After a gruesome two weeks, crypto investors are sighing in relief on Friday. The bullish wave traversing the space is resulting in modest gains across the board, and backing a 2.6% increase in the market cap to $1.67 trillion. Some altcoins to buy like Internet Computer (ICP), Solana (SOL) and Polygon (MATIC) are already performing better than Bitcoin, which has seen its dominance fall to 48.2%. It is generally believed that altcoins may perform better than BTC over the next few months, as investors redistribute returns.
Internet Computer (ICP) Back On The Move
Internet Computer has like many digital assets rebounded with a bang following a mundane and distressing couple of weeks. After the token topped out at $16 in the first week of the year, selling activities mushroomed from all corners, pushing ICP down the abyss to below $10.
Immense buyer congestion at $9.5 came as a much-needed relief, allowing Internet Computer to collect fresh liquidity. A trend correction started soon after supported by buying the dip activities among traders and holders.
ICP currently trades at $11.84, up 4% on the day with a $122 million trading volume coming in. The token has a market cap worth $5.4 billion and ranks #18 among other cryptos.
ICP price chart | Tradingview
Two key things would shape ICP’s bullish outlook, starting with the robust confluence support created by the 50 Exponential Moving Average (EMA) (red) and the 200 EMA (purple) around $11.15.
Similarly, the presence of a falling wedge pattern on the four-hour chart, implies that a larger breakout is in the offing. This means that traders yet to bet on ICP price rising further, can plan to do so after the price break above the wedge.
Such a move would ideally be accompanied by a significant increase in trading volume hopefully enough to blast ICP above the yellow resistance band for a rally to $16 and beyond.
Solana (SOL) Leaps Toward $100
Solana has ceded ground within the confines of a descending channel since late December. The smart contracts token maxed out at $125 following a remarkable upswing from $20 in October.
Varying factors contributed to this downturn in SOL’s value which recently hit $80 ranging from profit taking by holders and a spike in uncertainty due to the sell-the-news aspect of the spot Bitcoin ETFs.
Bulls finally got hold of the trend from Wednesday this week, which encouraged more investors to make a comeback by buying SOL at a discount while speculating on a surge to $100.
SOL price chart | Tradingview
SOL hovers 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 be holding on until Solana blasts out of the channel and completes the journey to $100 and levels beyond.
Polygon (MATIC) Blasts Off Eyeing $1
Polygon is among the best-performing altcoins of the day, after bouncing off support at $0.7 to trade at $0.75. The leading Ethereum layer 2 scaling solution protocol now holds between two key levels marked by the 20 EMA on the downside and the 50 EMA to the upside.
With several four-hour closes above support by the 20 EMA, MATIC could assure traders that it is back in the bullish era. As more investors return to the market to buy Polygon, increasing momentum would curve a new trajectory towards $1.
MATIC price chart | Tradingview
If it is too early to speculate on a breakout above $1, a more conservative prediction would involve a consolidation between support at $0.7 and resistance at the 78.6% Fibonacci retracement level around $0.78.
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The post Top 3 Altcoins To Buy Today January 26:ICP, SOL, MATIC appeared first on CoinGape.