Solana and Avalanche lead the crypto market rebound with big gains
As the crypto market projects signs of recovery, Bitcoin gets back on track to restore its $70,000 milestone. The best price performances in terms of market capitalization among the top 10 cryptocurrencies were shown by Solana and Avalanche, attaining the maximum amount of profits in the last 24 hours.
Solana’s SOL is the best-performing crypto asset, among other top 10, with a 9% or more positive increase in the last 24 hours. Based on data published on CoinMarketCap, Solana’s price has increased from $176 to $192, constantly rebounding from the prices during the weekend.
The outlook of SOL remains bullish due to its consistent performance remaining above the 10-day exponential moving average (EMA) from the beginning of 2024 to date, showing the gains investors have experienced after buying and holding the coin for over seven days. Nevertheless, Solana might be entering a decisive zone along with a trend reversal or a possibility for a correction.
The Squeeze Momentum Indicator, which measures the position of an asset in the market cycle, indicates a probable switch to a bearish position. In contrast, the Average Directional Index or ADX indicates a slowing bullish trend. The Relative Strength Index (RSI) has plunged to 63 from 86, indicating a more stabilized market mood despite the bullish performance. Traders who wish to hold Solana for a longer time frame must remain cautious since there is a possibility of a correction.
Another cryptocurrency experiencing robust price performance is Avalanche, with its native crypto AVAX increasing from $53 to $58 in the last 24 hours, projecting an increase of 8.87%. Although Avalanches’ price was down by 10% last week, its bullish tendency continues as the gap widens between EMA 10 and EMA 55. The efforts made by Avalanche Foundation to stimulate the ecosystem of the meme coin with the liquidity injection program might be a contributing factor to the positive performance of the coin.
Our AVAX prediction indicates a minimum and maximum price of $35 and $100 for Avalanche investors in 2024, with an average price of $67. This could be favorable for long-term traders and investors who wish to capitalize on the potential digital asset with a profitable future.
Nonetheless, both Solana and Avalanche are experiencing market uncertainty at present. Based on the Squeeze Momentum Indicator, a probable bearish correction might be present, while RSI suggests a slightly bullish trend at 62 and ADX at only 23. Both indicators suggest a strong trend in the lower threshold. The volatility can be profitable for day traders and scalpers, but swing traders must exercise caution.
The global financial markets have also experienced a slight bearish correction, with the S&P 500 down by 0.12%, the UK’s FTSE 100 by -0.05%, and the NASDAQ -by 0.14%. The Shanghai Composite was also down by 0.9%, while the markets beyond crypto, especially in the European market, have performed slightly better, with Spain’s IBEX up by 0.7%, Germany’s DAX up by 0.28%, and France’s CAC40 up by 0.14%. Overall, The markets seem to be balanced without any significant movements.
