The cryptocurrency market has been on an uptrend over the past week or so, with Bitcoin up over 15% and some altcoins doing even better. A short-term pullback is likely, but once it’s over, $SOL, BNB, and WIF have the potential to be excellent choices for the weeks and months ahead.
The cryptocurrency recovery appears to be continuing. There is still a chance that the recent rally could be strongly rejected from current levels and the entire market could become a giant bull trap. However, any bearish price action from here on out is likely to be short-lived and Bitcoin’s bull surge will succeed in boosting all stocks.
Three altcoins showing promise for the future
Among these altcoins, three have promising prospects. First, Solana ($SOL) could surge in the second half of the year if the Firedancer validator client integration goes smoothly. Binance Coin ($BNB) could make a killing as the bull run pushes the retail crowd to top exchanges, while Dog Wif Hat ($WIF) could maintain its status as the best performing memecoin of the past 12 months.
$SOL Outbreak
Analyzing SOL on the daily timeframe, it can be noted that a breakout occurred on Monday. This occurred after the $142 resistance-turned-support level on Sunday. With the short-term Stochastic RSI topping out, it remains to be seen whether the SOL price can remain outside of the triangle pattern. A daily candle close above is needed to confirm this breakout.
Looking ahead, $175 and $190 are strong resistance levels, ahead of the local bull high at $210 and the all-time high at $260. If Firedance can consolidate smoothly and can maintain its lightning-fast pace and massive scaling improvements, new all-time highs are certainly possible.
$BNB Bounced off support - now at resistance
BNB price has rebounded from the $489 support level, which also coincides with the rise of the 200-day moving average. BNB has since turned from the $532 resistance level into support, and now, the price faces resistance at $561. Given that the short-term time frame Stochastic RSI indicator has peaked, a breakout of this resistance level is expected.
The support or the 200-day moving average could be a rebound zone. With time, BNB is expected to break above the downtrend line and the $583 resistance level. BNB has already broken through the all-time high, so the price is expected to break above $720. A support floor has been established
$WIF Established a support baseline
WIF has fallen significantly since reaching $4 in late May. However, $1.54 appears to be a relatively strong base for WIF to recover from here. The downtrend line was broken on Monday and WIF will try to stay above it.
However, renewed downward momentum could bring the price back to the trendline and even to the $1.54 base point again. In the medium term, WIF can take full advantage of Bitcoin's next rally. If $BTC is able to set new all-time highs again, expect WIF to do the same at least and reach $4.85.
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