Altcoin Market Roundup: Price Analysis for SOL, AVAX, and DOT
After a sharp retracement over the past few days, the crypto market started showing signs of recovery on February 14 as tensions over Russia and Ukraine eased. The global crypto market cap rose to hit the $1.95 trillion mark as DeFi tokens and NFTs rebounded, pointing to a renewed appetite for risk among digital asset investors.
Solana (SOL) Bumpy Price Action Ends
Data from crypto ranking website coinmarketcap shows that the total crypto market volume rallied approximately 16% at the start of the week to reach $72 billion. The resurgence in the crypto space sparked by fading geopolitical concerns has seen altcoins outperform, with SOL and AVAX leading the rally. Ethereum, the largest altcoin by market cap, also outperformed its biggest rival, BTC, with gains of 8% on Tuesday.
As BTC continues to consolidate above the $40K level, many altcoin traders have stepped into the market to range-trade and secure short-term gains. Here is a look at some of the top altcoins that traders should watch closely over the coming days.
The SOL price has endured on a bumpy ride in recent weeks, correcting towards the support at $80.83 before rebounding off that level. SOL prices soared 11% on Tuesday amid a broader resurgence in the crypto space. The native token of the popular proof-of-stake network has gained 0.3% over the past 24 hours to trade just above the $100 mark at the time of writing.
Today’s volatility is on to the upside, indicating that the bulls are in command. Some of the near-term catalysts for the price uptick include the recent rebranding of the Solana NFT data website from Solanalysis to Hyperspace, to help users track the value of their digital collectibles.
During the announcement, the project team revealed that they had secured $4.5 million in seed financing to drive the growth of the network’s NFT ecosystem.
AVAX Bulls Gear Up for a Major Upswing
Avalanche (AVAX) has been one of the best performers in the crypto market, gaining over 5% on the weekly chart. The top-ten ranked digital asset rebounded off of $75.50 level seen on February 10 and sustained an uptrend to hit the current price of $94.
The momentum came as traders who bought at lower levels showed less interest in exiting their positions, perhaps sensing that the downtrend could be over. The AVAX price is gearing up for a significant upswing toward $106 and later to $117 after a bullish chart pattern has formed.
Polkadot (DOT) Price Could Face Capitulation
The DOT price failed to hold above the $21 mark at the start of the week, dropping below crucial support. The popular altcoin is currently changing hands at $19.50, per data from coinmarketcap.
The native coin of the next-generation Polkadot chain is following a downtrend line and could retrace even further toward the strong support at $16. If the bears manage to pull the price below that psychological support level, then a flash-crash could ensue, dragging DOT to July 2021 lows of $11.
