The cryptocurrency market experienced a significant correction of 7.12% or approximately $900 million in the past 24 hours, resulting in the market capitalization of the cryptocurrency industry decreasing to $2.45 trillion. Additionally, Bitcoin price underwent a 5.15% correction in valuation.
However, within the past few hours, the cryptocurrency space is signaling a bullish reversal as the top tokens have started to regain momentum. With the Bitcoin halving just days away, the industry is expected to record massive bullish sentiment, making this a great opportunity for investors to enter the market.
Ethereum (ETH):
The altcoin leader Ethereum price has had a bearish trading week, recording a correction of around 3% in valuation and 19.57% over the past 30 days. However, the YTD of Ethereum token is 43.16%, indicating a positive outlook for this altcoin from a long-term perspective.
The industry experienced a massive correction in valuations, with top altcoins losing significant value in their respective portfolios. As a result, ETH price recorded a 10.20% correction within the past 24 hours from $3,534 to a low of $3,175.
However, the market is starting to stabilize as the Ethereum token price has managed to record a green trading candle on the chart.
Once the market regains momentum, Ethereum price will begin trading under bullish influence and likely test new year-to-date highs in the coming weeks. However, due to bearish influence, the ETH token could test a low of $3,149.50.
Solana (SOL):
The Solana token started this year with a trading price of $101.83 and showed a neutral trend, trading in the range of $82.25 to $120.75 during the first two months. As market volatility increased, SOL price registered an increase of 111.98% over the next 23 days.
After hitting a 28-month high, the SOL token lost momentum and faced rejection above $200, after which the price faced a pullback below the support level.
Since then, the price has traded between $152.50 and $200 and is on the verge of testing that lower limit, the outcome of which is unpredictable.
Technical indicators show a strong bearish influence on the 1D time frame. On a positive note, Solana tokens are up around 50% year-to-date, highlighting a strong bullish outlook for this altcoin in the coming months.
See also: Why is the market plummeting? Has crypto winter arrived ahead of Bitcoin halving?
Polygon (MATIC):
Polygon tokens have shown unstable price movements since the beginning of the year, indicating increasing buying and selling pressure on altcoins in the virtual currency market. MATIC coin price started the year with a trading price of $0.9699 and reached the $1 mark on the first day.
However, the bulls lost momentum and Polygon Token recorded a 32.11% loss in valuation. After this, the market experienced a massive bullish reversal, resulting in the top altcoins showing a significant uptrend on the charts.
MATIC price increased by 77.42% over the next 48 days and then the price rejected at the $1.270 resistance level. Since then, the price has been consistently trading under bearish influence, resulting in this altcoin erasing all gains from the price pump.
If the bulls sustain the price above the key support level at $0.750, the price will be poised to surge towards year-to-date highs. However, bearish price movements could push the price towards new lows in the future.
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Conclusion:
With the number of investors and inflow of digital assets increasing day by day, the crypto market is on its way to achieving all-time highs (ATH) in the coming months. Moreover, after the Bitcoin halving, altcoins may witness a significant rally, resulting in an altseason.
Note: This article is written for research purposes only and does not constitute financial advice. The crypto industry is very volatile at the moment, and volatility could increase significantly after the halving. Always do thorough research before investing in digital assets.
