Altcoins Plunged in the First Quarter as Most of Them Lost Momentum and the Crypto Fear and Greed Index Slumped

SOL price initially jumped to a high of $295 in January and then erased most of those gains to the current $126. This article explores whether you should sell popular Solana rivals

Solana (SOL) price is at an increased risk of falling to $100 in the coming weeks. The daily chart shows that a bearish flag pattern has slowly formed. This is a popular continuation pattern made up of two key parts: a vertical line and a rectangle continuation sign. It often leads to a strong bearish breakout.

Solana price is now at the lower part of the flag, which began forming in January 09. The flag’s pole saw a drop of around $140, suggesting that the upcoming move will be of a similar magnitude. Moreover, the token dropped to the lower part of the rectangle at $120, a level that saw strong support last year.

The middle part of the flag is at $146, which is the upper side of the flag. A move above this point will invalidate the bearish outlook for the token.

Solana price is also forming a death cross pattern, and is now above the key support at $120, where it failed to move below since early last year.

These patterns point to a strong sell-off to the key support level at $100.

Polkadot (DOT)

Polkadot is one of the top Solana rivals to watch in April. Like SOL, it has crashed to a crucial support level at $3.6, where it has failed to move below in the past few years.

On the positive side, the coin has formed a falling edge pattern, and is slowly forming an inverse head and shoulders pattern. That is a sign that it may stage a strong comeback in the coming weeks. This means that it is not ideal to sell this SOL rival this month.

Despite the recent bearish momentum, Polkadot price is still in a strong bullish trend. This began in December 2024, when the coin dropped to the all-time low of $3.3. After that, it bounced back sharply from this level.

The coin dropped to this level again in January 2024, and bounced back to hit a high of $106 in March.

Binance Coin (BNB)

The BNB coin has done better than other Solana alternatives. It remains just about 20% below its all-time high. The main bullish case for the coin is that the developers are working on two separate upgrades that will boost its speeds.

Their goal is for the BSC chain to become the top alternative for Ethereum and Solana. Ethereum is known for its slow speeds, while the Solana ecosystem has become toxic because of its meme coins.

BMB price has also formed a cup and handle pattern, which is a popular bullish technical pattern. It is usually formed after a period of consolidation, and it signals that the coin is preparing for another rally.

As this CoinGape article noted, there are signs that the Binance Coin will jump to $1,000 later this year.

Tron (TRX)

Tron is one of the top Solana rivals to consider. The daily chart shows that the TRX price has been in a consolidation phase in the past few months. It is consolidating at the 50-day moving average.

On the positive side, the coin has formed a falling wedge pattern, with the two trendlines nearing their meeting point. That is a sign that it will have a strong bullish breakout in the coming weeks. Such a move would see it rise to $0.30, up by 30% above the current level. A drop below the lower side of the wedge will invalidate the bullish TRX price forecast.