Solana, Avalanche, Polkadot and NEAR Protocol at risk of a 40% flash crash

Bitcoin price has plummeted below $30,000 and analysts believe the recent price drop could wipe out gains in altcoins like Solana, Avalanche, Polkadot and NEAR Protocol. Another leg down could push altcoin prices lower, according to crypto analysts. 

Altcoins prepare for bloodbath as Bitcoin price drops below $30,000

The colossal crash of Terraform Labs’ tokens has fueled a bearish sentiment among market participants. Analysts have evaluated altcoins like Solana, Avalanche, Polkadot and NEAR Protocol and predicted that these assets could wipe out their gains. 

Avalanche, an Ethereum-killer blockchain, has witnessed a large number of updates in 2022. The team is set to add support for subnets, another key upgrade in the protocol and announced, 

Over the coming weeks, there will be a series of resources and tools shared for developers and teams to start building your own fully-customisable Subnets. There’s no barrier to getting started building with Avalanche Subnets.

After establishing itself as a cost-effective alternative for music NFTs and decentralized applications, NEAR was hit by a blood bath. Analysts have predicted a further crash, with a 40% drop in Solana, Avalanche, Polkadot and NEAR protocol as Bitcoin price drops below the key psychological level at $30,000.

@AltcoinSherpa, a leading crypto analyst, believes if the Bitcoin price takes another leg down, it is likely that altcoins like Solana, Avalanche, Polkadot and NEAR plummet from their current levels. 

The analyst believes we could witness a short bounce before the altcoin prices test demand areas. 

Algorand could form a double bottom

Altcoin prices were hit by a bloodshed, however analysts at FXStreet have identified a double-bottom pattern in the Algorand price chart. The indicator implies Algorand price could witness a trend and momentum reversal, and begin breaking into an uptrend.