Crypto:
29757
Bitcoin:
$67.028
% 0.03
BTC Dominance:
%54.3
% 0.12
Market Cap:
$2.43 T
% 0.29
Fear & Greed:
73 / 100
Bitcoin:
$ 67.028
BTC Dominance:
% 54.3
Market Cap:
$2.43 T

3 Cryptocurrencies Rising from the Ashes in 2023!

3 Cryptocurrencies Rising from the Ashes in 2023!
In 2023, the cryptocurrencies market is drawing attention with a significant recovery of the leading cryptocurrencies Bitcoin. Bitcoin maintains its market leadership with a gain of 160% since the beginning of the year.

This upward trend, along with the impact of the bull market, has lifted many altcoins, and many of them have achieved significant gains. Let’s take a closer look at the most significant price recoveries in the year 2023.

Incredible Comeback from Solana

Solana (SOL) achieved its most significant comeback in 2023, rising by approximately 1,215% from the lowest level of the December 2022 cycle, which was $7.86. Additionally, compared to the lowest level of the cycle on June 5th, which was 0.00004952 BTC, it showed an increase of 485% against Bitcoin.

3 Cryptocurrencies Rising from the Ashes in 2023!

SOL price experienced a significant decline of 95% in 2022, making it one of the largest losses of that year, and it fell below $10, particularly due to the incident involving FTX.
However, Solana’s rise in 2023 is attributed to its resilience during FTX’s asset liquidation, a substantial increase in decentralized application usage, growing market demand, network activity, and improved network stability.
Solana’s emphasis on mobile accessibility and efficient transaction capabilities strengthened its market position and accelerated adoption by attracting new users and developers.

SOL Price Analaysis

However, the price chart of Solana shows a downward trend in technical data for the beginning of 2024.
In particular, SOL’s weekly relative strength index (RSI) remains above 70, increasing the potential for a pullback in the coming weeks. Additionally, the fact that SOL closes below the 0.5 Fibonacci retracement line around $132 strengthens the selling scenario.
3 Cryptocurrencies Rising from the Ashes in 2023!
The $132 resistance level proved effective in limiting Solana’s upward attempts in March 2022, leading to a subsequent price collapse of approximately 94%. SOL faces a similar risk of retracement in the first half of 2024, with its main downside target located around $41 and $28, coinciding with multi-year rising trendline support.
However, after testing the rising trendline support, SOL has the potential to continue its upward trend in the second half of the year. In this case, a climb towards the previous record level of $264 by the end of the year may be possible.

Tron Increased by 1270% After Covid-19 Case

Tron (TRX) experienced a decline of over 98% during the bear market cycle of 2018-2020. However, TRX/USD has seen an increase of over 1,270% since the near bottom in March 2020, around $0.0076, including the 100% rise in 2023.

3 Cryptocurrencies Rising from the Ashes in 2023!

Tron’s price increases align with its strong performance in the decentralized finance (DeFi) sector. Specifically, the total locked value (TVL) in the Tron ecosystem saw a significant increase, rising from approximately 30 million TRX in April 2020 to over 76 billion TRX (around $8 billion) as of December 2023.

3 Cryptocurrencies Rising from the Ashes in 2023!

In addition, Tron has engaged in token burning activities, reducing its active supply against the increasing TVL, and this is expected to positively impact the price.

TRX Analysis for 2024

In the broader time frame charts, it appears that Tron is reaching the peak of a large triangle price range. Therefore, in the first quarter of 2024, the price of TRX may fluctuate between the upper trend line at $0.108 and the lower trend line at $0.095.

3 Cryptocurrencies Rising from the Ashes in 2023!

However, like all cryptocurrencies, Tron’s price trends for the remainder of 2024 will largely depend on broader factors such as the spot Bitcoin ETF, Bitcoin’s halving in April, and the overall global economy.
This cryptocurrencies content may also attract your attention: Gao Juan Expressed Her Opinion About Bitcoin
If TRX cryptocurrencies consistently closes above the upper trend line of the triangle on the weekly chart, the $0.20 target may be achievable by 2024.
In a different scenario, a breakdown below the lower trend line of the triangle poses a risk of lowering TRX’s price to around $0.056, corresponding to the 0.5 Fibonacci line and the 200-week exponential moving average (200-week EMA; red wave).

Expected Rise Period in Avalanche

AVAX price has shown an almost 480% increase when measured from the lowest level of the September 2023 cycle, which was $8.65. This recovery came after one of the largest crashes in the bear market, with a decline of 94.25%.
3 Cryptocurrencies Rising from the Ashes in 2023!
Interestingly, Avalanche’s recovery coincided with the unlocking of approximately 19 million AVAX tokens in the second half of 2023. The rising prices indicate that the markets easily absorbed the additional supply.
However, network metrics for Avalanche show that the fundamental demand is weak. For example, the Total Value Locked (TVL) in the Avalanche ecosystem decreased from around 55 million AVAX in September, when the price started to rise, to approximately 23 million AVAX in December.
3 Cryptocurrencies Rising from the Ashes in 2023!

AVAX Analysis for 2024

The weakness in AVAX’s upward trend is evident in the increasing gap between rising prices and decreasing trading volume. An increase in price without significant trading volume indicates a lack of strong conviction behind the price movement. This situation may imply that fewer traders are participating in the market, and those who are not participating may not fully trust the sustainability of the price increase.

3 Cryptocurrencies Rising from the Ashes in 2023!

As of December 31, AVAX’s price stood near the 0.618 Fib line resistance at around $49.62. A correction towards the next Fib line at $29 seems to be already in progress, which could occur in the first quarter of 2024.

Further decline below $29 could lead to AVAX’s next downside target, dropping to $20 around the 50-week EMA.


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