Solana (SOL), Avalanche (AVAX), and Sei (SEI) Hit Breakout Zones: Price Analysis
With Bitcoin riding higher and poised to potentially break back towards the highs, the altcoins are also moving into position. Solana (SOL), Avalanche (AVAX), and Sei (SEI) are at breakout zones now. Can they surge higher?
$SOL confirming major resistance break
Source: TradingView
Since the beginning of August the $SOL price has moved up around 43%. This is an excellent return in this time period and it’s probably not over yet. $SOL has reached a critical point. The price is up against the top of a rising trendline, and has also broken through, and has possibly just confirmed above the major $220 resistance level.
If this break is indeed confirmed, and the trendline is held above, the next target for $SOL would be at around $252, before going back to the all-time high at $295.
$AVAX reaches critical horizontal resistance level
Source: TradingView
The $AVAX price has had its own decent rise to just above 30% since the beginning of August. Much of this time was spent accumulating inside a triangle pattern. This recently broke to the upside and now $AVAX is up against a critical major resistance at $27.
If this resistance can be overcome, the next targets for $AVAX would be at $32 and then $42. The level at which the downtrend can be switched to an uptrend is at $65, so there is still some way to go before this can be achieved.
$SEI breaks through multi-month downtrend
Source: TradingView
The daily chart for $SEI is rather interesting. A prolonged downtrend all the way from March 2024 needs to be broken, and that could be in the process of happening right now.
In fact, the $SEI price has pierced through the trendline and is still consolidating above the break, as well as confirming $0.30 as horizontal support. A rise to $0.36 and then $0.39 in order to take out these last two local highs could be next.
Looking a bit further out, and taking it that $SEI is able to take out these last two highs, the all-important target of $0.74 is a long way overhead. If $SEI should be able to reach this level and confirm above, this would break the multi-month long downtrend. If the potential altcoin season does finally materialise, who would bet against it?
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
