In a bold statement that has caught the attention of the crypto community, a top trader has revealed that he is prepared to swap his Solana holdings for Avalanche if a key signal appears on the AVAX chart. With both Solana (SOL) and Avalanche (AVAX) being two of the most popular layer-1 blockchain platforms, this potential trade highlights the growing competition and volatility in the crypto market.
The price of AVAX today is $28.65, up 2.8% in the last 24 hours. AVAX had soared to $29.26 in the wee hours of Oct. 21 but has since slightly retraced. The Avalanche price chart shows the asset is bullish, with a potential for over 20% gains.
Is AVAX Price Primed For A Surge?
Greeny, a top trader on X, monitors the Avalanche price and is considering swapping his SOL into AVAX if the asset “breaks up and shows strength.”
I personally would swap $SOL into $AVAX if this breaks up and shows strength.
Break up = Hold AVAX
Continue down = Hold SOLThis has been a downtrend for 2 years. In other words AVAX has gone down 83% against SOL.
If we break up, I’d swap some SOL for Avax. https://t.co/SEpjaeobwE pic.twitter.com/eZzOzTeCTB
— Greeny 🇦🇺 (@greenytrades) October 20, 2024
AVAX has been trending down against SOL for the past 2 years and is down 83% against the same. A turnaround could be explosive for the price of AVAX.
The chances of a turnaround are high since the Avalanche leadership recently announced Avalanche9000, which will enhance the network by bringing near-instant transaction finality to reduce costs and improve network efficiency.
“If you have never developed on Avalanche before, now is the time to start. It’s never been easier, faster, or more exciting.” @el33th4xor
Avalanche9000 gives builders the freedom to build whatever you want, to interconnect with an entire ecosystem of applications, and to go to… pic.twitter.com/kZtEpYBrkh
— Avalanche9000 🔺 (@avax) October 16, 2024
Moreover, Avalanche also secured a partnership with Littio, a Columbian bank, which announced it would use the network for its Yield Pots platform after moving from Ethereum.
Further, traders are bullish on AVAX price as Coinglass Liquidation Map data shows twice as many Longs ($10.88 million) as Shorts ($5.42 million) on Avalanche.
The majority of the long positions with the largest leverage sizes sit between $27.3 and $27.7, which means there is solid support between the $26.7 and $28.1 range. On the flip side, the $5.44 million in shorts is spread out among low-leverage shorts, which is not larger than $80,000. This suggests that traders who are shorting AVAX prices are doing so very cautiously as the market is overall bullish.
Avalanche Price Analysis: $35 Next Target
This Avalanche price prediction shows the price moving within an ascending channel, which typically signals a continuation of the current uptrend until a breakout or breakdown occurs.
The current price, near $29, is approaching the upper resistance of the channel around $35. This upward movement suggests a potential gain of around 22% if the AVAX price reaches the upper boundary of the channel near $35.25.
Key Support and Resistance Levels
- $27-$28 Region: This provides strong support, aligning with the lower boundary of the ascending channel. Additionally, the 50-EMA (green) line acts as a dynamic support.
- $30: The first major resistance is at $30, with the ultimate target set at $35, the upper bound of the channel
The immediate target for AVAX is $30, followed by $35 if the bullish momentum continues. However, failure to break above $30 could lead to a retest of support at around $27 (200-EMA). If the price breaks lower than that, it could invalidate the current bullish thesis as it would break out downward from the channel, shifting momentum towards a bearish outlook.
Frequently Asked Questions (FAQs)
Trader Greeny on X is monitoring AVAX and plans to swap his Solana for Avalanche if AVAX shows a key bullish signal and breaks upward.
The AVAX price prediction suggests a continued uptrend, moving within an ascending channel. If the price breaks through the $30 resistance, it could climb to the next target of $35. Why is a top trader considering swapping Solana (SOL) for Avalanche (AVAX)?
Investors should watch for a potential breakout above $30, which could confirm continued bullish momentum.
Related Articles
Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
✓ Share: