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Technical analysis is a crucial indicator that investors, especially those involved in futures trading, need to constantly monitor in the cryptocurrency market. So, what clues does technical analysis give us for Solana, currently trading at $56.67, and Avax, trading at $18.89? Let’s take a detailed look at the charts, important support and resistance levels.
Avax Weekly Chart Analysis
The first notable formation in Avax’s weekly chart analysis is the breakout of resistance seen in the narrowing wedge pattern. Particularly, with the significant momentum gained from last week’s rise, Avax’s recent indicators are quite positive. However, the price falling from this point to the resistance level and finding support at this level will strengthen the foundation for further upward movement.
The support levels that need to be monitored on Avax’s weekly chart are as follows: $16.20, $14.07, and $12.29. Especially, if the weekly closing happens below the $14.07 level, the price will return to the formation zone.
The resistance levels that need to be monitored for Avax are as follows: $20.33, $22.85, and $26.31. Particularly, if the weekly bar closes above the $26.32 level, it will help strengthen the upward momentum for Avax and trigger a possible rally.
Solana Four-Hour Chart Analysis
Solana, the most talked-about altcoin in recent times, is making waves with its rise last week. In the four-hour chart, SOL is struggling at the resistance line in the ascending channel formation. Currently, the price is below the EMA 7 (blue line), and certain areas need to be observed.
The support levels that stand out in the four-hour chart for SOL are as follows: $54.62, $50.98, and $47.40. Particularly, if the bar closes below the $54.62 level, it will lead to a loss of momentum for SOL’s price.
The resistance levels that need to be monitored for SOL in the four-hour chart are as follows: $58.52, $61.98, and $66.92. Particularly, if a bar closes above the significant obstacle of $61.98, it will strengthen the price momentum.
