Altcoin Technicals | LUNA, ADA, SOL In The Lead

The cryptocurrency market is perhaps back on track. The downfall wind that came to the markets in May blew away the hopes of investors who bought in at higher prices. But the underrated fact of the price holding firmly above higher timeframe support levels is now rewarding the bullish investors with great returns.

It is observed that some investors interpret the market based on the sentiment of the majority. The sentiment is a lagging indicator of the price; an uptrend is never anticipated at the early stages by speculators who participate based on the public’s perception. As a result, several investors miss out on the bull runs in the crypto market.

Shedding light on the recent trend, the consolidation of the two largest cryptocurrencies in the world, Bitcoin (BTC) and Ethereum (ETH) has finally ended. As they say, the calm before the storm – is exactly replicated in the crypto market. BTC and ETH that stood calm moving gradually moving between two price points have decisively broken through the Resistance level and made a brand new higher high on the smaller timeframes.

With Bitcoin and Ethereum breaching levels that analysts always pointed to, altcoins took a hit from the mainstream. Despite the recent applauding performance of several altcoins, it does not seem to be catching the public’s eye. In fact, a few large market cryptos have rallied such that they are much closer to their all-time highs than BTC and Ether.

For instance, coins of projects including Terra, Cardano, Solana are in a trend going parabolic. Terra (LUNA) is about 20% below the ATH, Solana (SOL) is only 10% away from its highest resistance, Cardano (ADA) has successfully broken above its highest Resistance, and Binance Coin (BNB) is on the verge of crossing through the long-held $400 mark. Following is the technical analysis of the mentioned cryptos and their potential targets in the near term.

Terra (LUNA)

The LUNA token market is perhaps the best performing crypto in terms of price action. The market has held at the demand zone and successfully made a substantial move to the north.

After setting at high at $22, the market transited to a sideways market which eventually crashed with immense momentum of the short side. But the bears failed to breach below the price zone $4 and $6 – indicating that the buyers are alive in the market despite the strong push south.

The market then began to consolidate, taking Support at the demand zone and Resistance at $8. In total, there were three attempts from the sellers and two attempts from the buyers with the sideways movement. But the lack of momentum on the sell-side helped the buyers take the prices higher, breaking out of the $8 Resistance level. Moreover, the bullishness in the market brought no reaction from the subsequent Resistance at $12.5.

Currently, the price is trading at the Supply levels that plunged the market instantly a few months ago.

Given the impulsive moves from the bulls getting stronger every step of the way, it is unlikely for the old Supply zone to react and take the prices to their recent records.

Cardano (ADA)

Undoubtedly, ADA crypto has always been one of the best assets in the market since its inception. And yet again, it has proved to be right with its impressive uptrend.

Cardano, the fourth largest cryptocurrency in terms of the market cap, had its price action in sync with Ethereum. Now, not to mention, ADA has surpassed the levels that are yet to be breached in Ethereum.

Interestingly, the Cardano market never went into a seller market at any point in time in the last four months of crypto downfall. We ascertain that the buying interest for ADA has been since the beginning, and the same is reflected in the current price action. And the market breaking above the highest Resistance makes Cardano the present bull run leader at the time of writing.

Solana (SOL)

The Solana project, known for its exceptional technology and fundamentals, has kept the prices up and running. The price action of Solana (SOL) has sort of gimmicked Bitcoin in terms of its trajectory but has sustained at much higher levels throughout the consolidation phase.

On a bigger picture, the price is still bounded in a range between $28 and $44. However, the range bounded market is in close proximity to the ALH, as shown.

If the buyers keep up with the current momentum, the price could certainly breach through the top of the range and eventually through the Resistance as well.

Finally, it is about time that would portray the future price action of the above-mentioned top altcoins and the laggard cryptos.

Now get these three cryptos and several others from our list of reputed cryptocurrency exchanges.