Despite recent bullish activity, an analyst has predicted incoming corrections for Solana (SOL) and Avalanche (AVAX).
Let’s dive into this forecast and see what the near future could hold for these two altcoins.
AVAX & SOL Could Make Short-Term Corrections for Long-Term Gains.
On December 18th, at 2 PM (UTC), crypto analyst Altcoin Sherpa told his 201.9K followers on X (Twitter) that SOL may drop below $50 and retest $48.71 – according to the Fibonacci retracement levels he’d drawn below.
Though he’d gone on to state his estimates only concerned traders, a fair few of his followers disagreed with the forecast. One commented, “A very random call, 50 is not coming soon. 60ish more likely” and another wrote, “Sol is up +6% till you post :)))you are NR1🤡.”
At the time of Altcoin Sherpa’s post, SOL traded at $70.66. Today the price has risen to $78.33 but his estimation for investors had already been positive. He’d told them to expect higher prices in the coming months and that he’d be holding with them.
He shared a similar sentiment for AVAX on December 18th, 2.53PM (UTC), when it was trading at $39.62. He saw the price dropping below $30 in the short term, though he was bullish in the long-term – through 2024.
However, this time most of his followers agreed, with one commenting “I’m seeing low 30s as well” and another writing “I’ve sold half bag at $42 and will be adding more around 30sh”
One saw AVAX as overpriced, asking, “How $AVAX has $15bn market cap and $FTM only $1bn? Some things don’t make sense..”
Avalanche launched their mainnet in September 2020 and currently has 365,673,263 AVAX in circulation – 50% of it’s total. Whereas Fantom has 2,803,634,836 FTM in circulation – 88% of its total – after launching in December 2019.
However, despite the forecast of an imminent correction, Altcoin Sherpa reassured his followers on the two coins.
He stated that “SOL is going to go to much higher levels in the coming months”, and that he’s still bullish on AVAX in 2024.
Meme Kombat Sees Continual Gains Despite Other Altcoins Stuttering
While many altcoins have stuttered this week, one new token turning heads is Meme Kombat.
This new project is a P2E game in which meme characters – like Pepe and Wojak – do battle and you get to stake your tokens on an outcome. The game’s native token, $MK is in presale and has so far raised $4m, with buyers able to stake and begin earning an Annual Percentage Yield (AYP) of 228% today.
The total amount of $MK tokens staked has already reached 17,311,731, which is 75% of the available supply. 3,362,710 MK has already been paid out in rewards and there are currently only 4616 stakers.
With the popularity of meme coins, and their subsequent price surges, making headlines, it seems all but a given that $MK is poised to capitalize on this sentiment and act, somewhat, like an index for meme tokens.
Crypto commentators are bullish on the project, with the likes of OnlineHustleTV even stating that the token has 100x potential.
Meme Kombat token is currently available to buy on presale, although the next price increase will occur in just one day.
