Ethereum (ETH) and two of its strongest competitors could take action in the coming weeks, according to a popular Twitter analyst. Current levels have been confirmed as support after the altcoin market has spent the past few weeks recovering. Let’s take a look at technical analysis for a few price predictions…
Altcoin analyst shares rally prospects for Solana and Avalanche
Twitter analyst nicknamed Pentoshi has 553,200 Twitter followers of smart contract platforms Solana (SOL) and Avalanche. (AVAX) reports that it is on its radar. According to the crypto analyst, both AVAX and SOL can be expected to start rallying after two ETH rivals find buyers from a key support zone.
At the time of writing, SOL is trading at $49.28, down over 8% in the last day. After briefly recovering on May 23, it has declined today. With the recent price movements, it took the depreciation from last week by more than 10%. For the next technical levels, the analyst is following the chart above.
AVAX is currently trading at $28.35, down 11% from the previous day. It has struggled to maintain $30 as support for a while. With the last drop, it has lost more than 20% since last week. In November, we saw that AVAX price made ATH at $146.22.
Analyst finally updates his Bitcoin forecasts
Pentoshi predicts that in the coming weeks, Bitcoin will dominate the market and climb to its target of around $36,000.
Bitcoin is trading at $29,282.31 at the time of writing. It has lost 4% in value since last week. It fell slightly below $30,000 on May 24.
Critical mining decision from Russia
As we have mentioned in the news of Kriptokoin.com, the legislators in the lower house of the Russian parliament also gave up the notion of a special registry for mining operators. In less than a month, a crypto mining bill in the Russian parliament has lost a few key points, such as a bill, the requirement for mining operators to participate in a private registry, and a one-year tax amnesty for anyone who signs up. As a result, crypto mining firms must register as sole proprietors or self-employed in order to start mining.
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