Cryptocurrencies Solana (SOL) and Avalanche (AVAX) have recently shown significant increases in value. The question now is whether this upward trend will continue. On June 27, the on-chain platform Santiment published an analysis highlighting these movements within the cryptocurrency market.
According to Santiment, both Solana and Avalanche have benefited from the recent recovery in the cryptocurrency market following a period of pronounced retractions. The data suggests that while Solana’s recent rally may be less likely to sustain due to trader FOMO (Fear Of Missing Out) driving current gains, Avalanche’s price surge, relatively unnoticed by the broader market, has a stronger potential to persist.
In their weekly performance updates, SOL has surged by 10.4% over the past seven days, while AVAX has seen a more modest increase of 4.7%.
Solana’s recent spike was largely fueled by a proposal from investment firm VanEck on June 27 to launch a Solana-based exchange-traded fund (ETF), which significantly boosted SOL’s price. This rise underscores the influence of market optimism, despite ongoing market dynamics influenced by Coinbase’s legal dispute with the SEC and FDIC over document restrictions.
As of the latest update, Solana was priced at $142.74, reflecting a 5.0% increase over the past 24 hours.
Please note that all opinions expressed herein are for informational purposes only and should not be construed as financial advice. Investing in cryptocurrencies carries inherent risks of financial loss.
