Bitcoin is currently priced at $63,600, and trading volumes have decreased over the weekend, causing cautiousness among investors as April comes to an end. Looking ahead to May, there are predictions for the prices of Solana (SOL) and Avalanche (AVAX), and investors are curious about what to expect if volatility increases.
Solana (SOL) has several significant events expected in May, which are anticipated to increase volatility in cryptocurrencies. These events include an important decision on interest rates, comments from Powell about the current outlook, and April inflation data. However, weaknesses in the spot Bitcoin ETF, macroeconomic uncertainties, and other risks are dampening optimism for May. For SOL to have a successful month, prices need to close above $145 to establish an upward trend. If the $160 threshold is also reclaimed, the main targets for SOL Coin will be the $183 and $205 resistance levels. On the other hand, if the $127 support is lost, sales could accelerate. Historically, the markets tend to be relatively dull between May and July, often referred to as the “sell and go on vacation” period. In this scenario, investors might see price levels of $117, $98, and $80, with the rally potentially reaching as low as the $116 region. Closures below this area could result in double-digit prices.
As for Avalanche (AVAX), SOL Coin has experienced impressive demand and a strong start to 2024. However, AVAX has not seen significant gains compared to other alternatives this year, with the price currently standing at $34.8. The resistance level of the parallel channel discussed for months is at $50, and the $50 to $52 area is the main breakout point for a triple-digit target. Currently, the price is testing the $31.6 base support after losing this resistance. The presence of long tails in test candles suggests that bulls are active at the support level, but closures below the base could lead to continued sales down to $21. In a positive scenario, closures above the $50 to $52 area could occur, and the $65 resistance level might be retested.
It is important to note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research.
