Two popular altcoins continue to struggle to survive in the challenging conditions of bear markets. After rapidly approaching the $26,800 mark today, the price of Bitcoin fell even faster. The open positions were erased at the same speed after increasing by $600 million. So, what does the current situation indicate for altcoins?
Will the Solana (SOL) Price Increase?
The overall negative sentiment in cryptocurrencies indicates that investors are not rushing to jump on the train at the right time, even when the volumes are below $18 billion. The extreme lows in cumulative volume show that investors, who have already paid the price for excessive optimism with massive losses last year, are now being cautious.
The weakness in altcoins continues due to increasing indifference. At the time of writing, the price of SOL Coin was $18.9. The price has dropped by 0.5% in the past 24 hours. The price is below the $19 level on the 4-hour chart, indicating that a further decline towards the $18 support level is possible. Considering the negativity surrounding BTC, the drop is not surprising.
Although the price briefly surpassed the critical zone with the increase in BTC today, it quickly returned and even reached a deeper level. The $22 and $25 levels are important resistance levels, but if the decline continues, $13.5 could be a medium-term bottom.
The Future of AVAX Coin
High inflation has devastated global markets. AVAX, on the other hand, has taken a double blow from inflation. Both global inflation and token inflation have caused massive losses for investors. The problem is that everyone knew this would happen. At the beginning of 2023, we mentioned that this period meant high inflation for many cryptocurrencies and that deeper losses could occur. The annual inflation rate for AVAX was around 40%. With the general market decline and its own inflation rate, the AVAX price dropped below $10 and then below $9.
At the time of writing, the price is at $8.95, which is not attracting much attention for many investors in the area that was attractive around this time last year. If the decline continues, it will need to find stronger support below $8.6. To recover, it should strengthen as support at $9 and return to double-digit AVAX prices.
