Solana And Avalanche Poised For Gains As Crypto Market Enjoys New Tailwinds
July 20 2022 - 09:07AM
NEWSBTC
Over the past several days, the market has been favorable for
cryptocurrencies, which has given them a significant boost. Two of
the currencies that have seen a considerable increase over the past
seven days are Solana (SOL) and Avalanche (AVAX). Investors are
also optimistic as a result of the cryptocurrency market’s recent
growth trends. According to CoinGecko data, SOL is
currently trading at $45.04 and has experienced a significant 7-day
rise of 37.2 %. While it is still down 82% from its peak of $259.96
on November 6, 2021, approximately nine months ago. Related Reading
| An Interview with Ben Caselin on AAX- Lightning Network
Integration and TARO Protocol Implementation With a spectacular
rise of 49.4% over the past seven days, AVAX excelled. As a result,
its current price, $25.29, has increased by 5.8% during the last 24
hours. It is also 82% below its ATM of $144.96 on November 21,
2021, which was eight months ago. The Crypto Market Shows Signs Of
Recovery “Crypto winter” is without a doubt the phrase that every
crypto trader is uttering right now. After reaching a high of $3
trillion in 2021, the market capitalization of cryptocurrencies had
a sharp decline, down to $1 trillion, a loss of around $2 trillion.
In the history of cryptocurrency, there have been a number of
well-known bear markets. Still, the one in 2022 is particularly
noteworthy due to the extreme testing of decentralized financial
systems and the excessive use of trading leverage. However, the
intense storm is now gradually winding down. Along with other
encouraging economic data, the recent increase in cryptocurrency
prices in mid-July suggests that the bear market is slowly
reversing and that the cryptocurrency industry is on the way to
recovery. Solana And Avalanche On Recovery Most coins
strive to become better ones of themselves in order to find fortune
and increase in value. As these cryptocurrencies grow, investors
will view them as more reliable, which will boost their
attractiveness. That is why Avalanche’s (AVAX) recent price rise
may be gearing up to reclaim its worth. The crypto community
believes the Avalanche currency may make a comeback this month as
it has just achieved a solid recovery from its June low of $13.
AVAX is a blockchain system that is rising in recognition as an
Ethereum rival. The coin has also shown that it has the capacity to
succeed as well as the resources needed to recover even under
pressure. Related Reading | Ethereum Merge: How ETHBTC Could
Hint At A Return Of Risk Appetite On the other hand, the well-known
blockchain network Solana (SOL) has made a strong comeback from its
$25 low in June. Additionally, it still needs assistance to recover
its value and reach a high of $95 in May. Furthermore, according to
a group of fintech experts from Finder.com, Solana (SOL) will
see a value increase to $45 by the end of 2022. The panel forecasts
that SOL will be valued at around $166 in 2025 and $512 in 2030.
Featured image from Flickr, chart from Tradingview.com
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