Recent developments in the cryptocurrency market have led to the rise of many altcoins. Especially with the positive news flow expected from Bitcoin and Ripple, the altcoin market experienced a revival in a short period of time. Meanwhile, Bitcoin’s price hitting the $35,000 resistance level caused the money flow in the market to shift towards altcoins. So, what’s happening with Solana, Chiliz, and Avax, which are in the basket of Turks? Let’s take a closer look.
Solana Technical Analysis
After the weakening of the upward momentum on the four-hour chart, a triangle formation has been formed in Solana. The breakout of the resistance in this formation structure allows the price to gain significant momentum. However, the breakdown of the support level disappoints many investors. The fact that the price remains below the EMA 7 and EMA 200 averages in recent bar formations highlights a short-term negative scenario.
The support levels to be watched for Solana on the four-hour chart are respectively 38.57 / 34.91 and 31.24 dollars. Especially, a bar closing below the $38.57 level would cause the formation to work negatively and the price to fall. The resistance levels to be followed for Solana are respectively 44.58 / 48.18 and 52.92 dollars.
Chiliz Technical Analysis
Chiliz continues to please its investors with its recent rise. After the failure in the Layer-2 project, CHZ experienced a significant loss in value but managed to break the resistance in the rising channel formation on the four-hour chart. The support line working as support after this breakout will help strengthen the upward movement.
The support levels to be watched for CHZ on the four-hour chart are respectively 0.07820 / 0.07719 and 0.07613 dollars. In particular, a four-hour bar closing below the $0.07719 level could initiate a movement process within the formation structure. The resistance levels to be watched for CHZ are respectively 0.08053 / 0.08179 and 0.08333 dollars.
Avax Technical Analysis
The Avax team continues to maintain its silence amidst recent developments. While Solana, one of the Layer-1 projects, experiences a significant rise with positive news flow, Avax lags behind in this regard. The return of Avax to the highest levels in recent months accelerates the momentum of the rise.
The support levels to be watched for Avax are respectively 12.69 / 12.44 and 12.19 dollars. In particular, a bar closing below the $12.19 level would result in a formation breakdown. The resistance levels to be followed for Avax are respectively 13.15 / 13.53 and 13.98 dollars.
