Altcoins

SOL & AVAX Price Primed To Drop This Level Before Bullish Reversal

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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May 11, 2022

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While the world’s first cryptocurrency by market cap, Bitcoin is continuing with its bearish trend which has now dropped below $31,000, the altcoin leads Ethereum along with BNB, XRP, Solana, Dogecoin, and Avalanche among others.

But the flagship currency’s price action has impacted the global crypto market plunging by 0.19% in the last 24hrs trading at $1.41 trillion.

Altcoins To See A Bullish Trend Soon

On the other hand, one of the popular crypto analysts and traders, who is known by his Twitter handle, Altcoin Sherpa, is seen warning the digital asset investors about the performance of altcoin amidst the market crash.

On May 6th, Altcoin Sherpa tweeted that if altcoins do not manage to hold on to a certain price level, then it could be lights out for many of them.

Now as he follows up with the May 6th tweet, Altcoin Sherpa informs his 175,300 Twitter followers that Solana (SOL) and Avalanche (AVX), the layer-1 smart contract platforms are at the risk of witnessing further decreasing price action towards $48.56 and $39.17 respectively.

At the time of reporting, Solana is valued at $67.89 with an increase of 3% over the last 24hrs. Meanwhile, Avalanche has surged by 3.28% from the previous day trading at $44.91.

On the contrary, the strategist also gives hopes saying that many altcoins will return to their bullish trend in the coming day. According to him, altcoin’s point of control (PoC) is expected to provide support, such as cross-chain decentralized finance (DeFi) platform’s Alpha Venture DAO (ALPHA), cross-chain data network Band Protocol (BAND), and another DeFi platform Compound (COMP) and Aave (AAVE).

The Altcoin Sherpa then concludes by throwing light on the Lindy effect, a theory that suggests that the longer something has survived, the longer it is expected to continue in the future. He brings up this Lindy effect to explain why Bitcoin and Ethereum have remained the kings of the crypto market though there are endless new projects popping up every now and then.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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