Is Avalanche Following Solana’s Steps? AVAX Price Pumps

2024-7-22 11:30

Avalanche (AVAX) has seen substantial price swings lately. Notably, Inmortal, a top crypto asset researcher with over 200K followers, has highlighted connections between AVAX and Solana (SOL) trajectories. Inmortal’s analysis shows that AVAX is mimicking SOL’s historical pricing pattern. 

$AVAX following $SOL

Muscle memory, long and strong. pic.twitter.com/jmqLsNekgb

— Inmortal (@inmortalcrypto) July 22, 2024 SOL and AVAX Price Chart Analysis

Inmortal’s chart analysis provides valuable insights into AVAX’s potential trajectory. The comparison shows both AVAX and SOL experiencing similar patterns of decline followed by strong rebounds. Notably, AVAX is currently testing a key resistance level around $42.50, mirroring SOL’s resistance at approximately $180.

If AVAX can break through the $42.50 barrier level, it could suggest the continuation of the positive trend. This accomplishment could open the door for additional upward momentum, propelling AVAX to unprecedented heights. Traders are closely monitoring this critical level for confirmation of the bullish outlook.

Read also: Will Bitcoin (BTC) Price Break $73k This Week?

Performance and Market Sentiment

At press time AVAX is one of the performing altcoins, showing a price increase lately. According to CoinGecko, AVAX’s price is $31.97 with a daily trading volume of $968,011,313, representing a 10.89% increase in the last 24 hours and an 18.42% increase over the past week. This performance highlights positive market sentiment and investor confidence in AVAX. 

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Show more +Show less – Conclusion

Inmortal’s analysis underscores a bullish outlook for AVAX based on its historical correlation with SOL. If AVAX continues to mirror SOL’s pattern, it could break the $42.50 resistance and achieve further gains. Traders and investors should closely monitor resistance levels and volume indicators to confirm this bullish trend’s continuation. With AVAX’s strong performance today, the market appears to support this optimistic projection.

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