The attempt by Solana to recover its price was thwarted by resistance at the 200-day Exponential moving average, resulting in a 1.3% decline to $137 today. The inability to sustain the price below this key indicator indicates that the bearish trend is still in effect, potentially shifting investors’ focus to Solana’s competitors.
Historical data from CryptoRank indicates that Solana has typically seen a modest average return of 0.97% in September over the past five years. This steady but moderate growth outlook for Solana may create opportunities for its competitors, including Toncoin (TON), Avalanche (AVAX), Kaspa (KAS), Hedera (HBAR), and SUI.
Toncoin (TON), the cryptocurrency associated with the messaging platform Telegram, is gaining traction due to the rising popularity of its tap-to-earn feature. Binance’s recent launch of Launchpool for Telegram games like Hamster Kombat and Catizen is expected to attract more users, potentially driving up demand for TON. Additionally, the significant increase in Total volume locked in TON indicates growing investor confidence and adoption of its DeFi applications.
Avalanche (AVAX) has experienced a bullish reversal in its price, with a substantial 23.7% surge within two weeks. The increase in total addresses holding AVAX balances suggests a growing user base and adoption of the platform.
Kaspa (KAS) has demonstrated a strong momentum reversal supported by a 200-day Exponential moving average and an ascending trendline, resulting in a notable 22.7% jump in its value. The positive trend in KAS futures open interest signals increasing investor interest and anticipation of significant price movements.
Hedera (HBAR) has stabilized around the $0.45 support level, showing a bullish reversal pattern in its daily chart. The potential bullish momentum could lead to a 20% increase in price before testing resistance at $0.062. The rise in HBAR OI-weighted funding rate indicates a willingness among buyers to hold long positions in the asset.
SUI, a layer-1 cryptocurrency, has experienced a surge in price following the launch of the Grayscale SUI Trust, offering accredited investors exposure to SUI without directly holding tokens. The price increase to $1.02 and the spike in Total Value Locked (TVL) in SUI demonstrate growing trust and participation in the SUI ecosystem.
For more in-depth predictions, readers are encouraged to explore the top layer 1 crypto projects.