Solana (SOL) co-founder Raj Gokal is naming two blockchains that have a head start in the sovereign blockchains crypto sub-sector.

At a TOKEN2049 panel discussion, Gokal says that Avalanche (AVAX) and Cosmos Hub (ATOM) are “the clear winners” with regard to sovereign blockchains.

A sovereign blockchain is typically under the control of a single entity, unlike public blockchains such as Bitcoin (BTC) which are decentralized.

According to Gokal, Cosmos Hub and Avalanche have some differences that set them apart.

“Cosmos is an old-school project and it’s not that coordinated. I think Avalanche brings the coordination and the ability for developers to configure their own chains how they want. So I like that about their design. And obviously, it’s a function of Emi’s [Gün Sirer] DNA and his great vision as a founder.”

On the Avalanche founder Emin Gün Sirer, Gokal further says,

“I think Solana loves competition. We love fierce competition, we love honest competition from people who have ferocity about the ideas they’re bringing to the table.

And I think Emin is probably the most ferocious layer-1 [blockchain] founder that I know. And he never backs down from a fight. But he will shake your hand behind the stage and he’s friends with everyone. And he’s been very supportive of a lot of founders.

So I think as an individual I have a lot of respect for Emin and what he’s brought to the space.”

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Generated Image: Midjourney

Generally, the cryptocurrency market is bearish at the moment, with coins like Avalanche (AVAX), Ethereum, Litecoin, XRP, Solana, and others all caught in this trend. Currently, the price of AVAX is on a strong bearish move below the 100-day Moving Average (MA) and could continue in that direction for a while before retracing.

Technical Indicators Suggest A Bearish Trend For Avalanche

Observing the chart from the 4-hour timeframe, AVAX has crossed below both the 100-day moving average and the trend line. This could mean that the price is on a downward trend. The MACD indicator on the 4-hour timeframe suggests a very strong bearish movement as the MACD histograms are trending below the MACD zero line.

Also, both the MACD line and MACD signal line are trending below the zero line. Given the formation of the MACD indicator, it shows that there is a possibility that the price will still move further downward.

Furthermore, the Relative Strength Index (RSI) also on the 4-hour timeframe suggests a bearish trend as the RSI signal line is trending around the oversold zone. Despite the potential of a retracement at this point, the price will drop more following this.

The alligator indicator is another powerful tool used to determine the trend of an asset. A look at the above image shows that both the alligator’s lip and teeth have crossed over the alligator’s jaw facing the downward direction. This formation suggests that the trend is bearish and that the price could witness a deeper decline.

What Could Happen Next

Based on the price’s previous movement, there are two major resistance levels of $50 and $59.99 and a support level of $39.95. As Avalanche is on a negative trajectory, if prices manage to break below the support level of $39.95, it could trigger a move further toward the next low of $27.53.

On the other hand, if the price fails to break below its previous low, it might start an upward correction movement toward the resistance level of $50.80. However, if it manages to break past this level, AVAX might move even further toward the $59.99 resistance level.

As of the time of writing, the Avalanche was trading around $38, indicating a decline of 1.75% in the last 24 hours. Its market cap is down by over 16%, while its trading volume has increased significantly by nearly 250% in the past day.

Featured image from Shutterstock, chart from Tradingview

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

A closely followed crypto trader is flipping bullish on Sam Altman’s identity-focused crypto project Worldcoin (WLD).

Pseudonymous trader The Flow Horse tells his 200,300 followers on the social media platform X that artificial intelligence (AI)-related Worldcoin appears like it could flip the $10 level into support.

He suggests that Worldcoin could also get a boost from the upcoming GTC conference hosted by Nvidia (NVDA), the leading provider of chips specially designed to train and run AI applications, which could increase interest in projects involved in the AI world.

“Six days until the NVDA conference [March 18 through 21] and WLD looks like this holding $10.”

Worldcoin is trading for $9.50 at time of writing, down nearly 7% in the last 24 hours.

Next up, the trader believes that Ethereum (ETH) competitor Solana (SOL) could soar more than 22% from its current value.

“Once SOL clears up $150-$160 zone, I think blue skies up until $200.”

Solana is trading for $163.81 at time of writing, up 10.5% in the last 24 hours.

Lastly, the trader thinks ETH competitor Avalanche (AVAX) has more upside potential after breaking the $50 level and experiencing high trading volume.

“Bought AVAX a little early before the drop. Unfortunately, I was out when we had the dip so couldn’t add.”

AVAX is trading for $54.24 at time of writing, up more than 29% in the last week.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney