Bitcoin’s current price sits at $63,600, and as expected, trading volumes have decreased over the weekend. With April coming to an end, investors are exercising caution. Now, the focus turns to the price predictions for Solana (SOL) and Avalanche (AVAX) in May, as well as what investors can expect if volatility increases.
Solana (SOL) Price Predictions
The month of May is expected to bring significant events that could potentially increase volatility in the cryptocurrency market. These events include the interest decision on the day, comments by Powell regarding 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 May, prices need to surpass the $145 mark and resume an upward trend. Reclaiming the $160 threshold would further strengthen SOL Coin’s position, with the main targets being the $183 and $205 resistance levels. However, if the $127 support is lost, it could accelerate sales. Historically, the market tends to be dull between May and July, often referred to as the “sell and go on vacation” period. During this time, investors might see price levels of $117, $98, and $80. If prices fall below the $116 region, double-digit prices could become a reality.
Avalanche (AVAX) Price Predictions
In contrast to SOL, AVAX has not seen significant gains compared to other alternatives this year. Currently priced at $34.8, it has struggled to gain momentum. The resistance level of the parallel channel, which has been discussed for months, is set at $50, with the $50 to $52 range being the main breakout point for a triple-digit target. Currently, the price is testing the $31.6 base support after losing this resistance. Long tails observed in test candles indicate that bulls are active at the support level, but if the base support is breached, it could lead to continued selling down to $21.
In a positive scenario, if closures above the $50 to $52 range occur, a retest of the $65 resistance level may be seen.
Disclaimer
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 risks associated with cryptocurrencies and should conduct their own research.