Altcoins
Top 3 Altcoins to Buy Today January 26: ICP, SOL, MATIC
After two horrible weeks, crypto investors are sighing with relief on Friday. The bullish wave across the space results in modest gains across the board and supports a 2.6% increase in price. market capitalization at $1.67 trillion. Some altcoins to buy like Internet Computer (ICP), Solana (SOL), and Polygon (MATIC) are already performing better than Bitcoin, which saw its dominance fall to 48.2%. It is widely believed that altcoins could perform better than BTC in the coming months as investors redistribute returns.
Internet Computer (ICP) back in motion
Internet Computer, like many digital assets, has rebounded strongly after a mundane and painful few weeks. After the token hit $16 in the first week of the year, selling activities surged everywhere, pushing ICP into the abyss below $10.
The immense buyer congestion at $9.5 came as much-needed relief, allowing Computer Internet to raise new cash. A trend correction began soon after, supported by buying dip activity among traders and holders.
ICP is currently trading at $11.84, up 4% on the day with a trading volume of $122 million. The token has a market capitalization worth $5.4 billion and ranks 18th among other cryptos.
ICP Price Chart | Commercial view
Two key elements would shape ICP’s bullish outlook, starting with the strong confluence support created by the 50 exponential moving average (EMA) (red) and the 200 exponential moving average (purple) around $11.15.
Likewise, the presence of a falling wedge pattern on the four-hour chart implies that a larger breakout is ahead. This means that traders who have not yet bet on a further rise in ICP price can plan to do so after the price breaks above the wedge.
Ideally, such a move would be accompanied by a significant increase in trading volume, hopefully enough to explode ICP above the yellow resistance band and rally to $16 and beyond.
Solana (SOL) jumps towards $100
Solana has given ground within a descending canal since late December. The smart contracts token hit a high of $125 after a remarkable rise from $20 in October.
Various factors have contributed to this decline in the value of SOL, which recently reached $80, ranging from profit-taking by holders to a spike in uncertainty due to the selling aspect of the spot news. Bitcoin ETF.
Bulls finally caught Wednesday’s trend this week, which encouraged more investors to make a return by buying SOL at a discount while speculating on a rise to $100.
SOL Price Chart | Commercial view
SOL is hovering at $91 during US business hours on Friday with support expected from the 200 EMA and the 50 EMA slightly below. Some conservative traders would hold on until Solana breaks out of the channel and completes its journey towards $100 and levels beyond.
Polygon (MATIC) takes off for $1
Polygon is among the best performing altcoins at the moment, having bounced off support at $0.7 to trade at $0.75. The first Ethereum The Layer 2 Scaling Solution Protocol is now between two key levels marked by the downward 20 EMA and the upward 50 EMA.
With several four-hour closes above the 20 EMA support, MATIC could assure traders that it is back in the bullish era. As more investors return to the market to purchase Polygon, growing momentum would chart a new trajectory towards $1.
MATIC Price Chart | Commercial view
While it is too early to speculate on a breakout above $1, a more conservative forecast would involve consolidation between support at $0.7 and resistance at the 78.6% Fibonacci retracement level around 0 $.78.