Excitement continues to build as the weekly closing in the cryptocurrency market approaches. At the time of writing, Bitcoin was trading at $34,447, experiencing a 0.96% increase in the past 24 hours. Altcoins, which are closely watched by crypto investors, are also accompanying this enthusiasm. So, what’s happening with AVAX and Solana, two altcoins that stood out in the 2021 rally? Let’s take a closer look.
AVAX Price Analysis
AVAX, which has recently gained attention with the SocialFi hype, still maintains its descending channel formation structure on the daily chart. With today’s rise, AVAX is getting very close to breaking the resistance line, which will accelerate the upward momentum if it happens.
The support levels that should be followed on the daily chart for AVAX are $10.31, $9.83, and $8.83, respectively. Especially, if a daily bar closes below the $10.31 level, it will prevent the breakout of resistance and cause AVAX to move within the formation.
The resistance levels that should be noted on the daily chart for AVAX are $11.31, $12.21, and $13.43, respectively. In particular, breaking the $11.31 level and having a daily bar close above this level will allow the formation to work in an upward direction and accelerate the price rise.
Solana Price Analysis
While the legal process of FTX founder Sam Bankman-Fried is ongoing, attention has turned to Solana. Especially after the cryptocurrency exchange FTX obtained court permission, Solana experienced a significant drop. However, all indicators on the daily chart for Solana look positive. Recently, a breakout occurred in the rising channel formation, leading to an acceleration in the upward momentum for SOL.
The support levels that should be followed on the daily chart for SOL are $31.15, $28.51, and $25.56, respectively. In particular, if a daily bar closes below $28.51, the price will enter the formation and delay the bullish scenario. However, SOL has a significant advantage as the EMA 200 level is acting as a support line.
The resistance levels that should be followed on the daily chart for SOL are $32.84, $34.52, and $35.84, respectively. Especially, if a daily closing above the $32.84 level occurs, it will accelerate the upward momentum.
