The cryptocurrency market has been on a rollercoaster ride in January, with a strong bullish recovery in the second half of the month after a bearish start. This has led to increased volatility in the altcoin market, with several tokens approaching new all-time highs. With top traders and investors wondering about the right time to invest in altcoins, CoinPedia’s expert panel has analyzed the market sentiment and provided a monthly price analysis for three undervalued altcoins.
Solana (SOL):
Despite a 6.52% correction in the last seven days, Solana has seen a 12.82% jump in the past month and a Year-to-Date return of +22.19%. This indicates a long-term bullish trend for the cryptocurrency. The Relative Strength Index (RSI) is hovering around the neutral point in the daily timeframe with a bearish curve, while the EMA 50-day is acting as a support for the Solana price chart. Keeping the price above the $237.50 resistance level could propel Solana towards $300, while a bearish scenario could see it drop to $210.
Lido Dao (LDO):
Lido Dao has seen a 6.67% increase in its valuation in the last 24 hours and a 14.18% jump in the past week. The altcoin has surged over 30% this year alone, reaching a market capitalization of $2.044 billion. The Moving Average Convergence Divergence (MACD) shows a constant green histogram with significant rises in its averages in the daily timeframe. With the SMA indicator supporting the price chart, LDO may continue to gain value. If the bulls dominate, Lido Dao could retest its $3 resistance level this month, while a bearish trend could see it test $1.840.
Chainlink (LINK):
Chainlink has maintained its bullish momentum, adding 3.92% in the last 24 hours and 15.41% in the past week. With a YTD return of +27.53%, Chainlink holds the 11th position with a market cap of $16.286 billion. The EMA 50-day continues to support the Chainlink price chart in the daily timeframe, while the RSI indicator shows a bullish convergence. If the bulls remain in control, LINK could surpass its $26 resistance level and target $32. On the flip side, a bearish reversal could push the price down to $20.
In conclusion, the cryptocurrency market is showing signs of recovery and potential growth for undervalued altcoins like Solana, Lido Dao, and Chainlink. Investors looking to capitalize on these opportunities should keep a close eye on market trends and price movements.