18 May 2022 06:17, UTC
Reading time: ~2 m
A crypto analyst with the nickname Cred believes that during the next rebound in the crypto market, Solana (SOL) and Avalanche (AVAX) can show a good upward movement.
According to him, the recent touch of Ethereum level $ 1900 was a new test of the minimum of the key range. If the market demonstrates another round of decline, Ethereum support will be about $ 1400, and in the most unfavorable scenario – below $ 1000.
Cred noted that in the event of another market rebound, the popular first-tier platforms Solana (SOL) and Avalanche (AVAX) can show some of the best results:
“These coins do well on rebounds, as investors buy popular crypto assets that they know and love and when they are relatively cheap. In other words, if you are going to bet on BTC and ETH, you might as well take SOL and AVAX, as they will show higher returns in the event of a rise in the market (but will also fall more in the event of its collapse).”
According to Solana, the analyst suggests a trading range of $ 44 – $ 79 with serious bullish consequences in the event of a breakdown of the upper part of the range:
“$44 – $79 is the closest range for trading. In the event of a market crash and a failure of the support level, I expect a rapid movement to the minimum range at $25. If the rebound leads to a recovery of the range above $ 79, it is possible to move to the mark above $ 100”
With regard to Avalanche, the analyst’s forecasts are also bullish:
“The main difference between the assets is that SOL retested support at $44 to $47, and AVAX closed within its range at $39. Thus, in order to be able to safely open long positions, the market must either retest support around $ 24, or restore the range above $ 39”
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