Which Will Hit New Highs First After Market Correction? A Price Prediction for Solana (SOL) and Avalanche (AVAX).

After a market correction, the attention now turns to which cryptocurrencies might surge next. This article delves into the potential of Solana (SOL) and Avalanche (AVAX) to reach new heights. With both showing promising signs, the key question lies in which will lead the charge. Insights and predictions will shed light on the future of these two dynamic coins. Avalanche Price Correction: Key Levels and Market Outlook Avalanche declined significantly, experiencing a monthly drop of 33.66% and a half-year fall of 57.08%. Price action fluctuated between $17.67 and $25.40, indicating strong selling pressure. Indicators reveal weak momentum, with the Relative Strength Index close to 30 suggesting oversold conditions. Over recent months, traders faced sharp corrections and a deteriorating market sentiment, leading to defensive trading strategies. Accumulation tactics emerged at lower price points, reflecting the overall bearish trend. The sustained decline signals cautious investor behavior, keeping the coin in a correction phase over the past month and six months. Current price levels range from $17.67 to $25.40, with immediate resistance at $29.98 and stronger resistance around $37.70. Support is identified at $14.52, with a deeper cushion at $6.79. Bears dominate the market as momentum indicators remain negative. The lack of a clear uptrend suggests that traders consider targeting the support at $14.52 for potential long entries. A drop below this level may lead to further downside, while a move toward the $29.98 barrier could present a short-term reversal opportunity. Cautious trading strategies are recommended within these limits, monitoring for shifts in momentum that may indicate changes in market sentiment. Solana Price Analysis: Declines and Key Support in Focus Solana has shown a steady decline over the past month and six months. The coin recorded a 25.16% drop within one month and a 29.20% fall over the last six months. A weekly downturn of 7.18% also reflects the ongoing bearish performance. Price movements have followed a negative trend with lower highs and a lack of strong buying interest, which has kept the momentum subdued. This pattern indicates that long-term pressure is holding the asset back from a significant recovery. Currently, Solana trades in a range between $136 and $182. The price is facing near-term resistance at $207.9, while support is identified at $115.84. Technical indicators highlight bearish pressure, with an Awesome Oscillator at -16.569 and a Momentum Indicator at -18.03. The relative strength index at 33.23 suggests the coin is oversold and could see short-term buying. However, bears dominate the scene, and traders might consider buying near strong support if a reversal occurs, watching resistance at $253.93 for a potential breakout. Conclusion Solana (SOL) and Avalanche (AVAX) both have strong potential to recover quickly after the market correction. SOL enjoys high transaction speeds and a growing ecosystem. AVAX benefits from its unique consensus mechanism and strong developer community. Both have shown resilience and innovation. However, predicting which will hit new highs first is challenging. Investors should consider the strengths of each coin and monitor their developments closely. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: Crypto Daily