3 Solana Rivals Set to Skyrocket 100x After SOL ETF Approval

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This week, the cost of Solana has increased significantly, and there’s a growing possibility of a SOL Exchange-Traded Fund (ETF) being approved this year, potentially driving its price even higher. A strategic approach to capitalize on Solana’s momentum could be investing in leading competitors that might mirror its achievements during the current year. Let’s delve into some top Solana alternatives you may want to consider adding to your portfolio in anticipation of their potential success following any regulatory approval.

Top Solana Rivals For 100x Gains

Considerable Solana alternatives for potential investment before the possible approval of the Solana ETF include Avalanche (AVAX), Polkadot (DOT), and Chainlink (LINK). These cryptocurrencies might perform well based on data from Polymarket, which indicates a high likelihood of SOL ETF approval.

Avalanche (AVAX)

Among Solana’s main competitors, Avalanche stands out with robust performance within its ecosystem. The data indicates that Avalanche hosts 419 decentralized finance (DeFi) applications (dApps), significantly more than Solana’s 192. Moreover, Avalanche is well-established in the decentralized exchange (DEX) and non-fungible token (NFT) sectors. Crucially, Avalanche offers a staking return of 8%, surpassing Solana’s 7%.

The current price of AVAX appears promising, as it has developed a double-bottom pattern and a falling wedge formation. This technical setup often indicates a robust recovery in the near future. Some analysts posit that the Securities and Exchange Commission (SEC) might approve an AVAX Exchange Traded Fund (ETF), given their potential acceptance of a Solana ETF, as both cryptocurrencies share significant similarities.

Polkadot (DOT)

Polkadot is a strong competitor similar to Solana that’s worth considering for investment this year. This is because significant upgrades are being made to its network, such as making the DOT token the exclusive coin for all its parachains, shortening the staking period from 30 days down to just 2 days, and adding compatibility with the Ethereum Virtual Machine (EVM).

As an analyst, I find it plausible that the approval of a SOL ETF (Exchange Traded Fund) might set a precedent, potentially making it less likely for the SEC to approve a DOT fund in the near future. However, another potential catalyst for the DOT price lies within its chart pattern, which bears resemblance to Solana’s, featuring a double-bottom and falling wedge formation. Should the DOT price follow a similar trajectory, it could witness a significant surge, potentially reaching $11.65 – an increase of approximately 60% from its current level.

Chainlink (LINK)

Chainlink, a significant competitor to Solana, is worth investing in due to its critical function within the cryptocurrency sector. It offers its oracle services across multiple platforms and has amassed a total value locked of more than $37 billion.

Beyond its significance, it plays a pivotal part in the Real World Asset Tokenization sector and is continually pushing boundaries. The decrease in circulating LINK tokens on exchanges indicates that numerous investors are holding onto them. Moreover, it boasts robust technicals, with experts anticipating that the LINK price could spike up to $40 in the near future.

Other Good SOL ETF Rivals To Buy

Among the potential competitors of Solana gaining traction as they await ETF approval, we find Binance Coin (BNB), Cronos (CRO), Sui (SUI), Aptos, and Tron (TRX) emerging as strong contenders.

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2025-01-17 18:34