Top Altcoins: The cryptocurrency market has experienced a downward correction for more than a week, primarily triggered by a lack of momentum in Bitcoin price despite the much-anticipated launch of a Bitcoin ETF. This downward trend was exacerbated as Grayscale began to unload its Bitcoin assets in reaction to its investors selling off shares of the GBTC ETF.
Nevertheless, the market has seen some stability over the weekend, with Bitcoin striving to maintain its position above the critical $40,000 mark. Amid this period of relative calm, a renowned crypto analyst, @thescalingpro, brought attention to an important development in the altcoin sector
The Altcoin Markecap is out of the Wyckoff’s bear market Accumulation phase.
According to this pattern, the current consolidation should be the final sideways choppy price action before Alts go parabolic
If the theory is corrected, altcoins like Solana (SOL), Graph (GRT), and Chiliz (CHZ) can offer a lucrative opportunity for bullish traders to acquire their favorite coins at a discount.
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Chart Pattern Hints Bottom Formation for Solana (SOL) Price
Solana (SOL) Price| TradingView Chart
Solana, currently the fifth-largest cryptocurrency, has recently faced a downturn in the volatile crypto market, seeing a 22% decrease from a high of $126.36 to $98.95 over three weeks. This decline, however, appears to be part of a larger bullish reversal pattern known as ‘cup and handle’ on the daily chart, a formation often seen as a bottoming signal indicating investor accumulation at lower prices.
Currently trading at around $92, the Solana price is attempting to hold above the crucial $85 level. If the pattern persists, the price is expected to rebound from this support, potentially increasing by 36% to approach the $125 neckline resistance.
A successful breach of this resistance could signal a major trend reversal, potentially spurring buyers to target a significant 103% increase to around $255.
Graph (GRT) Price At a Make-or-Break Scenario
Graph (GRT) Price| TradingView Chart
Amidst the ongoing market correction, Graph coin (GRT) is showing signs of a bearish reversal pattern known as a head and shoulders. This pattern, typically emerging at market peaks, has led to a significant decline in the GRT price, falling from $0.225 to $0.16 over the past three weeks, marking a 28.8% loss.
However, over the recent weekend, as the market sell-off eased, GRT experienced a modest rebound, gaining 4.7% from the neckline support of this pattern. If GRT fails to sustain this bullish momentum and consolidate its position at this new support level, there’s a risk that sellers might initiate a breakdown, further solidifying their control over the asset.
In such a scenario, the Graph price could breach the 50% Fibonacci retracement level, potentially leading to an extended decline towards $0.076. Conversely, if the bullish reversal from the neckline support successfully overcomes the downward-sloping trendline (marked in black), it could provide the necessary momentum for buyers to initiate a rally, possibly revisiting the $0.225 high
Renewed Recovery in Chiliz (CHZ) Price Set a Beyond $0.13
Chiliz (CHZ) Price| TradingView Chart
In a previous analysis by Coingape, it was noted that the Chilliz (CHZ) price successfully broke out from the neckline resistance of a ‘cup and handle’ pattern. Although a mid-week sell-off in the broader cryptocurrency market initially caused the price to fall below this resistance level, CHZ has since reclaimed its position, signaling strong buyer conviction.
Currently, CHZ has seen an impressive intraday increase of 16%, forming a long bullish engulfing candle on the daily chart. Trading at $0.104, if Chiliz can maintain this upward trajectory and hold above the neckline resistance, it sets the stage for potential further growth.
The buyers might aim for the $0.135 mark, which would represent a 30% increase from its current value.
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