Markets
Top-Gaining Cryptocurrencies Solana, Avalanche See Big Gains Amid Market Recovery
With the cryptocurrency market recovering from its recent crash, most cryptocurrencies are trading in the green, with Bitcoin showing a 1.8% increase. This comes after several negative trading days that significantly impacted the market. Among the biggest gainers are Solana and Avalanche, with Solana up 9.3% and Avalanche 8% seen in the last 24 hours.
Solana’s impressive gains
According to a report from market intelligence platform Santiment, both cryptocurrencies are surging, but their rallies are driven by different market dynamics.
Solana is rising after an ETF application filed by asset manager VanEck to the Securities and Exchange Commission (SEC). This news attracted a lot of attention, with many traders jumping on the bandwagon out of fear of missing out (FOMO). This increase in traders could indicate a less stable recovery, as quick, emotionally driven investments could lead to rapid liquidations if the market turns.
Over the past 24 hours, Solana price has gained momentum as holders anticipate a surge past the $150 resistance level. As of now, Solana is trading at $148.3an increase of 9.3%, while the weekly increase was 10.5%.
Avalanche’s Long-Term Profit Potential
Avalanche is also enjoying a significant price surge, rising 8% in a single day. Unlike Solana, the the avalanche rise is happening almost always unnoticed by the crowd, with fewer traders reacting impulsively.
Santiment suggests that this quieter approach could indicate a more sustainable rally. This quieter approach could indicate a more stable and sustainable uptrend for Avalanche.
Avalanche (AVAX) has been stuck between $21 and $25 for weeks without breaking out of the market. Currently, AVAX is trading at $28reflecting an 8% increase with a market cap of $13.37 billion. Despite being a top-15 cryptocurrency, AVAX has struggled to break out of this price range. However, recent chart signals now suggest a potential rise to $40.