Cryptocurrencies Price Prediction: AVAX, SOLNFT & MATIC – European Wrap 27 April
|AVAX price consolidation likely to end in 10% decline
Avalanche (AVAX) price is in search of direction as its rides the waves of the market at the moment. Although the correlation with big tech has been breaking down these past few months, it is undeniable that recent earnings influence the sense of direction for AVAX. Expect to see consolidation to continue with a possible leg lower as several tail risks are still bound to grow and require a risk premium of roughly 10%.
What Solana price has in store as SOL NFT volume overshadows popular Ethereum NFT projects
Solana price shows a bullish outlook on multiple timeframes suggesting that SOL is primed for a rally. Additionally, the fundamentals on the investor side of things also seem to be improving, adding a tailwind to the optimistic thesis.
Solana price has set up a bullish inverse head-and-shoulders setup on the 1-day timeframe. As mentioned in previous publications, this same setup has formed on the three-day and weekly timeframe as well.
MATIC price battles crushing selling pressure despite Franklin Templeton's recent Polygon announcement
Ethereum network’s largest scaling solution, Polygon’s native token recently recorded the largest inflow of MATIC to exchanges. The resulting selling pressure has negatively influenced the asset’s price and bullish catalysts such as a US registered mutual fund’s connect to Polygon’s blockchain failed to fuel a recovery in MATIC.
Franklin Templeton announced on April 26 that the fund has connected to Polygon for blockchain support. The fund is considered one of the world’s largest asset managers with US$1.4 trillion under management.
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