Possible Bull Trap Looming for Bitcoin (BTC), Polygon (MATIC) and Solana (SOL)
The cryptocurrency market has seen a substantial increase in value as it recently underwent a significant price surge.
Bitcoin (BTC)
Bitcoin regained its $30,000 mark, and altcoins made huge gains. Total Value Locked (TVL) also improved strongly, reflecting a period of increased market activity.
This interesting price action sparked rumors of Bitcoin ETF approval, propelling the market into its ninth day of green trading, and creating a widespread sense of FOMO (Fear of Missing Out).
With the market soaring, many people are beginning to question the authenticity of this convention.
Is it a real bull run, or just a new pump and dump system created by market manipulators?
Polygon (MATIC)
Polygon’s price displayed significant price movement over the past week, rising more than 9% in the last 24 hours. After trading between $0.5009 and $0.5239 for more than a week, .
At the time of writing, MATIC was trading at $0.6158.
If the bulls maintain their momentum and breach the $0.62 mark, MATIC price could continue to rise in the near future and challenge the high resistance at $0.65.
Conversely, if bears dominate, reversing trends, it could experience a sharp decline in price and soon test its support level at $0.5791.
If the market remains opaque,MATIC is likely to continue and test its low support at $0.5663 in the coming days.
Solana (SOL)
The price of Solana has reflected the trend of the broader market and is currently trading in a bullish trend. After a two-week consolidation phase in the $21 and $23 range, Solana raised more than 5% on the last day, indicating bullish sentiment.
Given the possibility of a slow reversal due to recent market trends, investors should exercise caution and closely monitor these altcoins for any further price movements.
