Avalanche (AVAX) and Solana (SOL) are two Ethereum killers on the verge of price increases (SOL)
Pentoshi, a pseudonymous crypto pundit and analyst, took to Twitter to speculate that Solana (SOL) is likely to shift from bearish to bullish momentum.
Following the strong sell momentum last week, the Solana cryptocurrency project traded at a critical support level. The SOL token is currently trading at R747,45, a 4% increase from the previous 24-hour loop. Also, the coin fell to around R629,46 last week.
Pentoshi says Avalanche (AVAX) is the next coin worth discussing. According to the analyst, the coin’s ability to hold just above its R390,19 support level increases its chances of rebounding to the R624,31 level. The AVAX token is now trading at R446,85, a 5% increase over the 24-hour price. Also, the coin fell to around R345,40 last week.
Pentoshi also discusses why the crypto industry has a good chance of recovering. As a result, he believes that if sentiments shift, the market would swing from extreme bearishness to extreme bullishness.
Pentoshi believes that traders and investors will soon experience a comeback in their trades. As a result, they’ll go from proclaiming a dead bear market to screaming and revelling for alt season. However, the expert expects that most altcoins will never again reach their all-time high values.
Blockchains SOL and Avax
Solana offers users cutting-edge digital and financial solutions. As the ‘new kid on the block,’ Solana presented appealing alternatives for customers to optimize their prospects, such as reduced transaction prices, quick transactions, and others. The SOL native coin is used by the Solana blockchain for utility, governance, and payment facilitation.
Although it still has a long way to go, Solana is seen as one of Ethereum’s “killers,” ranking in the top ten blockchains in terms of market capitalization
The Avalanche cryptocurrency project is on the other end of the spectrum. Avalanche is a multi-chain smart contract network that was developed to support decentralized apps (or dApps). Avalanche is a well-known rival for Ethereum, the world’s second-largest blockchain.
The avalanche, on the other hand, is known to be more compatible than Ethereum and to accommodate more applications and projects.
Solana and Avalanche were among the coins dominating the crypto bear market during the last two weeks, raising a red flag for traders who went long on the coins. Many expected that Solana and Avalanche would be among the coins that would vanish if Bitcoin fell again. This new week, though, marks a change for the currency.