Layer 1s Ethereum, Solana Bounce Again After Shaky Begin to 2022

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Key Takeaways

A number of Layer 1 chains are surging.
Ethereum, Solana, and Avalanche are among the high performing belongings over the previous 24 hours.
As macroeconomic situations are nonetheless unsure, it might be too quickly to name the present worth motion the start of a restoration.

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A number of Layer 1 chains are rallying because the crypto market seems to return to life. 

Layer 1s Climb Larger

Layer 1 chains are main the crypto market.

After dipping to their lowest ranges in over six months, a number of Layer 1 chains are displaying robust momentum. 

Ethereum has continued producing increased highs on the native timescale, reaching a worth of $2,868 earlier this morning. The second-biggest crypto asset is now buying and selling at its highest ranges since crashing over 35% in mid-January. Ethereum is shortly approaching the psychological worth barrier of $3,000, which is more likely to be the following massive check for the asset. 

ETH/USD chart. Supply: CoinGecko

Solana is one other high performer, placing in an 11% acquire over the previous 24 hours. Regardless of SOL falling 13.5% following the $322 million hack on one of many chain’s main bridges, the token has proven a robust restoration. Different latest information, similar to Solana Labs CEO Anatoly Yakovenko’s proposition to introduce a payment market on Solana, could also be performing as a bullish catalyst for the chain. Solana is presently buying and selling at $105.55, up 29% from its January low of $81.41.

To not be left behind, the Ethereum-compatible Layer 1 chain Avalanche can be retesting increased ranges. The AVAX token has risen a modest 8% on the day and seems to be taking one other shot at holding above its present resistance degree of $70. Avalanche has breached this worth level 3 times previously two weeks however has been unable to carry onto its positive aspects. 

Whereas Layer 1 chains are having fun with optimistic worth motion right this moment, the broader crypto market nonetheless seems to be on the whim of macroeconomic situations. Bitcoin and Ethereum’s correlation to the U.S. inventory market is at its highest degree in over 4 years, as fears over the Fed’s proposed fee hikes loom. 

Elsewhere, tensions between the U.S. and Russian governments over a doable Russian invasion of Ukraine are additionally placing a damper on world markets, together with crypto. With these unknown variables nonetheless in play, it’s possible too early to decisively name right this moment’s worth motion the start of a crypto market restoration.

Disclosure: On the time of scripting this characteristic, the creator owned ETH, SOL, and a number of other different cryptocurrencies. 

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