Saturday, July 20, 2024

On Saturday, Solana experienced further gains, marking its third consecutive session of growth to kick off the weekend. This upward movement was driven by a breakthrough of a significant price level, even as the global cryptocurrency market cap remained relatively stable. Additionally, Avalanche saw a notable rally, with its value climbing by as much as 10%.

Solana (SOL)

Solana (SOL) continued to be a standout performer in the cryptocurrency market, extending its winning streak for the third consecutive day and reaching its highest level in eight weeks.

After hitting a low of $20.19 on Friday, SOL/USD surged to a peak of $22.40 during the day, initiating the weekend on a positive note.

This surge allowed Solana to surpass the $22.00 mark, breaching a resistance level it had not surpassed since May 6.

SOL/USD – Daily Chart

Analyzing the chart, this upward movement coincided with the relative strength index (RSI) breaking through the resistance at the 69.00 level.

As of the time of writing, the index sits at 70.70, with the next visible point of resistance at 75.00.

If the index reaches this level, there is a high probability that SOL will rise to $23.00.

Avalanche (AVAX)

Avalanche (AVAX) also experienced significant gains on Saturday, with its value increasing by nearly 10% during the session.

AVAX/USD reached a high of $13.85 earlier in the day, bouncing back from a low of $12.60 recorded the previous day.

This surge propelled Avalanche to its highest level since June 9, following the breakthrough of a resistance level at $13.50.

AVAX/USD – Daily Chart

One catalyst for this rally was the 14-day RSI surpassing its resistance level at 57.00.

Currently, the index stands at 58.73 and appears to be making progress towards a higher resistance level at 62.00.

Moreover, the 10-day (red) moving average has just avoided a bearish crossover, indicating a renewed upward momentum.

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Share your thoughts on whether Avalanche will reach $15.00 in the coming days in the comments section.

Frequently Asked Questions (FAQs) about crypto market rally

Q: What were the key highlights of Solana and Avalanche in the recent crypto market movement?

A: Solana (SOL) witnessed a surge, reaching an eight-week high, driven by a breakout of a key price level. Avalanche (AVAX) also rallied, climbing by as much as 10% and breaking through a resistance level. Both cryptocurrencies showcased notable bullish momentum in the crypto market.

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2 comments

BitcoinWarrior July 9, 2023 - 12:26 pm

solana (SOL) & avalanche (AVAX) bringin’ some serious gains! solana reachin’ an 8-week high is wicked cool, and avax climbin’ by 10% is mind-blowin’! can’t wait to see what’s next for these coins. #cryptojunkie

Reply
TraderXtreme July 9, 2023 - 5:40 pm

Solana and Avalanche are smokin’ hot! SOL shootin’ up like a rocket, breakin’ through that resistance level like a boss. AVAX ain’t holdin’ back either, rallyin’ with a 10% surge. Bullish vibes in the crypto market, folks! #cryptoenthusiast

Reply

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