Solana, GMX, and Render Token Lead Altcoin Gainers
The cryptocurrency market saw significant growth over the weekend, with three altcoins standing out as the top gainers. Solana (SOL) broke out of a descending wedge pattern, while GMX and Render Token (RNDR) both broke out from descending resistance trendlines.
Solana Breaks Out from Bullish Pattern
Solana’s price experienced a bounce at a long-term ascending support line on September 12, followed by a breakout from a descending wedge pattern eight days later. This breakout is considered a bullish sign and often leads to upward movement. The price of SOL has been increasing rapidly, reaching a high of $24.80 on October 2 and approaching the main resistance area at $27.
The Relative Strength Index (RSI) supports this breakout, with readings above 50 indicating bullish momentum. The RSI for SOL is currently above 50 and increasing, suggesting a continued bullish trend.
If the price continues to rise, it will only need to reach the $27 resistance area, which is 10% above the current price. On the other hand, a drop to the long-term ascending support line at $18.50 would require a 25% decrease.
GMX Clears Long-Term Resistance
The price of GMX has been increasing since its low point of $28.16 on August 17. In early September, it created a higher low and then broke out from a descending resistance trendline that had been in place for 163 days. These types of breakouts often lead to significant upward movements.
Similar to Solana, the daily RSI for GMX is above 50 and moving upwards, indicating a bullish trend. If the price continues to rise, it will face resistance at the $60 level, which is 40% above the current price. Alternatively, a drop to the previous descending resistance trendline at $34 is the most likely scenario, representing a 20% decrease.
RNDR Concludes Altcoin Gainers
RNDR’s price has been increasing since breaking out from a descending resistance trendline on September 7. The rate of increase accelerated after creating a higher low on September 27. The daily RSI for RNDR is above 50 and increasing, confirming the breakout from the descending resistance trendline.
The next resistance area for RNDR is at $2.10, created by the 0.5 Fib retracement resistance level and a horizontal resistance area. On the other hand, a drop to the closest support at $0.95 would result in a 50% decrease in price.
Hot Take: Solana, GMX, and RNDR Lead Altcoin Gainers with Bullish Breakouts
Solana (SOL), GMX, and Render Token (RNDR) have emerged as the top altcoin gainers in the cryptocurrency market. Solana broke out from a descending wedge pattern, while GMX and RNDR cleared long-term resistance trendlines. These bullish breakouts indicate potential upward movement for these altcoins.
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