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Avax Price Analysis

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

Published

2 months ago

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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 priceCardano 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.

Toncoin (TON)Toncoin (TON)
30-day MVRV | Santiment

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

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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AVAX Price

Will Price Survive $200M Token Unlock FUD?

Published

4 months ago

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August 20, 2024

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AVAX price has been dropping since the March mini-bull run and is currently in a critical position. Meanwhile, the looming token unlock may contribute significantly to more downside pressure. Nevertheless, there is a silver lining in this situation, as the price of Avalanche may rebound aggressively after the unlock FUD dies down.

$200M Supply Dilution Impact on AVAX Price

On August 20, the Avalanche team is set to release $200.53 million worth of AVAX tokens into the open market. This significant influx could dilute the existing supply, potentially leading to a sharp decline in the token’s price.

Currently, the Avalanche price is trading at $20.89, down 1.4% in the last 24 hours, according to CoinGecko. Trading volume has also taken a hit, with Messari Research reporting an all-time low on August 19, just before the scheduled token release.

AVAX VOLUME

Further insights from Coinalyze reveal that AVAX open interest has dropped 4.07% over the past 24 hours, while the price has declined by 2.1% during the same period. This suggests that many traders are closing their Long positions, likely at a loss, in anticipation of a further price drop. 

The AVAX Liquidation Map also shows a higher number of Shorts compared to Longs, reinforcing the trend of traders exiting Long positions to avoid potential liquidations.

AVAX Liquidation MapAVAX Liquidation Map

Additionally, a deeper analysis shows there is a significant concentration of buy orders around the $20.30 level, indicating that many traders believe this price point could act as a strong support. However, if the price breaks below this level, it could trigger liquidations for those holding these positions.

Avalanche Price Eyes $15 For A Rebound

Avalanche price prediction shows the asset is in a clear downtrend, moving within a descending channel that has been tested multiple times since early April 2024. The price is currently trading near the lower boundary of this channel, suggesting a potential further downside.

AVAX is currently struggling to break above the midline of the falling channel and may find support near the lower boundary, which lies between $19.50 and $20.00. Should this support level fail, the next major support could be at $16.00, marking the channel’s lower extension.

On the flip side, if AVAX manages to break above the midline of the descending channel around $21.50, the upper boundary of the channel, between $24.00 and $25.00, will likely present a stronger resistance level.

The Stochastic RSI, which measures the relative strength index (RSI) in relation to its own high/low range over 24 hours, is currently at 82.54 (RSI Line) and 79.30 (Signal Line). 

This overbought condition suggests that buying pressure may be peaking, indicating a potential short-term pullback or continuation of the downtrend, especially given the prevailing bearish market structure.

AVAX Price Analysis ChartAVAX Price Analysis Chart
AVAX Price Analysis Chart

If AVAX price breaks above the descending channel at $27.00 with strong volume, it would signal a shift in market sentiment from bearish to bullish, invalidating the current bearish thesis. The next target would be around the $35.00 level, which aligns with the price action from early May 2024.

Should You Buy AVAX?

AVAX remains in a strong downtrend, with bearish signals suggesting potential further downside. The next move is critical, with the price near the lower boundary of the descending channel. Broader market sentiment, especially the Bitcoin performance, could heavily influence the ability of AVAX price to reach these higher targets.

Frequently Asked Questions (FAQs)

AVAX has been on a downward trend since the March mini-bull run. As of the latest data, it’s trading at $20.89, down 1.4% in the last 24 hours. The price is currently in a critical position, facing potential further downside pressure due to an upcoming $200M token unlock.

AVAX may drop 21% ahead of the $200M token unlock, but a strong rebound is possible once the FUD subsides. This is the last major token release, potentially reducing future selling pressure and aiding in price recovery.

AVAX may face further downside pressure due to the current downtrend, but its price is near a critical support level. Broader market sentiment, especially Bitcoin’s performance, could influence its movement. If you believe in Avalanche’s long-term potential and are comfortable with the risks, consider buying after the token unlock FUD subsides.

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Evans Karanja

Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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