The Solana price recovery attempt faced overhead supply at the 200-day Exponential moving and plunged 1.3% to trade at $137 today. The price sustainability below this trend-defining indicator suggests that the bearish trend remains intact, which could benefit Solana rivals in gaining investors’ attention.
According to CryptoRank data, Solana has seen an average return of 0.97% in September in the past five years. This modest growth suggests a neutral outlook for Solana, which could provide an advantage to its rivals such as:
https://cryptorank-images.s3.eu-central-1.amazonaws.com/snapshots/5b3e6e350bc0238ddb83cb2d.png
- Toncoin (TON)
- Avalanche (AVAX)
- Kaspa (KAS)
- Hedera (HBAR)
- SUI
Toncoin (TON)
TON, the cryptocurrency related to the messaging app Telegram, is regaining investors’ attention amid the increasing popularity of its tap-to-earn. The leading crypto exchange Binance recently announced Launchpool for two telegram games’ Hamster Kombat and Catizen. With these games attracting more users, TON could experience a notable increase in demand.
Moreover, the Total volume locked in TON witnessed a notable spike from $317 Million to $405 Million— a 27% increase in a fortnight, according to DeFiLlama. This growth highlights increasing investor confidence in the Toncoin ecosystem and suggests heightened adoption of TON’s DeFi applications.
Avalanche (AVAX)
The Avalanche price prediction showed a bullish reversal from $20.48 to $25.35— a 23.7% rise within two weeks. This upswing marks a new higher low formation in the daily chart, indicating an initial change in market sentiment from selling on rallies to buying on dips.
Moreover, the total addresses with AVAX balance have seen a steep growth since August 2021, reaching a peak of 8.85 Million, accentuating the growing user base and adoption.
Kaspa (KAS)
Among the Solana Rivals, the Kaspa coin has shown a high momentum reversal from combined support of a 200-day Exponential moving average and an ascending trendline. The bullish turnaround uplifted the asset from $0.14 to $0.17, according to a 22.7% jump.
Furthermore, the KAS futures open interest showcased a positive trend since October 2023 to stabilize at $71.8 M, according to Coinglass data. The rising OI highlights increasing investors’ interest and expectations for a notable price movement.
Hedera (HBAR)
The correction trend in Hedera price has started to stabilize at $0.45 support. Contrary to other Solana Rivals, the HBAR price shows a famous bullish reversal double bottom pattern in the daily time frame chart.
If the pattern holds true, the Hedera coin could rise 20% before challenging the neckline resistance at $0.062. Moreover, the HBAR OI-weighted funding spike to 0.01% indicates that buyers are willing to buy premiums and hold a long position in this asset.
SUI
SUI, the layer-1 cryptocurrency, witnessed an accelerated bullish momentum following the launch of the Grayscale SUI Trust. This new trust offers accredited investors exposure to SUI without the need to buy or securely store the tokens themselves.
Amid this development, the SUI price surged to $1.02, registering a 15% weekly growth. Moreover, the TVL in SUI spiked to $700 Million, highlighting increased trust and participation within the Sui ecosystem.
For detailed prediction, check out our top layer 1 crypto article.
The post 5 Solana Rivals to Transform $100 to $1000 this September appeared first on CoinGape.
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