- At the time of writing, the price of Bitcoin was $24,209, up by more than 9 percent.
- In just one day, the value of NEAR, the native token of the NEAR Protocol, increased by 11 percent.
- The Solana and Avalanche prices increased by almost 9% throughout the day, following BTC’s signals.
The price of Bitcoin is rising on the charts, which is affecting many other cryptocurrencies and causing some of them to surpass Ethereum’s rally. Solana, Avalanche, and NEAR Protocol native tokens stood out among the few with rises that were comparable to, if not greater than, those of Bitcoin.
The price of a bitcoin has increased from $22,234 to $24,266 in the last 24 hours. The king coin’s price increased by almost 10%, reaching a six-month high not seen since August 2022. The altcoins reflected this as well.
Price of Solana regains weekly losses
The price of Solana increased by 9.29% during the day to $23.77, reversing the losses of the previous two sessions. The cryptocurrency overcame its immediate resistance of $22.86, and using it as support would make it possible for it to move up toward the critical resistance of $28.55.
Even though the Parabolic Stop and Reverse (SAR) indicator shows an active downtrend, the trend is about to change. This is because the indicator’s black dots are getting closer to the candlestick, which would move them from above to below the candles. The price of Solana would then go up. The altcoin would gain support at $28.55 and advance toward $30 as a result of this.
However, the altcoin would end up testing the $17.61 monthly lows if the rally was unsuccessful and Solana price slipped past the support level of $20.58. The bullish thesis would be invalidated by a daily candlestick close below it, leading to a decline to $14.63.
The price of AVAX follows Solana
In line with the price of Solana, the price of AVAX is expected to rise by 9.16 percent and is currently trading at $19.72, close to the critical resistance level of $20.32. AVAX price would rise the charts to a five-month high of $21.58 if it breached and turned into support at the 200-day Exponential Moving Average (EMA).
After the indicator was reset and flipped below the zero line, the Awesome Oscillator predicted a similar outcome. Typically, this is thought to indicate a shift in the trend, and the fact that it is below the zero line suggests bullish momentum. This would help AVAX continue its rally.
However, the altcoin would find another opportunity to bounce off of $14.91 if it lost its immediate support at $17.36. The bullish thesis would be invalidated and the AVAX price would fall below $14 if it closed below it.
NEAR price direction following its 110 percent rise
The altcoin’s value increased by nearly 110% in the past month, resulting in a remarkable rise in the NEAR price. On the back of the rise in Bitcoin, NEAR is up by almost 10% following its recent decline. The altcoin’s Relative Strength Index (RSI) is back up in the overbought zone. A rise suggests that the cryptocurrency’s value will not suddenly drop.
Therefore, NEAR would be able to transform the immediate resistance at $2.61 into a support floor if this scenario transpires and the bullish sentiment continues. This would allow the NEAR price to eventually rise to $3.11, which would be the critical resistance.
However, the price would end up at $2.18, the immediate support level, in the event that NEAR Protocol fails to break through and declines. The altcoin would reach critical support at $1.96 if it lost it; if it closed below it, the bullish thesis would be invalidated and NEAR would fall below $1.90.
