Why These Altcoins Are Trending Today — February 18

The crypto market is showing mixed signals, causing some altcoins to climb while others experience declines. However, certain altcoins are catching investors’ attention due to recent developments surrounding the tokens.  

BeInCrypto has analyzed three trending altcoins and their potential price movements moving forward. 

Solana (SOL)

Solana has been one of the biggest trending tokens today, according to data from Santiment. The attention comes as the Solana-based token LIBRA makes headlines, capturing the interest of investors. However, the attention has been mostly negative, owing to the suspicion that the LIBRA token is a pump-and-dump scheme, which led to significant losses for its investors.

Due to this negative attention, Solana’s price has suffered, falling by 10.5% over the last 24 hours. This price action invalidated the ascending wedge pattern, with SOL currently trading at $168. The altcoin’s failure to maintain upward momentum suggests that short-term bearish pressure may persist.

If the drawdown continues, SOL could face further declines, potentially dropping to $156. Such a drop would extend investors’ losses and may signal prolonged weakness for Solana. However, reclaiming $169 as a support level would help SOL reverse the bearish trend, pushing it toward $175 or $183. This shift would invalidate the current bearish outlook.

Pepe (PEPE)

PEPE’s price recently gained attention as new meme coins attempt to steal its limelight. The rise of these tokens is creating additional competition, potentially impacting PEPE’s demand and traction. Despite this, PEPE continues to hold its ground as one of the top meme coins in the market.

Amid the rising competition from new meme coins, PEPE’s price has remained resilient. Trading at $0.00000995, it is holding above the downtrend support line, signaling stability. This could position PEPE to breach the next resistance at $0.00001146, initiating a recovery towards its previous high of $0.00001369.

However, if PEPE loses the support of $0.00000951, the price could decline to $0.00000839. A drop below this level would invalidate the bullish outlook and increase the risk of extended losses. Investors should monitor key support levels to assess potential price movements.

Chainlink (LINK)

Another one of the trending altcoins, LINK’s price is holding above the downtrend line, which has acted as support since the beginning of the year. Trading at $18.20, the altcoin is positioned to make a potential rebound. If LINK breaches $19.23, it could gain upward momentum and head toward its next resistance levels.

Successfully flipping $19.23 into a support level would signal further bullish momentum for LINK. This would enable the altcoin to target $22.03, a crucial resistance point. A breach of this level would help recover a significant portion of the recent losses, boosting investor sentiment and confidence.

However, if LINK loses the support of the downtrend line, it could fall through the $17.31 support level. In such a scenario, LINK may test $15.62 as the next support, invalidating the bullish thesis and prolonging the ongoing downtrend.