Yesterday, the Ethereum (ETH) blockchain finally moved to Proof-of-Stake (PoS), after 7 years of preparation. Changes happened very quickly because of the event. In particular, the volatility of cryptos Solana (SOL) and Avalanche (AVAX) has increased. 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 last 24 hours, the price of SOL has decreased by 0.46% and the price of AVAX has fallen by 2.45%. There could be additional selling pressure very soon, which could trigger a significant correction. Both cryptos need to find a solution quickly to avoid further losses.
Recent data indicates that Solana (SOL) could face a 70% correction. The crypto could then lose value by $30 at a price below $10. However, there are reasons to be optimistic because the cryptocurrency has a chance to rebound. After this troubled period, Solana (SOL) could reach 48 dollars or even 60 dollars.
Analysts predicted a 40% correction for Avalanche (AVAX). The price of the cryptocurrency will probably fall to 11 dollars and currently it is around 18 dollars. If Avalanche (AVAX) manages to invalidate this bearish thesis, the crypto may reach $42.
The crypto community is worried about the bearish situations of Solana (SOL) and Avalanche (AVAX). Fortunately, both cryptocurrencies have the potential to invalidate the bearish thesis. They could then go back to reach prices twice their current value.
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Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and share my pen knowledge related to this ecosystem.