The second week of 2024 has begun, and the initial days have not brought much positive development in the markets. Volumes have dropped again. The cumulative trading volume falling below $30 billion on Sunday confirms that the excitement from January is fading with each passing day. So, what are the predictions for AVAX, SOL, and XRP Coin?
Avalanche (AVAX)
In its second attempt, AVAX Coin bulls could not surpass the $38 resistance area. Being one of the largest Ethereum competitors by market value, Avalanche has not initiated the expected comeback as the token hype in the Solana ecosystem continues. The sideways movement in Bitcoin’s price also reduces the appetite for risk in altcoins.
In a potential downturn, there could be a relaxation to $31.5, and losing this support might lead to a retest of $27.3. However, if the price can close above the $38 resistance, the movement could continue towards $41.8 and $48. The point where the rise in AVAX is expected to gain momentum is the frequently mentioned $50 threshold.
Solana (SOL)
With JUP and WEN, the excitement in the Solana network remained high this week. Despite the ongoing fluctuations in the BTC price, the price of SOL stayed close to the $100 mark. The resistance at $107 is still challenging, and the general weakness in market sentiment is increasingly affecting SOL Coin bulls. Even though it tends to recover faster than its alternatives, SOL Coin is considered overvalued based on the locked value in the network.
Since December 21, $97.5 has been an important threshold for the continuation of the rise. Now SOL Coin has fallen below $97, and if the selling continues, a return to $90 and $85 could occur. The bottom support is at $78.
In a possible rebound, a price increase to $107, $111, and $126 followed by up to $150 is expected.
Ripple (XRP)
This year may not bring the anticipated rise for XRP Coin. Both the ongoing lawsuit and the collective appeal process, as well as the exponentially increasing supply, continuously push down the price peak. Even if XRP Coin reaches its 2021 market value, it could see a unit price of $1.3. This indicates that any rise would yield weak returns for long-term investors due to the increasing circulating supply.
The price has also lost the parallel channel support, and a continuation of the rise is not expected without reclaiming $0.58. If the selling persists, the price could drop to support levels at $0.46 and $0.41.
