Crypto markets have attracted considerable attention recently as the prices of popular tokens have surged sharply. As the Bitcoin price continues to trade sideways, other altcoins have managed to rise significantly. Additionally, BTC dominance continues to decline, suggesting that altcoins may continue to maintain a healthy rise in the future. However, the current market trend suggests that the crypto market is issuing huge warnings, as shown below.
Different Memecoins attract attention
Memecoins have been an interesting part of the crypto markets as they have displayed extreme volatility over a very short period of time. While top memecoins like Dogecoin and Shiba Inu chose to trade with minimal attention, newly launched tokens like BONK posted a monstrous rally, surpassing PEPE.
Therefore, this suggests that market participants have now become less patient when it comes to making profits as they anticipate massive gains on these tokens. Additionally, they tend to post “insane memecoin NLPs,” which suggests that newbies are more looking for quick wins than lasting gains.
Solana, the most efficient, displays a weakness
With a jump of over 1,000% from the low of around $9.97, Solana price managed to reach new yearly highs above $126. This rise attracted enormous liquidity, with the market capitalization rising from less than $300 million to more than $50 billion. However, the price is facing significant bearish action after hitting highs, which is a big area of concern at the moment.
After recording consecutive bullish candles for almost 6 days, SOL price faced notable upward pressure, marking a low near $100. Although the price defended the support, the bulls fail to surpass the pivotal resistance at $115. Therefore, Solana bulls, who are currently showing weakness, are issuing huge warnings to the markets.
Strongest player, polygon does not show continued strength
Polygon considers itself to be one of the strongest players since the start of the 2021 bull run. Although the bear pared more than 85% of its gains, it rebounded strongly and recovered more than 60% of its losses in a few months. The price of MATIC has strived to exceed $1 on several occasions, but has failed to do so.
MATIC price has once again climbed above $1 with the recent price action after making a parabolic recovery. Although the volume remains under bullish influence, it continues to decline significantly. This weakness could indicate the bull market’s inability to sustain a continuous rise, which could eventually mark the rise as a counterfeit.
Therefore, the yearly close can be considered extremely crucial as a bullish close could possibly overwhelm the bearish narrative. But if the markets remain consolidated until the annual close, we can expect a diversified trend in the coming days.