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SOL, LINK, STX, ATOM, and ROSE Show Potential For Price Rises

Published 05/25/2023, 08:14 AM
Updated 05/25/2023, 08:30 AM
SOL, LINK, STX, ATOM, and ROSE Show Potential For Price Rises

  • SOL, LINK, STX, ATOM, and ROSE are altcoins that could experience price increases in the coming week.
  • ATOM was the only one of these cryptocurrencies that recorded gains over the past 24 hours.
  • On the other hand, STX is the biggest loser among these altcoins after experiencing an almost 5% price drop over the past day.

Solana (SOL), Chainlink (LINK), Stacks (STX), Cosmos (ATOM), and Oasis Network (ROSE) have emerged as notable contenders within the crypto space, and there are strong indications that the prices of these cryptocurrencies may experience a substantial rise in the upcoming week.

Solana (SOL)

SOL was one of the many top 10 cryptocurrencies that experienced a price decrease over the past 24 hours of trading. At press time, the Ethereum-killer was trading hands at $19.30 after a 1.05% price drop. This succeeded in pushing SOL’s weekly performance even further into the red at -7.58%.

Daily chart for SOL/USDT (Source: TradingView)

SOL’s price was hovering above a key support level at $18.99, a level which it had already broken below earlier in today’s trading session when it reached a daily low of $18.77. Since then, traders and investors had successfully recovered the altcoin’s price.

Nevertheless, the 9 EMA line trading below the 20 EMA line on the daily chart suggested that SOL’s price was in a short-term bearish cycle and would continue to fall in the next 24-48 hours. There is still the possibility that SOL’s price will be able to recover further over the next 2 days, however.

The RSI line on the daily chart was positively sloped toward the overbought territory. If it is able to close above the RSI SMA line within the next 48 hours, then SOL’s price could climb to the next resistance level at $20. Conversely, SOL’s price falling below $18.99 again will see it drop down to the next support level at $17.50.

Chainlink (LINK)

LINK was yet another cryptocurrency that experienced a price loss over the past day. The altcoin was worth around $6.30 at press time after a 0.80% drop in its price. Despite this, LINK was still able to strengthen against both Bitcoin (BTC) and Ethereum (ETH) by 1.20% and 1.07% respectively.

Daily chart for LINK/USDT (Source: TradingView)

A bullish descending wedge pattern had formed on LINK’s daily chart which, if validated, could see the altcoin’s price make a move towards $7.312 in the near future. Technical indicators were still flagging bearish, however, with the 9 EMA line positioned below the 20 EMA line. In addition to this, the RSI line was trading below the RSI SMA line.

If LINK’s price is able to remain above the closest support level at $6.193 for the next 24-48 hours, then it may look to make a move toward the 9 EMA line on the daily chart at around $6.56 before it climbs to $7.312. On the other hand, closing a daily candle below the current support level will see LINK’s price plummet to $5.62.

Stacks (STX)

At press time, the price of STX was down just under 5%. As a result, the price of the altcoin stood at $0.5813. This meant that the crypto was trading much closer to its daily low of $0.5766 than its 24-hour high of $0.6131.

The drop in STX’s price also resulted in its weakening against the two market leaders. As a result, STX was down 2.98% against BTC and down 3.08% against ETH.

Daily chart for STX/USDT (Source: TradingView)

Technical indicators on STX’s daily chart were flagging bearish at press time as well. The daily RSI line was trading well below the daily RSI SMA line and was sloped steeply toward the oversold territory. Meanwhile, the 9-day EMA line was trading below the 20-day EMA line and was breaking away from the longer EMA line.

The next support level that STX’s price could drop to is $0.5235, while the upside target for the altcoin’s price is $0.6770. If STX’s price is able to break above the 9-day and 20-day EMA lines, it could look to rise to $0.8354 in the near future. On the other hand, dropping below the aforementioned support at $0.5235 would see it drop to $0.3304.

Cosmos (ATOM)

ATOM was one of the few top 100 cryptos that recorded gains over the past 24 hours of trading. This meant that ATOM was worth approximately $10.49 after a price increase of 1.20%. However, despite its successful past day, the altcoin’s weekly performance was still firmly set in the red zone at -4.12%.

Daily chart for ATOM/USDT (Source: TradingView)

ATOM’s price had rebounded off the support level at $10.275 after it tapped the level earlier in today’s trading session. As a result, the daily RSI line saw its slope go from negative to positive, which is a notable bullish flag for the altcoin’s price.

Should the daily RSI line cross above the RSI SMA line within the next 24 hours, ATOM’s price could rise to $10.709. On the other hand, a drop below the current support level would result in ATOM’s price dropping to $9.751 in the next couple of days.

Oasis Network (ROSE)

ROSE was yet another crypto that suffered losses over the past day of trading. At press time, ROSE was worth $0.05101 after a 1.59% price drop. As a result, the altcoin’s weekly performance was down by more than 7%.

In addition to this, ROSE also weakened against both BTC and ETH by 0.46% and 0.59% respectively. After a more than 30% increase, ROSE’s 24-hour trading volume was standing at $14,265,714 at press time.

Daily chart for ROSE/USDT (Source: TradingView)

ROSE’s price movement has been flat over the last 2 weeks, which could suggest that the altcoin’s price will experience a breakout soon. In addition, ROSE’s price is hovering just above the support level at $0.04876. Should bulls re-introduce themselves within the next two days, it could result in ROSE’s price soaring to above $0.05639.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post SOL, LINK, STX, ATOM, and ROSE Show Potential For Price Rises appeared first on Coin Edition.

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