These three cryptocurrencies, which almost died during the bear market, are resurrected in 2023

Solana (SOL) cryptocurrency was one of the big winners of 2023, despite its price plummeting by 95% in 2022 following the collapse of the FTX exchange

These three cryptocurrencies, which almost died during the bear market, are resurrected in 2023


The cryptocurrency market has undergone a substantial recovery in 2023: just think that, from the beginning of the year to today, the price of Bitcoin


€42,012it increased by about 160%!

This bullish current has also affected many altcoins , some of which have seen substantial gains in recent months. Let’s take a closer look at the most impressive takes of 2023.

Solana’s great comeback



€97achieved a great recovery in 2023: its price increased by over 1,200% compared to the cycle low of $8.27, reached in December 2022. Excellent performance also compared to Bitcoin: positive by 485% compared to the low of the 0.00004952 BTC cycle, reached on June 5th.

SOL/USD chart, daily candles. Source: TradingView

SOL’s price had fallen 95% in 2022, slipping below $10 due to its ties to the FTX exchange . One of the worst performances of the year compared to the rest of the crypto market.

But SOL achieved a major recovery in 2023, attributable to the resilience demonstrated by the asset despite FTX’s bankruptcy, the significant increase in the use of decentralized applications , the increase in activity on the network and the greater stability of the network . Furthermore, the emphasis placed on mobile accessibility and transaction efficiency has attracted new users and developers, strengthening its level of adoption and market position.

SOL, technical analysis

Solana price technical charts paint a bearish outlook for early 2024.

Notably, SOL’s weekly Relative Strength Index (RSI) remains above 70, increasing the chances of a pullback in the coming weeks. Furthermore, the asset struggles to close above its 0.5 Fibonacci retracement line, around $132: this factor also suggests an imminent sell-off.

SOL/USD chart, weekly candles. Source: TradingView

The resistance at $132 was instrumental in limiting Solana’s rally attempts in March 2022, which led to a 94% price collapse. SOL risks experiencing a similar pullback in the first half of 2024: the downside target is the multi-year support of the ascending trendline, at around $40.

However, in the second half of the year SOL could resume the bullish trend after testing the support of the ascending trendline. And by the end of the year we could even see a rise towards the all-time high of $265.

Tron in strong recovery after the collapse caused by COVID

The price of Tron


€0.1141it collapsed by 98% during the 2018-2020 bear cycle. TRX/USD is currently up 1,270% from the low of $0.0076 reached in March 2020. In 2023 alone, the value of the asset has doubled.

TRX/USD chart, weekly candles. Source: TradingView

Tron’s price increase is due to its strong performance in the decentralized finance (DeFi) sector. Notably, the total value locked (TVL) in the Tron ecosystem has grown from just 30 million TRX in April 2020 to over 76 billion TRX (equivalent to approximately $8 billion) in December 2023.

Tron TVL. Source: DefiLlama

Furthermore, Tron is gradually burning its tokens, thus reducing active supply in the face of an increasing TVL. As highlighted on X (formerly Twitter) by user Dona.inj, ” TRX supply has been decreasing for a year and a half now, thanks to daily burning due to transactions. “

Tron has also become the largest blockchain for the Tether stablecoin


€0.93, which saw 

its market cap increase in 2023 . Currently over 50% of all USDT, or 

almost $49 billion , is on the Tron blockchain.

TRX, technical analysis

On longer-term charts, Tron appears to have reached the top of its gigantic triangular price range. Therefore, the first quarter of 2024 will likely see TRX price fluctuate between the upper (around $0.108) and lower (around $0.095) trendlines of the triangle

TRX/USD chart, weekly candles. Source: TradingView

However, like all cryptocurrencies, Tron’s price performance for the rest of 2024 will also depend on other factors, such as the approval of a BTC spot ETF in the US, the Bitcoin halving in April, as well as the state of the economy in general.

The $0.20 target could be reached by 2024, if TRX closes firmly above the upper trendline of the triangle on the weekly chart. Conversely, a breakdown below the lower trendline risks sending TRX price plummeting towards $0.056 – a level that coincides with the 0.236 Fibonacci line and the 200-week EMA (the blue line in the chart above) .

Excellent performances also for Avalanche

The price of Avalanche


€33.38it is up nearly 370% from the cycle low of $8.65, reached in September 2023. This recovery comes after a 94.25% crash, one of the most significant during the bear market.

AVAX/USD chart, weekly candlesticks. Source: TradingView

Interestingly, the Avalanche bounce occurred following the unlocking of nearly 19 million AVAX tokens in the second half of 2023. The fact that the price increased after that event indicates that markets easily absorbed the additional supply.

However, network metrics show weaker underlying demand. For example, TVL in the Avalanche ecosystem fell to around 23 million AVAX this month compared to 55 million AVAX in September when the price rally began.

Tron TVL. Source: DefiLlama

AVAX, technical analysis

The weakness of AVAX’s uptrend is seen in the growing divergence between rising prices and falling volumes.

Rising price without significant trading volume suggests a lack of strong conviction behind the bullish momentum. It may mean that fewer traders are participating in the market, and among them there is little confidence in the sustainability of the rally.

AVAX/USD chart, weekly candlesticks. Source: TradingView

On December 29, AVAX price stopped at the resistance represented by the 0.618 Fibonacci line at $50.50. It appears that a correction towards the next Fib line at $29.50 is already underway – this target could be reached in the first quarter of 2024.

A further decline below $29.50 could send AVAX lower to its 50-week EMA near $20.16.

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