Following the negative developments in the cryptocurrency industry, the altcoin market continues to experience significant declines. In particular, the bankruptcy of cryptocurrency exchange FTX obtaining the authority to sell crypto assets from the court has led to a new downward trend. In this article, we will examine the charts of Solana and Avax, which are among the most important tokens in the altcoin market.
Avax Chart Analysis
Avax, one of the favorite altcoins during the rise in 2021, has recently experienced a significant loss in value and therefore returned to levels almost three years ago. In the chart of Avax, where a formation cannot be mentioned due to a serious decline, the price continues to stay below the EMA averages.
The most important resistance level to watch for Avax price is the $9.08 level. A significant decrease in the daily closing price can be observed if this support, which has been tested almost four times, is seen below. The resistance levels to be considered for Avax are $9.50, $10.15, and $10.92, respectively. A closing above $10.15 for Avax price would break the downward trend, and we can talk about a mini rally with the breaking of the EMA 200 average above the $10.29 level.
Solana Chart Analysis
Following the developments in the FTX, a serious fear dominated the Solana side, and this situation also affected the Solana price. While the price dropped to around $8 due to the FTX bankruptcy, it is noteworthy that it is holding onto these levels for now. However, how the crypto asset sales to be experienced in the FTX will be priced in the market is a matter of curiosity.
There is no formation mentioned in the 4-hour chart of Solana, and the price is currently on the rise and above the 4-hour EMA 7 and EMA 21 averages. The resistance levels to be followed for Solana are $18.52, $17.85, and $17.35, respectively. Especially the $17.35 level is of vital importance in a possible decline and stands out as the most important support level to be monitored. The resistance levels for Solana are $19.95, $20.63, and $21.94, respectively.
