Despite forming lower highs and lower lows on the 4h time frame, Bitcoin’s (BTC) market structure has remained healthy over the past week. The cryptocurrency briefly fell below the crucial $23.5k level before bouncing back up and using it as support. This could potentially invalidate the bearish setup at the time of writing, due to a visible surge in price on the lower time frames. The bullish bias remains, due to the bulls swiftly inverting the bearish fake-out, with another potential assault on the $25k level on the cards, should the current momentum continue.
Polygon (MATIC) fell from its $1.57 local top to the $1.20 support level over the past week, before recovering. To its credit, the correction took place on the back of a 109% token price rise, from the $0.75 price level on January 1, 2023, to the $1.57 top on February 18. Among the established altcoins, Polygon has exhibited some of the most significant and consistent price volatility since June 2022, which suggests that the blockchain platform is in good fundamental health.
Solana (SOL) underwent a decline from its recent peak at $27.10 over the past week, which was its highest price level since November 2022. It dropped to as low as $21.50 before experiencing a recovery over the last two days. On Sunday, February 26, 2023, it created a bullish engulfing candle, which suggests that there could be a move to the upside if there are continuation candles in the coming days. So far, the $22 support level has proven to be resilient, and the bulls will aim to maintain the current momentum in the upcoming week.
Chainlink (LINK) has held over the $7.40 support level after falling from the $8.40 local top it formed on February 20, 2023. Holding at this level over the next few days would signal a positive outlook for Chainlink in the short term, since a higher low would be registered on the daily chart. The market structure which has been forming since last May has been very accumulative, with long-term consolidation occurring in the $5.40-9.50 price zone. A break of this channel in either direction would signal a macro shift in the technical considerations for the veteran altcoin.
Stay tuned for weekly updates on the cryptonews and performance of major tokens and coins.
