Altcoins

Avalanche Price Analysis: Is Recovery to $15 Imminent?

Published

10 months ago

June 27, 2023

Crispus

Avalanche price has staged a significant recovery in the past week in the wake of Bitcoin’s impressive rally. The digital asset has gained nearly 16% over the last week and more than 22% in the year to date. Despite its recent gains, AVAX is still struggling to recover from losses it made over the past month, as it remains 8.72% lower over the period.

Fundamental Analysis

Avalanche price has been rallying for the past few days amid bullish sentiment in the cryptocurrency market. Data by Coinmarketcap shows that the global crypto has increased by 1.63% over the past 24 hours to $1.19 trillion, while the total crypto market volume slipped by 4%. Bitcoin’s dominance has increased to 50%, its highest level since the start of the year.

The crypto market has been on a strong bullish trajectory for the past few days despite the regulatory crackdown on cryptocurrencies and macroeconomic uncertainties. Bitcoin’s break above the critical resistance of $30,000 has also buoyed the positive sentiment in the crypto industry. At the time of writing, Bitcoin price was trading at $30,699.

Investors are closely monitoring comments by global central banks this week ahead of the US and UK Gross Domestic Product (GDP) data for Q1 later in the week. Markets are anticipating a decline in the US economic growth, forecasting a dip to 1.4%, down from 2.6%. UK’s quarterly GDP is expected to remain unchanged, while the yearly economic growth slips to 0.2%.

Investors are anticipating comments by the Federal Reserve Chairman, Jerome Powell, later in the week, looking for fresh hints about the Fed interest rate path. Wall Street scrutinized June’s consumer confidence report, that showed a surprising increase for the month.

The Conference Board Consumer Confidence Index rose to 109.7 in June, up from 102.5 in May and its highest level since January 2022. The Expectations Index, which measures consumer’s short-term outlook for business, income, and labor market conditions rose to 79.3, a shade below 80- the level associated with a recession in the next year. Focus will now be on the personal consumer expenditure (PCE) index report set to be released on Friday.

Avalanche Price Technical Analysis

The daily chart shows that the Avalanche price has been on a strong upward trajectory for the past few weeks. Even so, the digital currency has failed to move above the 50-day and 200-day exponential moving averages, as well as the 50-day and 100-day simple moving averages. The altcoin has also failed to break the major hurdle at $15.

However, its Relative Strength Index (RSI) has moved higher into the neutral zone, with the Moving Average Convergence Divergence (MACD) indicator hinting at a bullish trend. Its Momentum indicator is also bullish.

Therefore, I expect the Avalanche price to continue rising in the immediate term as buyers target the next resistance level at $15. A move past the aforementioned level might be enough to sustain the bullish trend. Conversely, a move below the support level of $12.60 will invalidate the bullish thesis.

AVAX Price Chart

Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

Published

4 months ago

December 27, 2023

Crispus

Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

Published

4 months ago

December 22, 2023

Crispus

Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5^th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama…

Altcoins

Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

Published

5 months ago

December 1, 2023

Crispus

Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6^th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.

SOL’s Bullish Cues

Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.

In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.

Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…