The altcoin season is starting and traders are looking for the best opportunities. On-chain data and technicals are predicting new highs for Solana and Avalanche, while a recently launched memeFi token Cutoshi has risen significantly in its presale price.
Solana Eyes $300 After Major Bull Cycle
The high-performance blockchain Solana (SOL) has been one of the best performers this cycle. Currently standing at $253.70, Solana rose 52.14% over the last thirty days. The primary reason for this increase, other than the bull market, was excitement over institutional interest in Solana.
So far, banks and investment funds have had very limited avenues to invest in Solana. These institutions command huge capital reserves and have a significant impact on the market. However, after the 2024 elections in the US, traders are now expecting approval of more regulated ways to invest in Solana: ETFs.
Solana ETFs have so far had a very low likelihood of approval. However, after the election, the total count of ETF applications rose to four, counting VanEck, 21Shares, Canary Capital and Bitwise. These applications have created momentum for SOL.
Solana is currently trading above its 20-day moving average of $207, indicating bullish momentum. The next resistance for the token is at $263. If Solana can stay above it, it will likely move past the psychological line of $300.
Avalanche Eyes $60 On Network Activity
Avalanche (AVAX), the blockchain that infinitely scales, was also among the top performers this cycle. The token rose 64.20%, from $25.4 to its current level of $41.75. Now, Avalanche is maintaining above a critical support level of $38.57. If it maintains this level, experts predict it has the potential to break the $60 level.
The main driver of this technical strength was the increase in ecosystem activity. Over the past seven days, Avalanche registered a 51.83% increase in new wallet addresses. At the same time, active addresses were up 24.69%.
On November 23, the network also saw a 9.09% rise in the total value locked (TVL), reaching $1.4 billion. As TVL is one of the main indicators of network strength, the sudden increase shows a significant appreciation of assets on the Avalanche Network.
