These three altcoins have bullish-looking formations against Bitcoin (BTC) and can outperform it this month.
While BTC has been mired in a massive increase over the past four weeks, these altcoins have even more positive price action. Will they outgain BTC this month?
Chainlink (LINK) Price Breaks 1,150-Day Resistance
The LINK price had fallen under a descending resistance trend line since reaching an all-time high in August 2020.
The decrease led to a low of 18,050 satoshis in June 2023 and caused a breakdown from the 23,000 satoshis horizontal support area, leading to a new yearly low.
However, the LINK price has increased since. It reclaimed the 23,000 satoshi area afterward and accelerated its rate of increase in September, breaking out from the descending resistance trend line the next month.
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At the time of the breakout, the trend line had been in place for more than 1,150 days. LINK is approaching the 43,000 satoshi horizontal resistance area, which has been in place since the start of 2022.
If LINK breaks out, it can increase by 90% and reach the next resistance at 75,500 satoshis. This will be an upward movement of 90%.
Despite this bullish price prediction, a rejection from the 43,000 satoshi area can lead to a 35% drop to validate the trend line at 25,500 satoshis.
Polygon (MATIC) Bounces at Long-Term Support
The MATIC price fell to the 1,850 satoshi horizontal support area in October. This was the culmination of a decrease ongoing since March.
The price bounced at the support area last week and has increased significantly since then.
The Relative Strength Index (RSI) is a momentum indicator traders use to evaluate whether a market is overbought or oversold and whether to accumulate or sell an asset.
Readings above 50 and an upward trend suggest that bulls still have an advantage, while readings below 50 indicate the opposite.
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The weekly RSI is bullish. The indicator has generated a bullish divergence (green line) preceding the increase. This is a bullish sign that often precedes upward movements. A movement above 50 will confirm the bullish trend reversal.
If it breaks out and closes above the 2,250 satoshi resistance area, it can increase by another 50% and reach the next resistance at 3,400 satoshis.
Despite this bullish price prediction, a rejection from the 2,250 area can cause a 15% drop to the 1,850 satoshi support area.
Solana (SOL) Clears Long-Term Resistance Trend Line
The final altcoin that can outperform Bitcoin is Solana. The SOL price movement shares similarities to that of Chainlink. Namely, SOL also broke out from a long-term descending resistance trend line and has increased since September.
Last week, SOL reached a new yearly high of 134,800 satoshis, breaking out from the 113,000 satoshi resistance area.
The weekly RSI supports the continuing of the increase since the indicator is above 50 and moving upwards. If the rise continues, the next resistance will be 200,000 satoshis, 50% above the current price.
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Despite this bullish price prediction, a weekly close below the 113,000 satoshi support area can cause a 35% decrease to the next support at 80,000.
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