The cryptocurrency market took a break after a rally. However, some cryptocurrencies continue to maintain their momentum. Analyst Steven Walgenbach says technical indicators for the two altcoins show that they will continue to rise.
These two altcoins attracted attention in the market
Entering the weekend, Solana (SOL) and Avalanche (AVAX) have seen their prices rise in the last 24 hours. Two of the top 20 cryptocurrencies attracted attention. According to CoinMarketCap, the two altcoins have seen their prices rise more than 5% within the day. Moreover, the price of SOL rose by an impressive 10% before pulling back. SOL hit $22.21 after gaining 11.74% on the day. However, it later retreated a bit. At press time, the altcoin was trading at $21.63. Meanwhile, SOL showed the same remarkable strength against the two market leaders Bitcoin (BTC) and Ethereum (ETH). The altcoin is up 11.56% and 11.84%, respectively, against the two cryptos.
Also, the price of AVAX reached $13.58 after rising 7.64% on the day. Similar to SOL, AVAX also managed to outperform BTC and ETH. At press time, AVAX rose 7.32% against BTC and 7.52% against ETH. The altcoin was also trading closer to its daily high of $13.77, from its 24-hour low of $12.58.
SOL and AVAX likely to continue their rise
From a technical perspective, SOL managed to turn the $20.16 resistance level into support in the last 24 hours. It tried to do the same for the next major resistance level at $22.37. SOL managed to push above the main price point earlier today. However, it has since withdrawn to trade below the level at press time.
If SOL closes today’s daily candle above this level, a rise to $23.95 is possible in the next 48 hours. Conversely, a daily close below this mark today could put the SOL at risk of falling to the aforementioned $20.16 support.
AVAX managed to climb above the main resistance at $13.69 in the last 24 hours. However, it could not stay above this level for long. Withdrawn to trade below resistance at press time. However, technical indicators showed that the altcoin has entered a short-term bullish cycle.
The 9-day EMA line has been bullish above the 20-day EMA in the past 24 hours. If this bullish flag is confirmed, AVAX could turn the $13.69 resistance to support in the next 48 hours. If the buying pressure continues, it is even possible for the crypto to rally to $15.34 next week. On the other hand, failure to close a one-day candle above $13.69 in the next 2 days may put AVAX at risk of falling to the 9-day and 20-day EMA lines. In such a case, the altcoin price is likely to drop to $12.92.
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