As the cryptocurrency market struggles to recover, some tokens are attracting attention with their performance. However, it remains unclear whether they will be able to maintain this performance. Analytics platform Santiment shared its predictions for 2 altcoin projects that have experienced significant price increases in recent days. Santiment says that one of them has the potential to continue on its way.
Santiment made a statement for these 2 altcoin projects: One of them will continue its rally!
As you follow on Kriptokoin.com, the market is trying to catch a new momentum. While the leading crypto Bitcoin is struggling above $61,000, the performance of Solana and Avalanche attracts attention. Analytics firm Santiment shared its predictions for these two altcoins. Analysts suggest that only one of these altcoins can sustain its current rally. Santiment explains that SOL’s rally has seen traders buying with FOMO, which makes it less likely to continue. In contrast, AVAX’s rally has been largely ignored by the community, indicating the potential for a continuation. In this context, the analytics platform makes the following statement:
Solana and Avalanche are making nice gains as crypto rebounds.
- SOL’s rally is accompanied by traders’ FOMO, which means that the rally is less likely to continue
- AVAX’s rally is mostly ignored by the crowd. This means that the rally is more likely to continue.
Analyst: AVAX rebounds with hopes of a 40% rise!
Crypto analyst Sahana Vibhute also paints a positive picture for AVAX. The Avalanche (AVAX) price is triggering a major rally after a rebound from year lows near $23, which attracted considerable liquidity. The price is trying to re-enter the critical resistance zone that it lost earlier when it provided a solid base for a rebound. If the price successfully surpasses these levels, the altcoin price is believed to launch a 40% rally with a sharp increase in positive market sentiment.
AVAX price traded in a descending parallel channel following the rejection it faced after breaking above $60. Although the price tried to rebound after hitting local lows, the current rebound may change the trajectory of the rally. The RSI also formed a similar pattern, suggesting that the price may consolidate for a while more, as it did in April-May, followed by a breakout. Also, the DMI seems to be preparing for a bullish breakout confirming the possibility of a long buildup. Therefore, the current rebound is significant as the bulls are back in action after being passive for more than a month. Therefore, AVAX’s price is expected to clear the resistance zone and conquer levels above $30 in the first few days of Q3 2024.
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