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May 22, 2024
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Crypto Market Analysis Today: BNB, LINK, ARB, SOL Price May Explode Soon

The post Crypto Market Analysis Today: BNB, LINK, ARB, SOL Price May Explode Soon appeared first on Coinpedia Fintech News

The crypto space continues to remain stuck within a narrow range as the global market capitalization witnesses a slight jump of 0.5% to rise beyond $1.27 trillion. Meanwhile, the trading volume of the crypto space also underwent a slight jump of 4.71% and now stands at $44.78 billion. Also, Bitcoin dominance is dropping every day as it plunges below 46% to reach 45.57% at the moment, offering a good chance for the altcoins to thrive. 

The altcoin market cap is approaching a crucial juncture, and if cleared, a massive altseason may trigger, lifting most of the altcoins within the crypto space. 

As per the analyst, Moustache, if the altcoin market cap surpasses the dotted line, then the majority of the altcoins are believed to fly high. In such cases, below are some of the altcoins that may explode. 

BinanceCoin (BNB) 

  • Binance coin price is trading within an ascending triangle since the start of 2023 and is approaching the upper resistance of the pattern
  • A breakout from the resistance may rise the price levels beyond $450, meanwhile, the fear of the bearish action may still hover over the BNB price
  • However, the bulls may still hold the price tight above major support at $400 in case of an extended bearish action

Chainlink (LINK) 

  • Chainlink price has been trading within the range between $5 to $9 since May 2022, signifying an extended accumulation
  • Such a long-time accumulation usually explodes heavily which results in an acute price action towards the north as it has rebounded from the 50-day MA levels
  • The price is believed to rise beyond $15 to $18, if the bulls managed to breach the levels around $9.1

Arbitrum (ARB) 

  • The price witnessed a massive drop soon after its inception and plunged hard toward the lower levels
  • However, the breakout from the consolidation resulted in a notable upswing which compelled the price to trade within a symmetrical triangle
  • The price has broken from the triangle which may now result in a price rise toward $2.5 to $2.8.

Solana (SOL) 

  • Solana is encountering resistance which is expected to take out soon as it has already formed a strong bullish structure
  • Once the resistance is broken, the price is expected to surge by 100% with a target to reach $45 to $50.

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