- As the cryptocurrency market struggles to regain its footing, a few tokens are standing out with their recent performance.
- Are these upward trends sustainable for the future?
- Analytics platform Santiment has shared predictions for two altcoins that have shown notable price increases recently, suggesting one of them might continue its rally.
Discover the latest trends in the crypto market with an in-depth analysis of two standout altcoins and their potential future performance.
Santiment Predicts Future for Two Rising Altcoins
The cryptocurrency market is currently trying to catch a new momentum. While the market leader Bitcoin battles above the $61,000 mark, altcoins Solana and Avalanche have been catching the eyes of investors due to their remarkable performance. According to analysts at Santiment, only one of these can sustain its current rally.
One Altcoin Could Continue Its Rally: Insights from Santiment
As observed on CoinOtag, both Solana and Avalanche have garnered significant gains amidst the market’s recovery efforts. Santiment analysts suggest that while Solana’s rally could fizzle out due to traders’ FOMO (Fear of Missing Out) driving its price up, Avalanche might have the potential to continue its ascent as it has largely been ignored by the broader crypto community. Santiment notes:
Solana and Avalanche are both seeing nice gains as the crypto market recovers.
- Solana’s rally is being pushed by traders’ FOMO, implying a lower likelihood of sustaining the rally.
- Avalanche’s rally is underreceived by the masses, indicating a higher probability of continuation.
Analyst Expects 40% Upsurge for Avalanche
Crypto analyst Sahana Vibhute provides a bullish outlook for Avalanche (AVAX). Following a recovery from near the yearly low around $23—an area that has been drawing considerable liquidity—the AVAX price is poised for a significant uptick. Should the price surpass critical resistance levels it has previously lost, the altcoin could trigger a 40% rally amid positive market sentiment.
AVAX’s trajectory saw a notable decline after rising above $60, trading within a descending parallel channel thereafter. Any current recovery may alter the rally’s path, and the RSI suggests a period of consolidation followed by a potential breakout akin to the April-May trends. Moreover, the DMI indicates a bullish breakout in the making, likely confirming an extended accumulation phase. Considering these factors, it is anticipated that AVAX could overcome the resistance levels and achieve valuations above $30 by early Q3 2024.
Conclusion
Both Solana and Avalanche have shown impressive gains in the current crypto rebound. However, Santiment suggests that only one of these tokens—likely Avalanche—might sustain its rally due to differing market dynamics. Investors should stay informed and watch these market movements closely for further insights and potential opportunities.
