Bitcoin has been consolidating in the $36,000 to $38,000 range after multiple failed attempts to break past the $38,000 resistance level. While some analysts predict a short-term pullback—potentially as low as $30,000—the broader sentiment remains cautiously optimistic. According to Philip Swift, founder of Look Into Bitcoin, on-chain data suggests Bitcoin is still in the early stages of a bull market, with true FOMO (fear of missing out) yet to set in.
Despite the temporary stagnation, momentum may be shifting toward select altcoins. Rakesh Upadhyay, senior analyst at Cointelegraph, has identified four digital assets showing strong technical signals for a potential breakout. These coins are displaying bullish patterns amid market consolidation, making them worth watching for traders and long-term investors alike.
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Solana ($SOL): Testing Key Resistance Levels
Solana is making another push toward reclaiming the $59 mark. If it successfully breaks and holds above this level, the next targets are $68.20 and possibly $77. A further advance could see $SOL challenge its previous high near $95.
However, failure to maintain support could trigger a deeper correction. A drop below $48 would invalidate the current bullish structure and may send prices down to the 50-day moving average near $35.47.
From a 4-hour perspective, the 20 EMA has flattened, and the RSI is slightly above neutral, indicating balanced market forces. A close above $64 could confirm upward momentum and open the path toward $68.20.
On the downside, breaking below $54 might lead to further losses at $51 and $48. If the $48 strong support level fails, bears could regain control of the market.
Chainlink ($LINK): Approaching Critical Breakout Zone
Chainlink is attempting to move past a key resistance zone at $16.60. This level is expected to spark intense buying and selling pressure. A confirmed breakout above this point could propel $LINK toward the psychologically significant $20 milestone.
Conversely, if price retreats after reaching $15.38, it may signal that sellers are stepping in. A drop below the 61.8% Fibonacci retracement level at $13.55 increases the risk of a deeper decline toward the 50-day MA near $10.54.
On the 4-hour chart, $LINK has been trading within a descending channel. A break below $13.36 could extend losses toward the lower boundary of the channel. In contrast, a move above the upper resistance would suggest that the correction phase is over, potentially leading to a retest of $15.38 and then $16.60.
Currently, both EMA trends and RSI readings remain neutral on the 4-hour timeframe, offering no clear directional bias—making price action around key levels even more critical.
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Near Protocol ($NEAR): Bullish Momentum Building
Near Protocol shows strong bullish signs with its 20-day moving average trending upward and the RSI firmly in buying territory. However, a minor resistance exists around $2.00. Clearing this hurdle could unlock gains toward $2.40.
A reversal below $1.72 may lead to a test of the 20 EMA near $1.586—an important support zone. If this level breaks, it could signal renewed bearish dominance.
On the 4-hour chart, $NEAR has maintained its position above $1.72, though a powerful rally hasn't materialized yet due to persistent selling pressure. Should price fall back under $1.72, additional downside targets include $1.60 and $1.45.
Alternatively, a breakout above $1.95 could pave the way for an advance toward $2.10. At the time of writing, $NEAR was trading at $2.022—an intraday increase of 16.69%—indicating growing market interest.
Theta Network ($THETA): Coiling for a Potential Breakout
Theta Network is rebounding from its 20 EMA near $0.88 and approaching a key psychological barrier at $1.00. A decisive move above this level could trigger rapid upward momentum, targeting $1.05 initially, followed by resistance zones at $1.20 and $1.33.
However, if buyers fail to sustain momentum and price slips back below the 20 EMA, it may indicate profit-taking and lead to a deeper correction toward the 50-day MA near $0.72.
The 4-hour chart reveals that $THETA has been consolidating within a falling wedge pattern—a typically bullish formation when broken upward. A breakout above the wedge’s upper boundary would confirm strong bullish intent and support a move toward $1.05 and beyond.
Conversely, failure at resistance could extend sideways movement. A breakdown below the wedge’s lower support line would shift sentiment back to bearish.
Frequently Asked Questions (FAQ)
Q: Why is Bitcoin stalling near $37,000?
A: Bitcoin is encountering strong resistance around $38,000 after repeated attempts to break higher. Market consolidation is common during bull phases, especially before FOMO-driven rallies begin.
Q: Are altcoins likely to outperform Bitcoin soon?
A: Historically, altcoins tend to surge after Bitcoin stabilizes—especially those with strong fundamentals and positive technical setups like Solana and Chainlink.
Q: What factors should I monitor for these four altcoins?
A: Key support/resistance levels, moving averages (especially 20 EMA and 50 MA), RSI trends, and volume patterns are crucial indicators for timing entries or exits.
Q: Is now a good time to invest in altcoins?
A: While opportunities exist, volatility remains high. Investors should conduct thorough research and consider risk management strategies before entering positions.
Q: How reliable are technical analyses like those from Cointelegraph?
A: Technical analysis provides insight based on historical price behavior but isn’t guaranteed. It should be used alongside fundamental analysis and market context.
Q: Could a Bitcoin pullback affect these altcoins?
A: Yes—Bitcoin often influences overall market sentiment. A sharp drop below $30,000 could drag altcoins lower temporarily, though strong projects may recover faster.
While Bitcoin consolidates, select altcoins are laying the groundwork for potential explosive moves. Solana, Chainlink, Near Protocol, and Theta Network all show promising technical setups that could lead to significant upside if key resistance levels are breached.
As always in crypto markets, timing and risk management are essential. Traders should watch these levels closely and use stop-loss orders to protect capital during volatile swings.
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