After maintaining a huge upswing since the beginning of the month, the bulls appear to have been exhausted, as the market is facing acute bearish influence. The Bitcoin price dropped below $40,500, dragging the entire market below the pivotal support. While some of the altcoins follow the star crypto, some tend to sustain above the gains, aiming to reach the pivotal resistance at the earliest.
Solana (SOL) Price Analysis
Solana’s price fails to surpass the crucial resistance at $75.55 after hovering just below these levels for a couple of days. However, the bulls held the price before testing the lower support, indicating they held a certain strength. Therefore, after a minor consolidation, the SOL price is believed to regain bullish momentum and resume trading towards the north.
The SOL price has maintained a healthy upswing since the beginning of the last quarter of the year and marked a new milestone for the year. Considering the current trade setup, the price could further maintain a descending trend and test the lower support close to $61. The DMI remains bearish as ADX is heading towards the south, and the +Di and -Di are about to undergo a bearish crossover that substantiates the claim.
Avalanche (AVAX) Price Analysis
The Avalanche price also triggered a healthy upswing since the beginning of the month and gained over 80% in value in a few days. Although the price has faced a price plunge of more than 15% since the start of the day, the bulls managed to hold within the bullish levels. Therefore, the token is believed to revive the bullish trend at the earliest.
The AVAX price in the long term continues to be in the bullish range, despite facing an interim pullback from the pivotal resistance. The RSI is displaying a bearish divergence that suggests the price will consolidate within a narrow range for a while and head towards the next target beyond $40.
Source: https://coinpedia.org/price-analysis/solana-sol-drops-below-the-crucial-zone-while-avalanches-avax-price-continues-to-surge-whats-next/