With the crypto market recovering from its recent fall, 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 top gainers are Solana and Avalanche, with Solana surging by 9.3% and Avalanche by 8% seen in the last 24 hours.
According to a report from market intelligence platform Santiment, these two cryptocurrencies are breaking out, but their rallies are driven by different market dynamics.
Solana is soaring above following an ETF application filed by asset manager VanEck to the Securities and Exchange Commission (SEC). This news has attracted much attention, with many traders jumping in out of fear of missing out (FOMO). This surge of traders might indicate a less stable rally since rapid, emotion-driven investments can lead to quick sell-offs if the market changes.
In the last 24 hours, Solana’s price has gained traction, with holders anticipating a surge past the $150 resistance level. As of now, Solana is trading at $148.3, a 9.3% surge, while the weekly surge of 10.5%.
Avalanche is also enjoying a significant price increase, rising by 8% in a single day. Unlike Solana, the avalanche’s rise is going mostly unnoticed by the crowd, with fewer traders reacting impulsively.
Santiment suggests this quieter approach might mean a more sustainable rally. This quieter approach might indicate a more stable and sustainable upward trend for Avalanche.
Avalanche (AVAX) has been stuck between $21 and $25 for weeks without breaking out. Currently, AVAX is trading at $28, reflecting a surge of 8% with a market cap of $13.37 billion. Despite being a top 15 cryptocurrency, AVAX has struggled to move beyond this price range. However, recent chart signals now hint at a potential rise towards $40.
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