Avalanche, AVAX and Solana are the two major Ethereum price killers.
Pentoshi’s Stand On Solana And Avax
Pentoshi is a pseudonymous cryptocurrency analyst and pundit who took to Twitter saying that he thinks Solana, (SOL), will shift momentum to a bullish direction.
Read Related Reading| Negative Sentiment Deepens In Crypto, Why Recovery May Not Last
After the last week’s massive selling momentum, Solana cryptocurrency project traded at critical support levels. Today, the SOL token trades at $47.89. That’s a 44% gain from last week’s 24-hour round. The coin also dropped to $40.33 last week.
Avalanche is Pentoshi’s next coin. believesIt is worth examining. The analyst suggests that the coin’s ability to sustain just above its $25 support level boosts its chances of rallying to hit the $40 level. The AVAX token currently trades at $28.63. This is an increase of 5% from the 24 hour price. Last week the coin dropped to around $22.13.
Pentoshi also believes that the market could rally again. Pentoshi believes the market will change from being outright bearish to becoming utterly bullish once it has momentum.
Pentoshi expects traders and investors to see a quick turnaround in trading. Thus, they’ll move from exclaiming it’s a dead bear market to screaming and rejoicing for alt season. But, the pundit warns that altcoins might never regain their record-breaking price.
SOL And Avax Blockchains
Solana offers high-end financial and digital solutions. Being the ‘new kid on the block,’ Solana introduced attractive solutions like low transaction costs, swift transactions, and others for users to maximize their opportunities. The native SOL token is used by Solana Blockchain to facilitate utility and governance as well as payments.
Although it still has a long way, Solana is considered one of Ethereum’s ‘killers,’ as it even ranks among the top 10 blockchains by market capitalization.
Related Reading | Polkadot (DOT) Trades Beneath $11; How Soon Will It Target $14?
Avalanche is a cryptocurrency project on the opposite end of this spectrum. Avalanche, a smart contract network that runs on multiple chains and is designed to allow decentralized apps (or dApps) to be hosted. Avalanche, second largest blockchain globally, is one of the most well-known contenders to Ethereum.
The avalanche, however, is more compatible with Ethereum than Ethereum. It also provides greater support for other projects and applications.
Avalanche, Solana, and Avalanche have been leading crypto bear markets for the past 2 weeks. This is a sign that traders should be wary of trading long-on the coins. Even many predicted that Solana and Avalanche would be among the coins that won’t survive if Bitcoin took another dip. However, the new week shows that there has been a change in sentiment for the coins.
Featured Image from Pexels. Chart by TradingView.com