Solana (SOL) Surges 9.3%, Avalanche (AVAX) Rises 8% as Crypto Market Recovers from Recent Downturn

Solana's rally driven by VanEck's ETF application, attracting traders fearing they might miss out. Avalanche's rise, with fewer impulsive traders, indicates a potentially more stable upward trend.

As the crypto market recovers from its recent downturn, most cryptocurrencies are trading in the green. Bitcoin shows a 1.8% increase, and among the top gainers are Solana and Avalanche, with Solana surging by 9.3% and Avalanche by 8% in the last 24 hours.

Solana’s Impressive Gains

Solana and Avalanche are breaking out, but their rallies are driven by different market dynamics.

Solana's rally is being accompanied by traders FOMO'ing in, meaning the rally is less likely to continue

AVAX's rally is being mostly ignored by the crowd, meaning the rally is more likely to continue

Solana's soaring performance follows an ETF application filed by asset manager VanEck with the Securities and Exchange Commission (SEC). This news has garnered significant attention, prompting many traders to rapidly enter the market 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 9.3% to $148.3, and its holders are anticipating a surge past the $150 resistance level.

Solana's price today is $148.3, showing a 9.3% 24h increase. Its price has risen 10.5% in the last seven days.

Avalanche’s Long-Term Profit Potential

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.

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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