The 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 may rejuvenate bullish momentum and present opportunities for traders to enter the market. In this article, we will analyze some of the top Mid-Cap cryptocurrencies that hold the potential for significant growth in 2023.
Solana (Market Cap-$8.69B)
The 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 coin price rallied 173% from January 1st and formed a local top at $27.
However, for the past three weeks, the SOL price has been resonating in a narrow range. This consolidation phase could offer a short break for coin buyers to replenish the bullish momentum.
Thus, with a high possibility of $27 in the near future, the SOL price could hit a potential target of $30, $35, or $38.
On January 14tg, the Polkadot coin gave a massive breakout from the resistance trendline of eight months long falling wedge pattern. This pattern is one of the famous bullish continuation chart 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 DOT price could hit the $8, $9.6, or $11.8 marks,
The last three months’ price action in the Avalanche coin shows the formation of a rounding bottom pattern. This formation itself is a sign of trend reversal and sustained recovery in an asset. Thus, on January 27th, the coin price gave a bullish breakout from the $20.2-$19.7 neckline resistance of the aforementioned pattern.
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 the buyers managed to hold this level, the resulting rally could drive the prices to the $25.8 or $30 mark.
Main content of the article:
The cryptocurrency market has seen a period of sideways movement, however this could present opportunities for traders to enter the market. We analyze some of the top Mid-Cap cryptocurrencies that have potential for growth in 2023, such as Solana, Polkadot and Avalanche. Solana has seen a 173% rally from January 1st and is currently consolidating. Polkadot has seen a 18% rally from a 8-month long falling wedge pattern. Avalanche has formed a rounding bottom pattern and a bullish breakout from the resistance could drive the price to $25.8 or $30.