- Ethereum faces increased bearish pressure, trading below $2,000.
- Solana’s month-long decline could offer investors a potential low-entry point.
- Despite their downtrends, Solana, Chainlink, and Polkadot offer potential entry points.
The cryptocurrency market has been undergoing a period of correction, with popular altcoins like Ethereum (ETH), Cardano (ADA), Ripple (XRP), Solana (SOL), Chainlink (LINK), and Polkadot (DOT) seeing declines in their prices. In the current bearish climate, investors are left wondering which among these altcoins has the potential to surpass its all-time high when the next bull market emerges.
Crypto analysts and educators known on Twitter as CryptoBusy shared a post providing insights on the future trends and potentials of these coins:
Ethereum has been enduring increased selling pressure, with ETH hovering between $1,620-$1,500 for the past few days after breaking below the $2,000 resistance level. The once-dominant second-largest cryptocurrency is grappling with bearish sentiments, making a return to its all-time high seem more distant. At the time of writing, ETH is trading at $1,610, with a minimal surge of 1.46% in the past 24 hours.
Cardano, highly popular in the crypto community, is presently stuck in a sideways trading pattern. The ongoing tug-of-war between bullish and bearish forces has tilted in favor of the bears for the time being. With its current trading value of $0.2492, ADA is considerably distant from its all-time high, casting doubt on its immediate prospects.
XRP is one of the most popular altcoins and has been struggling to stay afloat in the bear market, hovering around $0.4700 levels with selling pressure mounting on the token. The XRP has been on a month-long downtrend, and it is currently trading at $0.479. The resistance of $0.5000 is likely to be tested in the near future if bulls manage to break out of the current trend. This stability may offer a potential entry point for investors looking to capitalize on the next bull run.
SOL has also been following the same trend as XRP, with its price dropping from $22 and $25 level to $18 levels. SOL has been hovering around the same price for some time now and could be a good entry point for investors looking to buy low and sell high when the bull market starts. SOL is down by 25.18% in the past month, and since then, it has been in a downtrend. Currently, SOL/USD is at $18,35, with an increase of 3.77% in the past 24 hours.
The Chainlink price has been steadily decreasing since hitting a month high of $7.57, and since then, it has been on a downward trend, breaking below the $7.00 resistance level. With the bearish pressure increasing, Chainlink is now trading at $6.01, which could be a good entry point for investors looking to buy before the next bull run starts.
Lastly, DOT is another altcoin that has been steadily declining, with selling pressure increasing over the past few days. The bullish trend that was seen in the month of April has been replaced by a bearish trend; the support level of $5.50 is likely to be tested in the near future if bears manage to break the current trend. However, if bulls manage to break the trend, DOT could be one of the best coins to invest in for September. At the time of writing, DOT is trading at $4.03, with a surge of 0.27% in the past 24 hours.
In the midst of a volatile cryptocurrency landscape, discerning investors are closely observing market indicators for signs of a turnaround. Despite the gloom, Ethereum, Cardano, XRP, Solana, Chainlink, and Polkadot present potential investment opportunities. Market conditions are volatile, but for discerning investors, the current bear market could present long-term gains.
