3 Major Altcoins That May Plunge Further as Analyst Flags More Downside

The price correction from the past 36 hours might not be enough for these alts. The cryptocurrency market took a major hit after the Monday fakeout rally, in which BTC and essentially all alts tried to break out but were halted in their tracks. Ali Martinez, though, believes the short-term future for three of the major alts is quite bleak, as he predicted more downside ahead. LINK, ADA, SOL Going Further Down? The analyst, who has over 168,000 followers on X, began with Chainlink’s LINK, suggesting the token “appears to be breaking below the neckline of a head-and-shoulders pattern on its four-hour chart.” Martinez noted that if the asset cannot reclaim the $13.56 resistance, the next downside target sits at $12.39, followed by $11.98 “if selling continues.” The landscape around LINK is particularly interesting, as it recently flew to almost $16, where profit-taking occurred. On-chain data showed that GSR has made two major token transfers to exchanges, possibly offloading over $8.2 million worth of the asset. Separately, Santiment outlined a discrepancy in LINK’s 24% surge in a few weeks, as network activity and the creation of new wallets fell behind the actual price increase. Si...