These 3 coins came back from the dead in 2023

 After losing more than 90% during the cryptocurrency bear market, Solana has made some of the largest gains in the last year. The top cryptocurrency, Bitcoin BTC $43,184, led the market with 160% year-to-date (YTD) gains as the cryptocurrency sector had a significant rebound in 2023. As the bull market took off, this rising tide helped numerous altcoins, with some seeing significant gains. Let’s examine the largest price increases of 2023 in more detail. 

Solana makes a strong comeback

The largest recovery of 2023 achieved by Solana, which increased by around 1,215% from its cycle low of $8.27 in December 2022. It has also increased by 485% in comparison to Bitcoin since June 5 when it hit a cycle low of 0.00004952 BTC.

One of the worst performers of 2022, SOL’s price dropped 95% to under $10, mostly as a result of its exposure to FTX. However, Solana’s success in 2023 can linked to its capacity to endure the asset sales of FTX after its bankruptcy, a notable increase in the utilization of decentralized applications, a rise in market demand and network activity, and improved network stability. By prioritizing mobile accessibility and streamlined transaction processes, Solana was able to draw in new developers and users, which improved its market share and uptake.

SOL price analysis

However, the Solana price chart’s technicals indicate an unfavorable outlook for the start of 2024. surprisingly, SOL’s weekly relative strength index (RSI) is still above 70, which raises the possibility that it will decline in the upcoming weeks. Furthermore, when it fails to close above its 0.5 Fibonacci retracement line at $132, the SOL sell-off scenario becomes more likely.

Solana’s attempts to move higher in March 2022 severely limited by the $132 resistance level, which therefore caused a 94% price collapse. In the first half of 2024, SOL is vulnerable to a similar decline, with its main downside target being its multiyear ascending trendline support, which is currently around $40.

Nevertheless, after testing the ascending trendline support, the second half of the year might see SOL restart its ascent. By year’s end, a rise to its prior record high of almost $265 would be possible

Tron has risen by 1,270% since the Covid-19 disaster.

 During the 2018–2020 bear market for cryptocurrencies, Tron TRX $0.1082 fell by more than 98%. But since March 2020, when it peaked at around $0.0076, TRX/USD has increased by almost 1,270%, including a 100% surge in 2023.

 Tron did quite well in the decentralized finance (DeFi) space, which is consistent with its price increases. Interestingly, as of December 2023, the total value locked (TVL) in the Tron ecosystem has grown from approximately 30 million TRX in April 2020 to over 76 billion TRX (~$8 billion).

 Furthermore, Tron has been burning tokens, which has decreased its active supply in contrast to an increasing TVL and raised the price. Additionally, Tron has become the largest blockchain for the stablecoin Tether USDT $1.00, whose market capitalization increased in 2023. As a result, we expect TRX’s price to oscillate between the triangle’s upper trendline (~$0.108) and lower trendline (~$0.095) during the first quarter of 2024.

TRX price forecast for 2024

 Tron looks to be approaching the peak of its huge triangular price range on charts with longer timeframes. As a result, TRX’s price is expected to oscillate between the triangle’s upper trendline (~$0.108) and lower trendline (~$0.095) during the first quarter of 2024.

 Like all cryptocurrencies, Tron’s price movements for the rest of 2024 will primarily influenced by external events, though, like the approval of a spot Bitcoin exchange-traded fund, the halving of Bitcoin in April, and the state of the world economy as a whole. If TRX successfully closes above the weekly chart’s upper trendline of the triangle, the $0.20 target might be within reach by 2024. In contrast, if the triangle’s lower trendline is broken, TRX’s price could plunge to $0.056, aligning with the 0.236 Fibonacci line and the 200-week exponential moving average (200-week EMA; the blue wave).

The price of an avalanche has increased by 370%.

 The price of Avalanche AVAX, at $33.88, has increased by almost 370% from its cycle low of $8.65 in September 2023. Its recovery follows one of the largest crashes of the bear market, which occurred at a 94.25% rate.

 Remarkably, Avalanche’s comeback coincided with the release of about 19 million AVAX tokens in the latter part of 2023. The markets quickly took up the extra supply, resulting in increasing prices. However, Avalanche’s network analytics indicate that the underlying demand is weaker. In the Avalanche ecosystem, for example, the TVL decreased to approximately 23 million AVAX in December from roughly 55 million AVAX in September, when the price surge began.

AVAX price outlook for 2024

The increasing gap between AVAX’s rising prices and declining volumes indicates the weakness in the stock’s upward trajectory. A lack of strong confidence behind the price movement is suggested by the price increase without a noticeable trade volume. It may indicate that fewer traders are engaged in the market, and those who are might not have complete faith in the price rally’s longevity.

 AVAX’s price has stuck at its 0.618 Fib line near $50.50 as resistance as of December 29. A decline appears to be in progress toward the next Fib line of $29.50, which might occur in Q1 2024. If AVAX falls below $29.50 further, it might reach its 50-week EMA under $20.16 as the next bearish target.