Five Layer-1 Cryptos to Keep a Close Watch in the Current Bear Market!

The crypto markets have recovered after a bearish trend of 4 to 5 days as BTC price was confined below $20,000. However, altcoins along with Ethereum have seen significant gains as they move beyond these levels. On the other hand, some layer-1 tokens on Ethereum show a great potential for higher growth with increasing numbers.

universe (atom)

Cosmos price was trading within a major decline since the beginning of 2022 which was recently broken out of. With the start of the second half of 2022, the asset gained immense bullish momentum and is now aiming higher to secure the level above $12.4 at the earliest. Once these levels are tested and cleared, reaching $20 above $15 by the end of 2022 may not be an uphill task.

Solana (SOL)

The price of SOL was off to a bearish start for the year 2022, but during the second quarter of trading, the asset saw a tremendous rally and gained over 80%. There is no doubt that all the gains were in vain, but the asset broke out of the falling wedge of the bearish and gained almost 67%. However, the asset declined further by 28% and rebounded subtly before reaching $30. Therefore, it appears that the asset has completed a correction and could be due for a strong uptrend.

Avalanche (AVAX)

Avalanche price declined heavily to test the lower support at $30, after defending the support at $60 a couple of times. After breaking these levels, the price started trading in a descending parallel channel. In the last week of Q2 the price rebounded from the middle band of the channel and increased by over 30%. Unfortunately, the recent decline pulled the price back to its previous levels but did not re-enter the channel. Hence, bullish signs are visible for the asset in the coming days.

Polygon (MATIC)

MATIC price declined almost 90% to lows of $0.337 after facing heavy rejection from levels near $3 just before the end of 2021. However, since the asset rebounded from the lows, it is trading along the uptrend line. The price is now targeting a parabolic recovery above the $0.62 level at the earliest. Once these levels are achieved, MATIC price is expected to take a safe move above $0.8 and later at $1. Therefore, by the end of 2022, the price of Polygon is expected to regain its lost levels near $2.

Chainlink (Link)

Chainlink price showing a slightly diversified trend failed miserably to hold $10 and struggled to hit a bottom at $5.38. The price consolidated heavily between $6 to $8 for about 2 months. Currently, LINK price rebounded from the bottom and it could test the upper resistance at $7.24 at the earliest. Same asset as last time can be rejected or show fake for $9. However, if the asset stays above $8, a strong rally could be imminent.

Along with these tokens, other layer-1 tokens such as Polkadot (DOT), Elrond (EGLD), Near Protocol (NEAR), etc. can also be considered. However, the current rally is yet to be validated as a recovery phase. The altcoin posted double-digit gains, with the top asset jumping 3% to 4%. Therefore, if the top asset confirms the recovery, then these coins are expected to rise with a huge margin.