The digital asset markets are facing another pullback as Bitcoin price traded 1.76% lower on Friday. This has resulted in a major correction in Solana's price, which is down 3.6% today. In the middle of this sell-off, Fantom and Avalanche have emerged as the most sought-after smart contract cryptocurrencies. FTM and AVAX are up 7.30% and 5.43% at press time, with potential for more gains as the day progresses.
Friday's dip in the crypto markets surprised many investors and traders as the BTC price showed a very strong recovery from the previous drop. Nevertheless, the bearish sentiment might fade if Bitcoin and Ethereum prices hold a few key levels on their charts.
A look at the top 100 crypto assets in terms of market capitalization shows that the layer one smart contract platforms are the biggest gainers today. Fantom (FTM), Internet Computer (ICP), Aptos (APT), and Ronin (RON) have had 5-13% surges in the last 24 hours. Another leading L1 Avalanche is also outperforming Bitcoin amid increasing adoption stats.
Fantom is a leading layer one platform with a growing Total Locked Value. FTM is the native asset of this ecosystem, which has been experiencing a remarkable price surge for the last few weeks. In this week alone, the FTM/USD pair is up 37.65%.
The advanced technical analysis reveals that the Fantom price currently has a very strong demand of around $1.08. Furthermore, the price is also respecting an uptrend line as marked on the following chart. As long as the digital asset trades above these levels, the path of least resistance is toward the upside.
During the 4H timeframe, the SOL price was on its way to re-establish the $200 level. However, the pullback in BTC triggered massive liquidations in the SOL/USD pair, and the digital asset fell to $171.33 on Binance.
Despite a sharp decline from $211, Solana price prediction is still not bearish. The following chart depicts a sideways price action within $171.5-$186.5 levels. The bottom of this range is currently acting as a demand zone. Therefore, bulls need to hold $171.5 support to avoid a bearish continuation.
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