- SOL and AVAX both printed 5+% gains over the past 24 hours.
- The price of SOL stood at $22.21 after its price climbed a remarkable 11.74%.
- Technical indicators for both altcoins suggested that their prices would continue to rise in the next 48 hours.
Heading into the weekend, Solana (SOL) and Avalanche (AVAX) turned heads as they were two of the top 20 cryptocurrencies that saw their prices spike over the past 24 hours of trading. According to CoinMarketCap, the two altcoins saw their prices rise by more than 5% over the past 24 hours, with SOL’s price climbing an impressive 10+%.
At press time, SOL was trading at $22.21 after its 24-hour gain of 11.74%. The altcoin demonstrated the same remarkable strength against the two market leaders Bitcoin (BTC) and Ethereum (ETH) as well, and was up 11.56% and 11.84% against the two cryptos respectively.
Meanwhile, AVAX’s price stood at $13.58 after it increased 7.64% over the past 24 hours. Similar to SOL, AVAX was also able to outperform BTC and ETH. At press time, AVAX was up 7.32% against BTC and 7.52% against ETH. The crypto was also trading closer to its daily high of $13.77 than its 24-hour low of $12.58.
From a technical perspective, SOL was able to flip the resistance level at $20.16 into support over the past 24 hours, and had attempted to do the same with the next major resistance level at $22.37. SOL was able to break above the major price point earlier today, but has since retraced to trade below the level at press time.
Should SOL close today’s daily candle above this level, then it may continue to climb to $23.95 in the following 48 hours. Conversely, a daily close below this mark today may put SOL at risk of dropping back down to the aforementioned $20.16 support.
AVAX was able to break above the major resistance level at $13.69 over the past 24 hours, but was unable to stay above the key level for long and had pulled back to trade below the resistance at press time. Nevertheless, technical indicators suggested that the altcoin had entered into a short-term bullish cycle.
The 9-day EMA line had crossed bullishly above the 20-day EMA line over the past 24 hours. Should this bullish flag be validated, AVAX may flip the $13.69 resistance into support in the coming 48 hours. Continued buy pressure may even see the crypto rise to $15.34 in the coming week.
On the other hand, failure to close a daily candle above $13.69 in the next 2 days may put AVAX at risk of dropping to the 9-day and 20-day EMA lines. Should this happen, AVAXs price could fall to $12.92.
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