CryptocurrencyPrice Analysis

Solana (SOL), Avalanche (AVAX) Price Analysis – 5 October 2021

While writing this content, most alternative tokens traded literally with slight gains or losses on their price charts. Assets such as Avalanche and Solana endured losses on their daily price charts. SOL hovered near its closest support level with bullish sentiments. Avalanche witnessed its buying pressure fading, resulting in a 1.4% drop.

However, the alt market had mixed actions. For instance, AAVE noted upside moves in the past day and might try to break past the nearest price ceiling in the upcoming sessions. Most assets in the top ten traded high due to positive sentiments in the financial space.

Solana

Solana recorded consolidative moves on its price charts after slight plummets of 0.4% in one day. The token hovers around the support at $163.74 as its value stands at $166.1. With that, increased consolidation of the upcoming trading sessions might witness the alt breaching this support. Solana’s additional support levels are at $125.95, then $93.20 – an area it touched more than one month ago.

According to the 4hr chart, SOL remained under the 20 Simple Moving Average, suggesting increased selling momentum. At the same time, the Awesome Oscillator displayed red sign bars. On the other part, the RSI declined under the 60-level, indicating a price fall. However, buying momentum didn’t fizzle out completely. The Chaikin Money Flow also showed magnifying capital inflow.

If SOL’s buying pressure continues to stabilize, the asset might try to overpower the consolidation phase. Meanwhile, the alternative coin had its resistance at $188.53, the $214.03.

Avalanche

Avalanche (AVAX) traded near $65.76 after dropping 1.4% in the past 24 hours. On the same, the alt’s primary technical indicators depicted market bearishness. AVAX has its nearest support locating at $64.80. More price levels that Avalanche can hit are at $55.4, then $48.26.

The four-hour chart shows the 20 SMA level stands beyond the candle, hinting sellers gaining control of the market momentum. The Relative Strength Index stayed under the 50-level, suggesting weak buying pressure.

The MACD displayed a red histogram as it crossed towards the bearish region. Meanwhile, the Awesome Oscillator noted a single sign bar after multiple red ones. Price reversals might have AVAX revisiting its 1-week peak at $73.83 before targeting $79.70.

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