Yesterday, the Ethereum (ETH) blockchain finally moved to Proof-of-Stake (PoS), after 7 years of preparation. The event very quickly led to changes. In particular, there has been an increase in the volatility of the Solana (SOL) and Avalanche (AVAX) cryptos. Find out what happened.
Towards a significant correction for Solana and Avalanche?
Solana (SOL) and Avalanche (AVAX) saw a 2% drop after the Ethereum merger. In the past 24 hours, the price of SOL has fallen by 0.46% while that of AVAX has fallen by 2.45%. There may be additional selling pressure very soon, which could trigger a significant correction. Both cryptos must quickly find a solution to avoid further losses.
Recent data indicates that Solana (SOL) could face a 70% correction. The crypto could then lose value by $30 for a price below $10. However, there are reasons to remain optimistic as the cryptocurrency has a chance to rebound. After this period of troubles, Solana (SOL) could reach 48 dollars or even 60 dollars.
The analysts predict a 40% correction for Avalanche (AVAX). The price of the cryptocurrency is likely to drop to 11 dollars while currently it is around 18 dollars. If Avalanche (AVAX) succeeds in invalidating this bearish thesis, the crypto could end up reaching $42.
The bearish scenarios of Solana (SOL) and Avalanche (AVAX) have the crypto community worried. Fortunately, there are chances that the two cryptocurrencies invalidate the bearish thesis. They could then rebound to reach prices twice their current values.
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