Bitcoin (BTC) is currently fighting to shift its latest price trend from bearish to bullish, eyeing a crucial $1000 gain to solidify support for future growth. However, the broader altcoin market presents a complex picture, with varying prospects for individual cryptocurrencies such as Solana (SOL) and Avalanche (AVAX).
Surging Popularity for Solana’s Ecosystem
Seasoned crypto investors are moving beyond Ethereum layer2 solutions, with Solana standing out due to streamlined usability and enticing airdrop campaigns. Data reveals a substantial rise in Phantom wallet users: active monthly users have soared to 3.4 million, marking a 220% hike from the previous year, and wallet downloads have ballooned by nearly 500%. Consequently, around 750,000 to 800,000 new investors have joined the Solana network over a year—a level of growth that many rival networks can only dream of. Given its appeal to lower-income investors, Solana seems poised to maintain its growth trajectory.
SOL Coin’s market behavior appears to be more resilient during downturns and often correlates with BTC’s positive movements. If SOL Coin can stabilize above $110, it may set its sights on ascending price targets, including $120, $126, and potentially even the ambitious range of $150-158.
AVAX Nears Critical Decision Point
Amid Bitcoin’s recent return to the $49,500 mark, AVAX is perched at the pivotal $40 benchmark. To foster further growth, it is paramount for AVAX to transform the $42 level into a solid support base, which could pave the way for a brisk ascent towards the $50 resistance within its trading channel. Conversely, if AVAX fails to hold its ground and falls below $38, it risks declining to lower support zones at $32 and $27.5. On the bullish end, AVAX has its eyes set on long-term targets of $68.2, $92, and even $104, which would represent a full recovery from the significant drop experienced in April 2022. Nevertheless, AVAX prices currently hover close to the lows of the bear market, leaving its future direction hanging in the balance.