Solana Eyes New All-Time High While Avalanche Breaks Key Resistance – $300 and $50 Next?

Solana (SOL) has gone up by 8% in the past 24 hours and has already surpassed the $250 mark a day after the Federal Reserve announced the first 25bps rate cut for this year.

Similarly, Avalanche (AVAX) has spiked by 15.4% during this same period after it was picked by a South Korean crypto custodian to launch the first won-pegged stablecoin – KRW1.

SOL’s trading volumes have skyrocketed by 80% to $12.4 billion and currently account for nearly 9% of the token’s circulating market cap. Meanwhile, $2.1 billion worth of AVAX has exchanged hands in the past day, representing a 220% jump.

The crypto market is booming as the Fed confirmed a dovish outlook. Analysts are now more certain than ever that the second rate cut planned for the year will be implemented next month. Data from FedWatch indicates that 90% of the economists surveyed see another 25bps on the horizon.

Latest Solana (SOL) Price Prediction Unfolded as Expected

After breaking a short-lived consolidation, SOL finally broke above $215 and is now eyeing its nearest area of resistance at $275.

SOL/USD Daily Chart (Coinbase) – Source: TradingView

Since we shared our latest Solana prediction for the first time on September 11, this token has delivered an 11% gain and has room to keep surging as the Relative Strength Index (RSI) is not yet sending any signals of rally exhaustion.

We would expect that some FOMO will kick in after today’s strong post-FOMC spike. This should catalyze a strong move to push through the $275 resistance and finally reach $300. This would make Solana (SOL) the third top 5 altcoin to make a new all-time high this year.

Hard to say how high this rally could go but the stage looks pretty much set to reach much higher levels for SOL at $400 – $500 before the year ends.

Another rate cut next month could provide the necessary fuel to achieve that. Meanwhile, investors’ interest in the token seems to be rising as the REX-Osprey Solana + Staking ETF (SSK) has reached $300 million in assets under management (AUM) just a few months after its launch.

Avalanche Eyes $50 as KRW1 Launch Ignites Rally

A strong single-day uptick earlier this month finally pushed AVAX above the $26 resistance. This had been an area of strong selling multiple times in the past and bulls managed to capture it.

AVAX/USD Daily Chart (Coinbase) – Source: TradingView

This could trigger a massive move toward $50 in the near term as short sellers are being progressively squeezed out. The trend line support shown in the chart is the key area to watch in case of a pullback.

Any move near $26 should be considered an opportunity to grab more AVAX at a price that we may not see it trading for in a while.

The upside potential for this token is massive at the time, even if one buys at $30. A move to $50 means a 60%+ gain in the near term at a point when the beginning of altcoin season has been more than confirmed.

The RSI just entered overbought territory, so waiting for a pullback seems wise right now. Nonetheless, with post-FOMC momentum raging strongly, FOMO could push this token to $40 before it corrects.