AVAX, SOL, NEAR: High-Beta L1s That Could Snap Back First If Extreme Fear Fades
Amid the crypto market's turbulence, certain Layer 1 assets show potential for swift recovery if the current climate of extreme fear subsides. This article delves into three notable candidates poised for a rebound. Discover which digital coins might be primed for a comeback and why they stand out in the current landscape.
Avalanche (AVAX) Faces Challenges but Shows Growth Potential
Source: tradingview
Avalanche (AVAX) is currently priced in the middle range of just under $12 to a bit above $15. Recent trends show AVAX has dipped by nearly 5% in the past week and close to 30% in the last month. Despite these setbacks, there's potential for a bounce back. The nearest resistance sits at $17, and if AVAX breaks through this level, it could reach $20. This would be a jump of about 30% from current levels. However, if it slips below $10.61, support could be tested further down. The market indicators show mixed signals, with room for both short-term challenges and potential growth.
Solana Shows Signs of Rebound After Recent Losses
Source: tradingview
Solana's price is currently between a low one hundred nineteen dollars and a high one hundred forty-two dollars. Recently, it has shown signs of recovery with a 3.8% increase over the last week. Despite a tough month, dropping nearly 30%, the coin holds promise if it breaks past the next hurdle at one hundred fifty-five dollars. If Solana surges beyond this, it could aim for the second resistance level at one hundred seventy-eight dollars, offering a potential gain of over 20%. However, it also has a safety net at about one hundred nine dollars if it dips. This movement hints at a possible uptrend for the resilient cryptocurrency.
NEAR Protocol: Is a New Upswing on the Horizon?
Source: tradingview
NEAR Protocol's price is currently between $1.61 and $2.22. It's been a tough time lately, with the coin dropping about 18% in both the past week and month, and over 35% over the last six months. However, there's potential for growth. If NEAR climbs past the nearest hurdle at $2.62, it could aim for a bigger target near $3.23. This would mean a rise of over 45% from the lower end of the current price range. The RSI is below 40, suggesting it might be undervalued, and with a bit of positive momentum, NEAR could start a more significant recovery.
Conclusion
AVAX, SOL, and NEAR show potential for recovery if market fear decreases. These high-beta assets often react swiftly to shifts in sentiment. Their strong fundamentals position them well for a rebound. As confidence improves, these could be among the first to see gains. Monitoring their performance can provide insights into broader market trends.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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