be following the cup and handle pattern. Interestingly, the DMMI is flashing bearish signals as the ADX is about to drop, while both the Di lines are expected to undergo a bearish cross-over. This may cause a minor pullback, but the lower supporting curve may hold the price and initiate a healthy rebound. With this, the road to a dollar remains intact, which may materialize in the coming weeks.
Solana (SOL) Price Forecast
Solana’s price has been witnessing a constant rise in its value, due to which the token registered itself as one of the top performers of 2023 with a more than 1000% jump. However, after marking highs above $126 in the last few days of 2023, the token has been constantly printing bearish candles, discovering new lows every day. Now that the price is heading towards the crucial range, a strong rebound appears to be imminent.
The SOL price was maintaining a steep upswing until the bears jumped in and began to extract notable gains. This has caused the Bollinger bands to experience a squeeze, which may continue if the price continues to face bearish pressure. Besides, the DMI has flashed a huge bearish signal as the +Di & -Di are about to validate a bearish cross-over. This suggests the price may maintain a descending trend for a while which may be followed by a bullish breakout soon.