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3 Bullish Altcoins Predicted to Outshine Bitcoin (BTC) in November

3 mins
Updated by Ali M.
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In Brief

  • Chainlink broke out from a 1,150-day descending resistance trendline. It is approaching a critical horizontal resistance area.
  • The Polygon (MATIC) price bounced at a long-term horizontal support level. It has now reached a long-term resistance area.
  • Solana (SOL) also broke out from a long-term descending resistance trendline. The price then cleared a horizontal resistance.
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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. 

Read more: 7 Must-Have Cryptocurrencies for Your Portfolio Before the Next Bull Run

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%. 

LINK/BTC Weekly Chart.
LINK/BTC Weekly Chart. Source: TradingView

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.

Read More: 9 Best AI Crypto Trading Bots to Maximize Your Profits

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.

MATIC/BTC Weekly Chart
MATIC/BTC Weekly Chart. Source: TradingView

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.

Read More:  Top 9 Telegram Channels for Crypto Signals in 2023

SOL Price Breakout
SOL/BTC Weekly Chart. Source: TradingView

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.

For BeInCrypto’s latest crypto market analysis, click here.

Top crypto platforms in the US | March 2024

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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