Top 3 Trending Coins: AVAX Bulls Eye Move Above $30 NEXO Targets $1 Level as SOL Flounders
Key Points
- Avalanche is the best performing top 20 coin as daily transactions hit a new all-time high.
- Nexo is the best performing top 100 coin as customer liabilities on the platform return to growth.
- Solana is the top 20 underperformer, with bears eyeing a test of a key uptrend.
AVAX Bulls Eye Push Back Above $30 as Daily Transactions Hit New ATH
According to CoinMarketCap, Avalanche is the best performing cryptocurrency in the top 20 by market capitalization on Wednesday and was last trading with gains of around 2.5% in the last 24 hours. News that Avalanche’s daily transaction count just hit a new all-time high (ATH) over 1.5 million could be supporting the cryptocurrency.
#Avalanche Daily Transaction Count: All Time High 📈 pic.twitter.com/EFVnSArEHL
Your capital is at risk
— Gojo (@Gojo_Crypto) August 10, 2022
AVAX, the token that powers the Avalanche blockchain, was last changing hands slightly to the north of the $28 level, having reversed an earlier dip below $27. Bulls appeared to buy the dip ahead of a test of support in the form of mid-July highs in the $26.30s.
AVAX still looks very much to be in an uptrend and, as such, traders will likely be on the lookout for a retest of recent highs above the $30 level, so long as the upcoming release of US Consumer Price Index data doesn’t deliver too substantial a blow to cryptocurrency market sentiment.
NEXO Bulls Eye Push Above $1 as Nexo Customer Liabilities Rise
Elsewhere, crypto lending platform Nexo is the best performing cryptocurrency in the top 100 by market cap over the last 24 hours, according to CoinMarketCap. Over this time period, its NEXO token has risen over 11%. The cryptocurrency was battered in May and June as many of Nexo’s competitors like Celsius Network announced user withdrawal freezes, with Celsius now going through bankruptcy proceedings.
But Nexo has remained afloat and a recent rise in its customer liabilities is being hailed by some social media users as a bullish sign for the NEXO token. Nexo’s customer liabilities were 186.285K BTC as of 10 August, with its collateral ratio above 100%. According to @EidenHodl, this had been as low as 169K a few weeks ago.
Customer liabilities @Nexo are increasing fast after dipping to 169 K #Bitcoin few weeks ago.
Fear has been replaced by trust.
Kudos to @Nexo team and the customers who kept funds at Nexo platform when fear for lending companies was maximum.
So bullish on $Nexo token long term🚀 pic.twitter.com/kUzs3d2ZN0— Bitcoin, MSTR and Nexo (@EidenHodl) August 1, 2022
NEXO was last changing hands just below $0.85, having been in an uptrend since mid-July and having consistently found support at its 21DMA as of late. But NEXO faces a significant hurdle in getting past the $1 level once again. If it is able to manage this, a swift rally into a $1.15-$1.40ish trading range is likely.
SOL Lags as Bears Eye Test of Key Uptrend
Solana is the worst performing cryptocurrency in the top 20 by market capitalization in the last 24 hours on Wednesday, according to CoinMarketCap. Over this time period, SOL, the blockchain’s native token, has shed 6% of its value. At current levels just under $40 per token, SOL is nestled between its 21 and 50DMAs at $38.60 and $40.50.
The cryptocurrency appears to be eyeing a test of an uptrend from mid-June. A breakdown below the 50DMA and push under this uptrend could see SOL swiftly drop back towards support in the $35 and $32 areas.