Two Ethereum killers on the verge of a price hike; They include Avalanche (AVAX) and Solana (SOL).
Bentoshi’s position on Solana and Afax
Pentoshi, a pseudonymous analyst and crypto-analyst, took to Twitter to say that he assumes Solana (SOL) is about to change momentum towards an uptrend.
Cryptocurrency project Solana is trading at a crucial support level after last week’s massive selling momentum. Currently, the SOL token is trading at $47.89, a 4% growth from the 24-hour cycle. Also, in the past week, the coin dropped to around $40.33
Avalanche (AVAX) is the next pentoshi . coin Believes Worth discussing. The analyst suggests that the currency’s ability to stay above its support level of $25 enhances its chances of a rise to reach the $40 level. Currently, the AVAX token is trading at $28.63, which is 5% growth from the 24-hour price. Also, in the past week, the coin dropped to around $22.13.
Bentoshi also explains the strong potential for the cryptocurrency market to rise again. Therefore, he believes that once sentiment changes momentum, the market will swing from an outright downtrend to the extremes of an uptrend.
Pentoshi expects that sooner rather than later traders and investors will see a turnaround in their trading. Thus, they will go from declaring it to be a dead market to screaming and gleeful for an alternate season. However, the expert also predicts that most altcoins may never reach their record prices again.
The SOL and Avax blockchain
Solana provides users with advanced digital and financial solutions. Being the ‘new kid in the market’, Solana has provided attractive solutions such as low transaction costs, fast transactions, etc. for users to maximize their chances. Solana blockchain uses native SOL token for utilities, governance, and payments facilitation.
Although he still has a long way to go, Solana is considered one of the “killers” of Ethereum, ranking among the top 10 blockchains by market capitalization.
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On the other hand, the Avalanche cryptocurrency project is on the spectrum. Avalanche is a multi-threaded smart contract network built to host decentralized applications (or dApps). Avalanche is one of the well-known contenders for Ethereum, the second largest blockchain worldwide.
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 have been among the coins leading the bearish cryptocurrency market, showing a red flag to traders who have bought coins. Many even speculated that Solana and Avalanche would be among the currencies that would not survive if Bitcoin went down again. But this new week records a difference in coins.
Featured image from Pexels, chart from TradingView.com