BlocksInform
cryptocurrency market has experienced a pause in the intense buying activity seen in January 2023, leading to a sideways movement for most major cryptocurrencies. However, this period of consolidation can rejuvenate the uptrend and provide opportunities for traders to penetrate the market. In this article, we are going to analyze some of the major Mid-Cap cryptocurrencies that hold the significant growth potential in 2023.
Solana (market capitalization - $8.69 billion)
Solana coin price witnessed an explosive rally in the recent recovery of 2023, as it was badly oversold due to the FTX crypto exchange crash. As a result, the price of the piece has risen 173% since January 1st and has formed a local top at $27.
However, for three weeks now, the SOL price has reverberated in a narrow range. This consolidation phase could provide a brief pause for coin buyers to rebuild upward momentum.
So, with a strong $27 opportunity in the near future, the SOL price could reach a potential goal of $30, $35 or $38.
Polkadot(Market Cap-$7.7B
On January 14tg, the Polkadot coin gave a massive breakout from the resistance trendline of eight months long falling wedge pattern. This configuration is one of the famous uptrend graphic structures forming a directional uptrend for coin holders. So far, the post-retest rally has surged the coin price 18% higher, where it currently trades at $6.7.
However, in theory, the lower high peaks formed during the pattern formation of the potential targets after the breakout. Thus, with sustained buying, the could hit the $8, $9.6, or $11.8 marks,
Avalanche(Market Cap-$6.39B
The last three months’ price action in the Avalanche coin shows the formation of a rounding bottom pattern. This training itself is a sign of a reversal of trend and a sustained asset recovery. Thus, on January 27, the price of the coin yielded an upside break in the strength of the $20.2-$19.7 neckline of the aforementioned model.
However, with the ongoing uncertainty in the crypto market, the AVAX price is still hovering above the breached resistance, showcasing its sustainability at higher levels. Thus, if buyers have been able to maintain this level, the resulting rally could lead to brand prices of $25.8 or $30.
