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The price of Cardano continues to develop a bullish formation known as a double bottom formation in the midst of the recent uptrend in the cryptocurrency market. This chart formation is typically observed when the market hits bottom and triggers active accumulation just before a strong recovery rally.
Currently trading at $0.3347, the ADA price is moving under the influence of this formation and needs to break above the resistance at $0.462 for the formation to be fully confirmed and completed. If the price surpasses this level, a more intense uptrend can be expected.
Analysis of Solana (SOL): Bull’s Return Triggers Bull Rally
On July 7th, the price of Solana made a significant breakout by surpassing the resistance trend line of a symmetrical triangle formation. This breakout served as a significant indicator of a change in market dynamics and indicates the potential for a strong short-term rally.
SOL is currently trading at $28.76, and it is crucial for the price to stay above $26.7. If the price manages to stay above this level, a rise to $38.76 and then $50.5 can be expected.
Analysis of Polygon (MATIC): Breakout Opportunity
On July 10th, the price of Polygon made a decisive breakout from a long-standing resistance trend line. In parallel with the overall market recovery, this altcoin gained significant momentum, reflecting the belief of buyers in reaching higher prices.
In theory, a strong directional rally is expected to follow the retesting of the descending trend line. At the time of writing, MATIC is trading at $0.8166 in the last 24 hours. If the price manages to stay above $0.71, it could result in a rise to $0.947 and then $1.19 for the altcoin.
