The worldwide crypto market valuation is now $1.27 trillion, down 1.95 percent from the previous day. Everything is signaling a red right now, from technicals to bears, with Bitcoin dropping a third of its value in just two months. Bulls have failed to hold the $30,000 level, but if the pressure persists, a dramatic fall below $30,000 is possible until the end of the day.
Two of Ethereum’s (ETH) strongest opponents, according to a crypto strategist and trader, are poised to pull off gains in the coming weeks. Pentoshi, a pseudonymous analyst, says he’s keeping a careful eye on smart contract platforms Solana (SOL) and Avalanche (AVAX).
What Next For SOL and AVAX Price?
Both AVAX and SOL are expected to launch relief rallies, according to the crypto researcher, after the two ETH rivals respected a crucial support region. The analyst says that he totally understands the macro backdrop. But he is also turbo bullish for the next zero to two weeks because he feels better about this market than he has in six months.
Solana has dropped 8.3 percent to $49.41 in the previous 24 hours. The price of SOL has dropped 7.8 percent in the last week. In terms of market capitalization, it is now the ninth-largest cryptocurrency.
According to him, the low wicks have generally been consolidating this week and the initial reactions to strong bounces were positive. From his personal experience, he continues to believe that reflexivity exists. And it will be released next week. He said that he will be bidding on AVAX and SOL once more.
The price of Avalanche has decreased by 10.1 percent in the previous 24 hours, bringing it to $28.84. The price of AVAX is still down for the last seven days, having declined 11.5 percent in that time.
Pentoshi further predicts that in the following weeks, Bitcoin will move against the prevailing market mood and rally to his target of roughly $36,000. At the time of writing Bitcoin is trading at $29,333 and is down by more than three percent.