These 3 coins are back from the dead in 2023.
The cryptocurrency market made a huge recovery in 2023, with the top cryptocurrency Bitcoin (BTC), leading the market with a 160% year-to-date (YTD) gain.
As the bull market began, this rising tide lifted many altcoins, with many showing significant gains. Let's take a closer look at the biggest price changes of 2023.
Solana has made a big comeback.
Solana (SOL) made the biggest return of 2023, rising 1,215% from its cycle low of 8.27 in December 2022. Additionally, Bitcoin is up 485% from its 0.00004952 BTC cycle on June 5.
The price of SOL fell 95% in 2022, one of the biggest losers that year, to below $10, mainly due to exposure to FTX.
But Solana's 2010 The growth in 2023 can be attributed to the resilience between FTX bankruptcy asset sales, high decentralized application usage growth, increased market demand and network activity and better network stability.
Solana's focus on mobile accessibility and efficient marketing capabilities has strengthened its market position and adoption by attracting new users and developers.
SOL cost analysis
Solana's price chart technicians, however, are optimistic for early 2024.
Specifically, SOL's weekly Relative Strength Index (RSI) remains above 70, increasing the possibility of a pullback in the coming weeks. In addition, SOL's sell position is raised as it struggles to close above the 0.5 Fibonacci retracement line near $132.
The $132 resistance level was instrumental in limiting Solana's reversal tests in March 2022, which resulted in a 94% price decline thereafter. SOL risks a similar retracement in the first half of 2024, with its primary lower target set at multi-year rising trendline support (around $40).
However, the second half of the year could continue to advance for SOL after testing the ascending trendline support. Then, a climb to the previous record near $265 could be on the table by the end of the year.
It has grown 1,270% since the Covid-19 disaster.
During the crypto market's 2018–2020 bear cycle, Tron (TRX) fell more than 98%. However, including a 100% rally in 2023, TRX/USD is now up more than 1,270% since its March 2020 high of $0.0076.
Tron's price gains coincide with the strong performance of the decentralized finance (DeFi) sector. Specifically, the total value (TVL) on the Tron ecosystem has increased from 30 million TRX in April 2020 to 76 billion TRX (~$8 billion) in December 2023.
In addition, Tron is engaged in token burning activities, thus reducing its active supply at increasing TVL, which should increase its price.
The supply of $TRX has been declining for a year and a half now, burning from daily transactions
If yo @justinsuntron can convince @trondao to burn their $TRX stock, that's not only a big deal for tron, it shows how committed we are… pic.twitter.com/Y8dtxY8o1D
— Dona.inj (@CryptoDona7) December 24, 2023
Tron has become the largest blockchain in 2023 as well as the stable coin Tether (USDT) which has shown its market cap to rise. Today, more than 50% of US dollars, or nearly $49 billion, is on the Tron blockchain.
TRX price outlook for 2024
On the major time frame charts, Tron appears to be reaching the top of the Great Triangular price range. Therefore, the first quarter of 2024 will witness the price of TRX oscillating between the upper trendline (~$0.108) and the lower trendline (~$0.095) of the triangle.
However, like all cryptocurrencies, Tron's price trends for the rest of 2024 will largely depend on broader factors such as the approval of a Bitcoin exchange-traded fund, the April halving of Bitcoin, and the overall global economy.
The $0.20 target could be reached in 2024 if TRX closes decisively in the trend above the triangle on the weekly chart.
Conversely, a break below the lower trendline of the triangle could take TRX price to $0.056, a level that coincides with the 0.236 Fibonacci line and the 200-week exponential moving average (200-week EMA, the blue wave).
The risk of flooding has increased by 370%
Avalanche (AVAX) is up nearly 370% from its September 2023 cycle low of $8.65. The rebound comes after a 94.25% crash, the biggest during a bear market.
Interestingly, Avalanche's resurgence in 2010 Around 19 million AVAX tokens will be released in the second half of 2023. The rise in prices indicates that markets have simply absorbed the extra supply.
However, Avalanche's network metrics show weak underlying demand. For example, TVL across the entire Avalanche ecosystem fell from 23 million AVAX in December to 55 million AVAX in September.
AVAX price outlook for 2024
Weakness in AVAX growth can be seen as the gap between price increases and volume decreases continues to widen.
Related: Cardano (ADA), Solana (SOL) and Polkadot (DOT) on the rise – is it altseason?
A price increase without significant trading volume indicates that there is not a strong belief behind the price movement. It means that few traders are participating in the market, and they may not have full confidence in the sustainability of the price rally.
Since December 29, AVAX price has been stuck near $50.50 on the 0.618 Fib line. A correction to the next Fib line of $29.50 appears to be underway, which could occur in Q1, 2024.
A further decline below $29.50 could send AVAX down to the 50-week EMA near $20.16 as the next bearish target.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
