Solana, Avalanche Price Analysis: October 22

Solana kept the uptrend unbroken on Thursday as Bitcoin and Ethereum slowed down and even pulled back. The competitive smart contracts token is back to trading above $200 barely a day after reclaiming the ground above $180.

Bitcoin had lifted to a new all-time high, slightly above $67,000, while Ethereum closed in on the record high of $4,400. Bitcoin currently trades marginally above $63,000 as bulls aim for $70,000 before the week grinds to an end. Similarly, Ethereum retreated to affirm support at $4,000 while allowing more buyers to come into the market for the subsequent rally to $5,000

Solana:-

Solana teeters at $202 at the time of writing while buyers gaze toward the all-time high at $215 (data by Coinbase). Higher support is required to keep the uptrend intact and ensure that the bulls’ efforts are not used to play defense but to push the agenda for the record highs.

The short-term technical outlook is positive based on the Moving Average Convergence Divergence (MACD) indicator and the Relative Strength Index (RSI). As the MACD gains traction above the mean line, bulls are encouraged to join the market and increase their stakes.

At the same time, the RSI’s movement into the overbought region implies that buyers have the upper hand. A situation likely to stay unchanged in the near term.

Avalanche, like Solana, is on its way to the record highs after rebounding from the crucial support at $50, the demand zone highlighted in green on the chart. Bulls currently control the trend, with AVAX breaking above the descending trend line.

The 50-day SMA is also catching up to the uptrend, ready to provide support whenever needed. Avalanche is trading at $64 at writing, with gains likely to extend to $70 during the European session. If all goes according to plan, AVAX might close the week at the record high of $80.