Over the past few days, the market has been favorable for cryptocurrencies, which has given them a significant boost. Two of the currencies that have seen a huge increase in the last seven days are Solana (SOL) and Avalanche (AVAX). Investors are also optimistic due to recent growth trends in the cryptocurrency market.
According CoinGecko data, SOL is currently trading at $45.04 and has seen a significant 37.2% 7-day rise. While still down 82% from its peak of $259.96 on November 6, 2021, about nine months ago.
With a spectacular rise of 49.4% in the last seven days, AVAX has excelled. As a result, its current price, $25.29, has risen 5.8% in the past 24 hours. It is also 82% below its ATM of $144.96 on November 21, 2021, eight months ago.
The Crypto Market Shows Signs of Recovery
“Crypto winter” is undoubtedly the phrase every crypto trader is saying right now. After peaking at $3 trillion in 2021, the market capitalization of cryptocurrencies has declined sharply, falling to $1 trillion, a loss of around $2 trillion.
In the history of cryptocurrency, there have been a number of well-known bear markets. Yet that of 2022 is particularly noteworthy due to the extreme testing of decentralized financial systems and the excessive use of commercial leverage. However, the intense storm is gradually calming down.
Along with other encouraging economic data, the recent rise in cryptocurrency prices in mid-July suggests that the bear market is slowly reversing and the cryptocurrency industry is on the road to recovery.
Solana and avalanche in recovery
Most coins strive to become better on their own in order to find fortune and increase in value. As these cryptocurrencies develop, investors will consider them more reliable, which will increase their attractiveness.
This is why the recent price rise of Avalanche (AVAX) could be preparing to recover its value. The crypto community believes the Avalanche currency could make a comeback this month, as it just made a strong recovery from its June low of $13.
AVAX is a blockchain system that is gaining popularity as a rival to Ethereum. The play also showed that she had the ability to succeed as well as the resources to recover even under pressure.
Related Reading | Ethereum Merger: How ETHBTC Could Hint at a Return in Risk Appetite
On the other hand, the popular blockchain network Solana (SOL) has made a strong comeback from its low of $25 in June. Moreover, it still needs help to recover its value and reach a high of $95 in May.
Moreover, according to a group of fintech experts from Finder.comSolana (SOL) will see a value increase to $45 by the end of 2022. The panel predicts that SOL will be valued at around $166 in 2025 and $512 in 2030.
Featured image from Flickr, chart from Tradingview.com