After spending years immersed in the crypto market, observing its ebbs and flows, I’ve learned to read between the lines of price charts and on-chain data. As we approach September, the uncertainty surrounding Solana (SOL) is palpable, making it a less enticing investment choice compared to its emerging rivals.
Three cryptocurrencies – Cardano (ADA), Toncoin (TON), and Avalanche (AVAX) – are becoming strong competitors to Solana (SOL) that investors might consider buying. The price of SOL suggests it will maintain its sideways movement. Over the last five months, the value of Solana’s coin has hovered near the $160 mark, indicating a less impressive performance. If this altcoin doesn’t pick up enough speed in the upcoming week, traders may increase their selling pressure in September.
Solana Rivals to Buy as SOL Faces Uncertainty in September
As a researcher examining data from Cryptoranks, I’ve observed the historical performance of Solana (SOL) coin since 2020. The graph below demonstrates a somewhat volatile trend for SOL price in September, with an average increase of approximately 0.85% and a median return of around +6.5%. This ambiguous pattern hints at potential difficulties for Solana investors aiming to sustain a recovery in the near future, thereby possibly opening up an avenue for its layer 1 competitors to seize momentum.
Toncoin (TON)
As a researcher delving into the dynamic world of cryptocurrencies, I’ve observed an impressive surge in the value of Toncoin, native to the TON blockchain, throughout 2024. This growth can be attributed to its strategic integration with Telegram and robust advancements within its ecosystem. By the time of this writing, Toncoin was trading at approximately $6.7, and boasted a market capitalization of a staggering $17 billion.
In the realm of decentralized finance, play-to-earn games, and swift, cost-effective transactions, Toncoin is holding its ground against Solana as a promising buy option. Analytics from IntoTheBlock reveal an impressive achievement for the TON network: over 40 million unique addresses now hold a balance on it. This surge in address count suggests rising adoption and a robust network, capturing the interest of both individual and institutional investors.
With sustained buying, the asset could drive a 28% surge to challenge the $8.3 All-time High.
Cardano (ADA)
For the last two months, the cryptocurrency Cardano (ADA) has remained fairly stable in terms of trading, neither significantly increasing nor decreasing in value. Currently, it’s priced at about $0.35, representing an 88.65% drop from its peak price of $3.10. Despite this decrease, Cardano still holds a market capitalization of approximately $12.6 billion.
Based on Santiment’s data analysis, there’s been a significant increase in the proportion of Cardano tokens held by addresses containing between one million and ten million coins. This trend is suggestive of a surge, as evidenced by the recent peak at 2460 ADA coins. This uptick could be indicative of large investors (whales) amassing this asset, which may signal further price increases in the future.
Should the positive trend continue, it’s possible that the price of ADA may surge by approximately 20%, potentially reaching the resistance level of around $0.425. If this level is broken, there’s a possibility it could advance further to hit $0.81.
Avalanche (AVAX)
The blockchain platform Avalanche, which is both decentralized and open-source, is renowned for its impressive scalability, affordable transaction fees, and swift processing speeds. Over the past six days, the price of AVAX, one of Solana’s main competitors, has risen steadily, boosting the asset from $19.78 to $23. This upward trend represents a 16.5% growth in value.
As a crypto investor, I’ve noticed an exciting surge in the large transaction volume of Avalanche, as evidenced by Intotheblock data. This sudden uptick has my attention, especially since the on-chain metric just skyrocketed to 391 transactions. This high number could be a sign of growing institutional interest or whale activity, which might boost price recovery in the near future.
Thus, the Avalanche price prediction hints at a potential breakout rally to $33, followed by $65.
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2024-08-21 16:52