Altcoins Experiencing High Trading Volume, Crypto Investors Identify AVAX And The Latest Viral ETH Meme Coin As Hedge For SOL Holdings

After the recent crypto market recovery, the total trading volume for altcoins has increased significantly due to the sentiment shift to bullish. Solana has reached new highs, but as its momentum slows, traders are investing more in Avalanche and the viral meme coin Cutoshi to offset potential losses in case Solana turns bearish.

Solana (SOL) Retests Its Recently Broken Trendline

Solana moved in a long-term downtrend channel for over seven months until last month. The price broke out of the upper trendline of this channel and surged over 40% to reach a new all-time high (ATH) at $263.83 on 23 November 2024.

In September, the Solana price started rising steadily in an uptrend channel and, due to the massive demand, broke out of the upper trendline of this channel as well on the next day of its breakout from the downtrend channel. However, Solana faced sharp rejection from the $264 price level and has dropped to trade 12% below the new ATH.

The uptrend ended as Solana made a lower high last week due to decreased demand. Yesterday, the price bounced from the trendline of the previous uptrend. In the last 24 hours, Solana moved +7% to $232.99 and trading volume rose by over 11%. Uncertainty about the price has led to a Doji formation today and many traders are investing in Avalanche and Cutoshi to hedge against their Solana positions.

Avalanche (AVAX): Steadily Rising Towards 52-Week High

After the 52-week high of $65.38 in March 2024, Avalanche dropped to the 52-week low at $17.28 in August 2024 and continued in a sideways price action till November 2024. A month ago, the Avalanche price started to surge with the overall crypto market and moved past the critical resistance level at $30.89.

After this breakout, the Avalanche price took support at this level and consolidated for over 10 days, facing rejection at the $36 price level. Avalanche repeated this pattern of breakout and consolidation once more and again broke out of the $45 resistance level the day before yesterday with a massive 15% candle.

Avalanche has also had a massive surge today, moving over 10% to trade at $55.24. However, the daily trading volume has dropped by over 39% in the last 24 hours. Avalanche is near its immediate resistance level at $56.42 and another resistance is near the $58 price level.

Cutoshi (CUTO): Ethereum-Based Meme Coin Rivals Solana

Cutoshi is the new utility meme coin that has lately been trending on X and going viral on other social media platforms due to its power to bring luck to holders. It has brought the Chinese Lucky Cat, popular among Asian countries for its lucky powers, to the blockchain.

However, unlike other meme coins, Cutoshi offers practicality to members through its DeFi ecosystem. The ecosystem has its own Decentralized Exchange, the Cutoshi DEX, which is cross-chain interoperable. Community members will be able to swap their digital assets across multiple blockchains at low fees.

The farming mechanism is live and over 3,000 members are participating in the fun quests and challenges. By completing these challenges, members earn CUTO points, which they can convert to CUTO tokens after the presale. The farming activity helps spread the community and boosts the token value, so the reward points are Cutoshi’s way of giving back to its community.

The CUTO presale has progressed to stage four and the token’s value has surged to $0.031. Cutoshi has already raised over $1.28 million and early holders have compounded their initial capital over the stages. CUTO will keep surging in the following stages and the earlier investors participate, the more returns they will receive at the end of the presale.

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