Market Movers: 3 Altcoins Took the Lead in Weekend Price Surges

Crypto News- Over the weekend, three cryptocurrencies stood out in the market: Solana (SOL), GMX, and Render Token (RNDR). Solana’s impressive breakout from a descending wedge pattern, coupled with GMX and RNDR breaking free from descending resistance trendlines, grabbed the spotlight.

Market Movers: 3 Altcoins Took the Lead in Weekend Price Surges

Solana’s Positive Momentum:

Solana saw a notable upturn in its fortunes. It began with a bounce off a long-term ascending support line on September 12, followed by a breakout from a bullish descending wedge pattern just eight days later.

These wedges often signal bullish moves. On September 27, SOL’s price surged, reaching a high of $24.80 on October 2, inching closer to the crucial resistance level at $27. The Relative Strength Index (RSI) provided further confirmation of the bullish trend, with readings above 50 indicating positive momentum.

GMX Overcoming Resistance:

GMX’s price trajectory has been steadily upward since reaching a low of $28.16 on August 17. Early in September, it formed a higher low and then made a significant breakthrough by breaching a descending resistance trendline that had held for 163 days.

Such breakouts from long-standing patterns often lead to substantial upward movements. The daily RSI for GMX reinforced this optimism, trending upwards and staying above the 50 mark.

RNDR’s Successful Climb:

RNDR has also been on the ascent, with its price steadily rising since breaking free from a descending resistance trendline on September 7. The pace of the increase accelerated after it established a higher low on September 27. The daily RSI for RNDR corroborated this bullish trend, remaining above 50 and on the rise.

The next major resistance area for RNDR is positioned at $2.10, marked by the 0.5 Fibonacci retracement level and a horizontal resistance zone. Conversely, a pullback to the closest support at $0.95 would represent a 50% decrease.