Top Altcoins You Need to Keep an Eye On – Solana (SOL), Chainlink (LINK), Avalanche (AVAX)

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The cryptocurrency market is currently navigating turbulent waters, underscored by Bitcoin’s recent 5% dip to below $36,000. Analysts attribute this shift to a series of sell orders triggered as Bitcoin neared the $38,000 mark, a level it hasn’t seen in over 18 months. This selling pressure resulted in a significant liquidation of leveraged positions, estimated at $340 million over just two days.

In this uncertain climate, major cryptocurrencies like Solana (SOL), Chainlink (LINK) and  Avalanche (AVAX) present incredible investing opportunities that, if correctly positioned, will enable an investor to profit off market-wide shifts. Amidst this volatility, a new contender, ScapesMania (MANIA), is making moves in the crypto arena.

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Solana (SOL): Defying Odds in the Crypto Arena

In the wake of the SEC’s decision to label Solana (SOL) alongside other cryptocurrencies like ADA and MATIC as securities, Solana has seen an impressive surge in its value. 

Currently, the price of Solana (SOL) ranges between $26.75 and $44.35. It has notably outperformed its counterparts, particularly those also labeled as securities by the SEC, with a striking price increase of 386% since June 10. This performance is reflected in its moving averages, with the 10-day average at $54.80 and the 100-day average at $27.23. The support level for Solana (SOL) stands firm at $15.05, while it faces resistance levels at $50.27 and $67.87.

Peering into the future, Solana (SOL) – positioned as a favored Layer 1 network that boasts speed and cost-effectiveness – establishes an optimistic tone for what lies ahead; furthermore, ongoing ecosystem migrations fortify its market position. 

Chainlink (LINK): Gearing Up for Growth

Chainlink (LINK) has recently made headlines with the launch of its Chainlink Staking v0.2, marking a significant upgrade from its v0.1 iteration. 

Chainlink (LINK) current price fluctuates between $8.30 and $13.22, with a 37.28% weekly gain showcasing a significant upward trend. The 10-day moving average is currently at $14.87 and the 100-day average sits at $8.40. Notably, Chainlink (LINK) market capitalization stands at $8 billion, with a market dominance of 0.56%. However, it’s important to note a recent decline of 2.87% in its price.

With the expansion of the total staking pool to 45 million Chainlink (LINK) and the introduction of new features in v0.2, Chainlink (LINK) is poised for further growth. Given this momentum and the positive market sentiment, Chainlink (LINK) price could potentially increase by 25%, reaching key resistance levels of $15.09 and $20.01. In an optimistic scenario, it could recover to targets of $31.28 and $44.3, with the potential to set new all-time highs. 

Avalanche (AVAX): A Surge Powered by Innovation

Avalanche (AVAX) has recently witnessed a significant uptick in its market performance, with the price retesting the $24 mark. This increase, representing a 150% gain over 30 days, is largely attributed to the introduction of new GameFi subnets within the Avalanche ecosystem. 

The current trading range for Avalanche (AVAX) is between $9.4 and $12.55. The 10-day moving average stands at $17.56, and the 100-day average is $10.92.

The increase in staking, with 36 million Avalanche (AVAX) tokens staked in the past 10 days, further underscores the bullish sentiment in the market. This staking activity, worth approximately $900 million at current prices, has removed a substantial amount of Avalanche (AVAX) from circulation, contributing to the price hike. If the bullish trends continue, especially with the launch of new GameFi projects and sustained network activity, Avalanche could see its price reaching and possibly exceeding the forecasted targets.

Conclusion

Despite regulatory hurdles, Solana (SOL) impressively showcases resilience and growth in the volatile and uncertain current state of the cryptocurrency market. With its innovative staking upgrade, Chainlink (LINK) positions for significant expansion; this signifies an increased market influence – a key factor as several players forge their own paths in this environment. Fueled by innovative developments in GameFi, Avalanche (AVAX) is robustly surging in value. ScapesMania – a promising newcomer – demonstrates potential for substantial growth and market impact as it emerges amidst these established names.

Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.