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February 28, 2024
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Is it the Right Time to Buy Solana (SOL) and Polygon (MATIC)?

The post Is it the Right Time to Buy Solana (SOL) and Polygon (MATIC)? appeared first on Coinpedia Fintech News

After maintaining a significant consolidated trend, the crypto markets were believed to trigger a notable upswing ahead. Meanwhile, the interference of bearish activity in the past few hours has hampered the upswing. Now that altcoins like Polygon (MATIC) and Solana (SOL) are available at lower rates, is it the right time to buy?

Polygon has been displaying significant strength despite the growing bearish pressure. The price has remained stuck at the crucial resistance level of $0.662 for the past few days, battling with the bears. Therefore, the MATIC price is believed to trigger a bullish rebound, which may assist the price rise close to the yearly high.

The price has rebounded from the interim lows at the ascending trend line and is currently consolidating within narrow ranges. However, an extended consolidation triggers a fine upswing ahead, but the bearish breakdown may eventually drag the prices lower. 

Secondly, Solana has dropped below the crucial symmetrical triangle and has been trading under an acute bearish trend since then. The price displays fewer chances of a rebound and hence is believed to visit the lower targets in the coming days. 

The price, which has regained levels above the trend line, is again testing the same support levels. Therefore, a minor bearish action at these levels may drag the price heavily, which may even mark new lows for the year. Besides, the strength of the rally does not appear to be high, due to which the bulls may encounter a tedious task to lift the price beyond bearish influence. 

Collectively, Solana & Polygon have been maintaining their respective trends. While MATIC is preparing for a notable upswing, Solana’s price flashes signals to visit lower targets, which may keep the token in a deep bearish trend. 

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