Avax Price Analysis

Top 3 Cardano Rivals to Turn $10 to $1000 in November

Published

4 weeks ago

October 28, 2024

In October, Cardano price traded nearly sideways despite high expectations for a bullish trend. This prolonged consolidation offers little optimism for ADA’s better performance in November. Thus, these three Cardano rival tokens may capture investor attention, potentially driving rallies that could turn a $10 investment into $1,000.

3 Cardano Rivals That Could Flip $10 into $1,000 this November

By press time, the Cardano price had traded at $0.339, with an intraday loss of 0.41%. From the All-time-high of $3.1, the ADA price has risen 89.12%, while the market cap plunged to $11.85 billion. As the asset shows no sign of bottoming, these Cardano rivals could better drive and utilize the Q4 rally.

Solana (SOL)

The fifth-largest cryptocurrency by market cap, Solana (SOL) tops our list of Cardano rivals amid high-momentum rally and on-chain recovery. In the last two months, the Solana price prediction showcased a sustained rally from $120 to $174, registering a growth of 45%.

According to data from TheBlock, the Solana Network saw its new addresses surge from 3.05 million to 5.76 million in October, marking an 88% surge. This impressive increase implies heightened user adoption and growing interest in the Solana ecosystem, potentially signaling increased transaction volume and network activity.

With sustained buying, the SOL price is poised to surge 3% before escaping the major resistance that drove the last 7-month consolidation.

Avalanche (AVAX)

Like other top altcoins on this, the Avalanche coin has traded sideways for the past four months, struggling to sustain above $34. However, the consolidation revealed the formation of a bullish reversal pattern called an inverted head and shoulder in the daily chart.

Theoretically, the pattern displays three troughs with the middle extended lower than the other two. These lower price rejections indicate an active demand pressure and a fresh breakout opportunity as the price breaks the neckline resistance.

The current Avalanche price prediction indicates a trading value of $25.6, with the potential for a 13% surge ahead of a major breakout. Sustaining this breakout would provide a stronger indication of bottom formation and an early sign of trend reversal.

Cardano Rivals - Avalanche price — AVAX/USDT -1d Chart

Toncoin (TON)

Contrary to other Cardano Rivals, the Toncoin price displays a major upward trend. Thus, market analysts believe the current correction in TON price is an opportunity for buyers to recuperate the bullish momentum.

By press time, the Toncoin price had traded at $5, testing the multi-month support of $4.6. While the price holds this support, the 30-day Market Value to Realized Value ratio (MVRV) has plunged to -4.85% region, indicating short-term holders are making a loss.

Typically, this negative value leads to panic selling of speculative traders, which triggers initial volatility and a temporary pullback. However, long-term buyers often use such a situation to enter at a discounted price while the asset gains a sharp reversal.

Conclusion:

As ADA price remains in prolonged consolidation, investors may find promising opportunities in its top Cardano rivals—Solana, Avalanche, and Toncoin. With Solana’s growing user base, Avalanche’s bullish reversal pattern, and Toncoin’s support at a critical level, these assets are well-positioned to capture investors’ attention.

Frequently Asked Questions (FAQs)

The top three Cardano rivals projected to gain traction in November are Solana (SOL), Avalanche (AVAX), and Toncoin (TON).

Avalanche’s price chart shows an inverted head and shoulders pattern, a classic reversal indicator, suggesting a trend shift if the neckline resistance is breached.

Toncoin’s price correction, combined with a low Market Value to Realised Value (MVRV) ratio of -4.85%, suggests an opportunity for long-term buyers