Top altcoins of the day: SOL, AVAX, NEAR clock around 10% rise as Bitcoin crosses $24,000

• Bitcoin price shot up by more than 9% at the time of writing to trade at $24,209.
• NEAR Protocol’s native token, NEAR, registered an 11% increase in value in the span of 24 hours.
• Solana price and Avalanche price followed BTC’s cues to register almost 9% hikes during the day.

Bitcoin price can be seen climbing the charts, which is having an impact on many altcoins and resulting in some of them surpassing the rally of the altcoin king, Ethereuml. Amongst the few, Solana, Avalanche, and NEAR Protocol native tokens shined with identical, if not bigger, rises than BTC.

Bitcoin price in the last 24 hours has risen from $22,234 to trade at $24,266 at the time of writing. The almost 10% rise marked brought the king coin’s price to a six-month high, with these levels last touched in August 2022. This was reflected in the altcoins as well.

Solana price reclaims weekly losses

Solana price was up by 9.29% during the day and rose to trade at $23.77, invalidating the losses witnessed in the last couple of sessions. The cryptocurrency breached its immediate resistance at $22.86, and testing it as support would enable a rise toward the critical resistance at $28.55. 

The Parabolic Stop and Reverse (SAR) indicator, despite highlighting an active downtrend, is nearing a flip in the trend. This is because the black dots of the indicator are nearing the candlestick, which would flip their position from above the candlesticks to below them. Solana price would then experience an uptrend. This would help the altcoin flip $28.55 into support and rally toward $30.

SOL/USD 1-day chart

But if the rally falls short and Solana price trickles through the support at $20.58, the altcoin would end up testing the monthly lows of $17.61. A daily candlestick close below it would invalidate the bullish thesis, resulting in a dip to $14.63.

AVAX price follows Solana’s cues

In line with Solana price, AVAX price is seen rising by 9.16%, trading at $19.72 at the time of writing, nearing the critical resistance at $20.32. Coinciding with the 200-day Exponential Moving Average (EMA), breaching and flipping it into support would send AVAX price climbing the charts to tag a five-month high of $21.58.

The Awesome Oscillator suggested a similar outlook after the indicator reset and flipped below the zero line. Usually, this is considered a sign of change in trend and presence below the zero line hints at a bullish momentum. This would support AVAX’s rally going forward.

AVAX/USD 1-day chart 

However, if the altcoin loses its immediate support at $17.36, it would find another opportunity to bounce off of $14.91. A closeg below it would lead to the bullish thesis being invalidated and AVAX price trickling below $14.

NEAR price direction after its 110% rally

NEAR price noted an exceptional increase over the last month as the value of the altcoin rose by nearly 110%. Following the decline in the last few days, NEAR is up by almost 10% on the back of Bitcoin’s rally. The Relative Strength Index (RSI) for the altcoin can be seen rising back in the overbought zone. An uptick suggests that the cryptocurrency is far from a sudden drop in value. 

Thus, if this scenario plays out and the bullishness persists, NEAR would be able to flip the immediate resistance at $2.61 into a support floor. This would enable the NEAR price to eventually rise and tag the critical resistance at $3.11.

NEAR/USD 1-day chart

But if NEAR Protocol fails to breach through and declines, the price would end up tagging the immediate support level at $2.18. Losing it would bring the altcoin to the critical support at $1.96, and closing below it would invalidate the bullish thesis and send NEAR tumbling below $1.90.

 

---