At the time of going to press, AVAX is up almost 90% compared to the previous week. Ranked eleventh by market cap, the price hit an all-time high (ATH) of $ 75.4 yesterday, sparking speculation that the coin will usurp the top 10. Plus, the avalanche hype isn’t just about market analysts comparing its trajectory to Solana’s.
destroyer ether are in danger?
After a massive bull run, the market for SOL appears to be cooling off, so is the time for another Ethereum killer to steal the limelight? Well, that seems to be the case as the value of AVAX is up about 250% in the last month. AVAX has a market capitalization of over $ 15.8 billion at press time.
AVAX 4-Hour Price Chart | Source: Tradingview
AVAX’s explosive growth can be traced back to many reasons, such as fast turnaround times and favorable growth trends for DeFi and NFT projects in the past month. On Thursday, the Avalanche Foundation announced that it had completed a private sale of $ 230 million to a number of blockchain investment firms, crypto hedge funds, angel investors, and family businesses, including Polychain Capital and Three Arrows Capital.
Similarly, institutional and retail interest in Solana has increased as the price made a new ATH just a few weeks ago. But that soon faded from the market, as data from Bybt showed more than $ 265 million in SOL liquidations since the price hit 216 ATH on Sept. 9.
Total liquidation | The source: Ali Martinez
As analyst Ali Martinez pointed out, SOL dealers look desperate. But even if the euphoria subsides, AVAX has almost double the trading volume at the time of going to press. This begs the question of whether AVAX is undermining SOL, at least in the short term?
AVAX and SOL could have a similar fate
Like SOL, AVAX has some high volume hits. It is noteworthy that the RSI trajectories of both altcoins, as they generate new ATHs, also look similar, with the high inflows to be noted. The high volume of AVAX shows the market euphoria that is expected when the price hits ATH.
In addition, analyst Lex Moskovski recently added shown that AVAX, like SOL, does at $ 25, showing impressive resilience and pre-run orders. So AVAX behaves similarly to SOL? Since $ 25, SOL is up nearly 750%. Can AVAX achieve a similar growth path?
When comparing the two altcoins, it is noticeable that more than 225 projects are being developed on the Avalanche blockchain. Tether is in the early stages of rolling out USDT on Avalanche. On the other hand, Solana trades in stablecoins USDC and FTX, both of which choose the Solana network for its fast payment processing capabilities. In this regard, both Avalanche and Solana seem to do well.
It looks like the next few days will be the crucial time, whether AVAX can make it into the top 10 and topple SOL, or will the rally dry up faster than expected?
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According to AZCoin News