Two Ethereum Killers Are on the Verge of a Price Rally; they include Avalanche (AVAX) and Solana (SOL).
Pentoshi’s stance on Solana and Avax
Pentoshi, a pseudonymous crypto expert and analyst, took to Twitter to say that he guesses Solana (SOL) is about to change momentum to a bullish one.
Related Reading | Negative Sentiment Deepens in Crypto, Why Recovery May Not Last
The Solana crypto project traded at a crucial support level following massive sell-off momentum last week. The SOL token is currently trading at $47.89, a 4% growth from the 24-hour circle. Also, last week, the coin dropped to around $40.33.
Avalanche (AVAX) is the next Pentoshi coin believe worthy of discussion. The analyst suggests that the coin’s ability to sustain just above its $25 support level increases its chances of rallying to reach the $40 level. The AVAX token is currently trading at $28.63, a 5% growth from the 24-hour price. Also, last week, the coin dropped to around $22.13.
Pentoshi also explains a strong chance for the crypto market to recover. Therefore, he believes that once sentiments change momentum, the market will turn from an outright downtrend to an all-out uptrend.
Pentoshi predicts that traders and investors will soon see a turnaround in their trades sooner rather than later. Therefore, they will go from exclaiming that it is a dead bear market to shouting and rejoicing for the alt season. However, the expert also predicts that most altcoins may never reach their record prices again.
SOL and Avax blockchains
Solana provides users with high-level digital and financial solutions. Being the ‘new kid on the block’, Solana introduced attractive solutions such as low transaction costs, fast transactions and others for users to maximize their opportunities. The Solana blockchain uses the native SOL token for utility, governance, and payment facilitation purposes.
Although it still has a long way to go, Solana is considered one of the ‘killers’ of Ethereum, even ranking among the top 10 blockchains by market cap.
Related Reading | Polkadot (DOT) trades below $11; How soon will it target $14?
On the other end of the spectrum is the Avalanche cryptocurrency project. Avalanche is a multi-chain smart contract network built to host decentralized applications (or dApps). Avalanche is one of the known contenders for Ethereum, the second largest blockchain in the world.
However, Avalanche is known to be more compatible than Ethereum and provides better support for other applications and projects.
Over the past two weeks, Solana and Avalanche were among the coins leading the cryptocurrency bear market, showing a red flag to traders who went long on the coins. Many even predicted that Solana and Avalanche would be among the coins that would not survive if Bitcoin took a dip again. But, this new week marks a difference for currencies.
Featured image from Pexels, chart from TradingView.com