Bitcoin is currently priced at $63,600, and trading volumes have decreased over the weekend, possibly due to cautious investors as April comes to a close. Looking ahead to May, there is anticipation of increased volatility in cryptocurrencies, with significant events expected to take place. These events include the interest decision, comments from Powell about the current outlook, and April inflation data.
However, there are factors that are dampening optimism for May, such as weakness in the Spot Bitcoin ETF, macroeconomic uncertainties, and other risks. For Solana (SOL) to have a successful May, it needs to surpass the $145 mark to resume an upward trend. If the $160 threshold is also reclaimed, SOL Coin could target the $183 and $205 resistance levels. On the other hand, if the $127 support is lost, there could be an acceleration of sales. Historically, the market tends to be less active between May and July, with investors often adopting a “sell and go on vacation” approach. In this case, levels of $117, $98, and $80 could be seen, and if the rally’s support at $116 is breached, double-digit prices could follow.
Moving on to Avalanche (AVAX), SOL Coin has seen impressive demand and a strong start to 2024. However, AVAX hasn’t experienced significant gains compared to other alternatives this year. As of now, the price of AVAX is $34.8. The resistance level of the parallel channel has been at $50, with the $50 to $52 area being the main breakout point for a target in the triple digits. Currently, the price is testing the base support at $31.6 after losing this resistance. The presence of long tails in test candles suggests that bulls are active at the support level, but if the base support is breached, further sales could occur, potentially driving the price down to $21. In a positive scenario, if the price closes above the $50 to $52 area, a retest of the $65 resistance level could be seen.
It is important to note that the information provided in this article does not serve as investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and conduct their own research before making any investment decisions.
