Solana (SOL) and Avalanche (AVAX) cryptocurrencies have been showing considerable increases in recent days. Will this uptrend continue? The on-chain platform Santiment shared an analysis on June 27 about the recent movement of cryptocurrencies.

The platform highlighted in its survey that Solana and Avalanche are making good gains with the recent recovery of the cryptocurrency market after days of intense retractions.

The data suggested that Solana’s recent rally is less likely to continue, while Avalanche’s price increases have better potential for an uptrend.

“SOL’s rally is being followed by traders FOMO’ing, 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,” analysts Santiment wrote.

In their respective weekly developments, SOL and AVAX have significantly increased their prices, while Solana has appreciated by 10.4% in the last seven days, Avalanche has increased by 4.7%.

SOL’s recent surge was driven by investment firm VanEck, which on June 27 filed a proposal to launch an exchange-traded fund (ETF) based on spot Solana (SOL).

“VanEck’s request for a Solana ETF sent SOL’s price soaring today. The increase based on the mere deposit process shows the power of the crowd’s optimism. Additionally, keep an eye on how the markets fluctuate based on Coinbase’s lawsuit against the SEC and FDIC for their document restrictions,” noted Santiment.

At the time of publication, Solana price is quoted at $142.74 with a 5.0% increase in the last 24 hours.


The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.


Leave a Reply