• Solana (SOL) and Polygon (MATIC) may face a potential drop in price if the current bearish market sentiments continue.
• SOL price has been able to hold its trend above the $22 mark, but the next challenge for the altcoin is at $28.2.
• A prominent crypto analyst has predicted two scenarios for the upcoming Solana price.
The crypto market has been struggling with a bearish trend for the past few weeks, leaving investors in a state of confusion. This downtrend has affected many altcoins, including two of the most talked-about altcoins, Solana (SOL) and Polygon (MATIC). These two altcoins were both experiencing an impressive recovery rally after forming a price bottom in November, but the bearish market sentiment has put a halt to their growth.
Solana Price Analysis
The SOL price has been able to hold its trend above the $22 mark, which it gained a week ago. However, the next challenge for the altcoin is at $28.2, as a rejection near this level may plunge the asset below its 23.6% Fib level. As of writing, Solana trades at $24.18, declining nearly 1% in the last 24 hours.
A prominent crypto analyst, Momentos, has predicted two scenarios for the upcoming Solana price. According to the analyst, the SOL price might become bearish if it fails to hold its pivot area at $26-$29, slumping the token to $21-$22. On the other hand, if the altcoin can break the resistance area at $30-$32, then it may rise to $35-$37 in the near future.
Polygon Price Analysis
The MATIC price has also been affected by the bearish market sentiment, as it is trading near its 23.6% Fib level at $1.73. If the altcoin fails to hold this level and breaches below, it may face a potential drop to $1.5, according to the analyst.
Conclusion
The bearish market sentiment has put a halt to the growth of Solana (SOL) and Polygon (MATIC), as they are both trading near critical levels. If the altcoins fail to hold the current levels and reject the resistance levels, they may face a potential drop in price. However, the long-term outlook for both the altcoins still looks promising, as analysts believe that the bulls will eventually return to the market.