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HomeCryptocurrencySolana And Avalanche Poised For Gains As Crypto Market Enjoys New Tailwinds

Solana And Avalanche Poised For Gains As Crypto Market Enjoys New Tailwinds


Over the past several days, the market has been favorable for cryptocurrencies, which has given them a significant boost. Two of the currencies that have seen a considerable increase over the past seven days are Solana (SOL) and Avalanche (AVAX). Investors are also optimistic as a result of the cryptocurrency market’s recent growth trends.

According to CoinGecko data, SOL is currently trading at $45.04 and has experienced a significant 7-day rise of 37.2 %. While it is still down 82% from its peak of $259.96 on November 6, 2021, approximately nine months ago.

Related Reading | An Interview with Ben Caselin on AAX- Lightning Network Integration and TARO Protocol Implementation

With a spectacular rise of 49.4% over the past seven days, AVAX excelled. As a result, its current price, $25.29, has increased by 5.8% during the last 24 hours. It is also 82% below its ATM of $144.96 on November 21, 2021, which was eight months ago.

The Crypto Market Shows Signs Of Recovery

“Crypto winter” is without a doubt the phrase that every crypto trader is uttering right now. After reaching a high of $3 trillion in 2021, the market capitalization of cryptocurrencies had a sharp decline, down to $1 trillion, a loss of around $2 trillion.

In the history of cryptocurrency, there have been a number of well-known bear markets. Still, the one in 2022 is particularly noteworthy due to the extreme testing of decentralized financial systems and the excessive use of trading leverage. However, the intense storm is now gradually winding down.

tradingview
SOL is currently trading at $45 on the daily chart | Source: SOLUSDT From Tradingview

Along with other encouraging economic data, the recent increase in cryptocurrency prices in mid-July suggests that the bear market is slowly reversing and that the cryptocurrency industry is on the way to recovery. 

Solana And Avalanche On Recovery 

Most coins strive to become better ones of themselves in order to find fortune and increase in value. As these cryptocurrencies grow, investors will view them as more reliable, which will boost their attractiveness.

That is why Avalanche’s (AVAX) recent price rise may be gearing up to reclaim its worth. The crypto community believes the Avalanche currency may make a comeback this month as it has just achieved a solid recovery from its June low of $13.

AVAX is a blockchain system that is rising in recognition as an Ethereum rival. The coin has also shown that it has the capacity to succeed as well as the resources needed to recover even under pressure.

Related Reading | Ethereum Merge: How ETHBTC Could Hint At A Return Of Risk Appetite

On the other hand, the well-known blockchain network Solana (SOL) has made a strong comeback from its $25 low in June. Additionally, it still needs assistance to recover its value and reach a high of $95 in May.

Furthermore, according to a group of fintech experts from Finder.com, Solana (SOL) will see a value increase to $45 by the end of 2022. The panel forecasts that SOL will be valued at around $166 in 2025 and $512 in 2030.

                   Featured image from Flickr, chart from Tradingview.com



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