Solana and Avalanche appear to be at risk of a steep correction. These tokens need to reclaim vital support levels quickly to avoid further losses.
Trouble Ahead
Solana and Avalanche experienced a 2% correction over the past few hours, which correlates with Ethereum’s successful transition to Proof-of-Stake.
Solana appears to form a bear flag on its daily chart as the hype around the Merge fades. This technical formation anticipates that breaking the $30 support level can trigger a 70% correction. If validated, a spike in selling pressure could push SOL below $10.
Despite the pessimistic outlook, not everything is lost for Solana. The Layer 1 blockchain’s token needs to reclaim its 50-day moving average as support to have a chance of rebounding. Moving past this resistance level could help SOL rise to $48 or even to the 200-day moving average at $60.
Avalanche also appears to be developing a bearish technical formation on its daily chart. AVAX could be forming the right shoulder of...
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