The announcement of the launch of Wormhole (a bridge between Solana and other networks) emerged as the factor that triggered a notable rally at Solana. Ethereum its rival hit an all-time high above $213 before the final correction. Analysts say capital from Solana Avalanche He thinks he has passed into the ecosystem.
Capital flow in tier one ecosystems is an important factor in the price rally of altcoins. Crypto analyst @StrongHedge believes Avalanche benefits from capital flows.
“Money moves from one ecosystem to the next in turn. SOL was first, now ATOM & AVAX benefits.”
The outage on the Solana network on September 15 exposed the vulnerability of the world’s fastest blockchain. Solana’s rivals Avalanche and Polkadot fill the gap created by the scalable layer one blockchain.
The Avalanche ecosystem reported that there will be developments such as the release of Alpha Homora V2 and AlphaX. The team behind Avalanche awaits the launch of Alpha Homora V2 and AlphaX to increase the utility of the ecosystem and further increase demand for the native token AVAX.
In light of the updates and upcoming announcements, DeFi project analyst @gMAKcrypto expects AVAX to reach $100, citing SOL’s performance.
they said $left was crowded at $100 and it went to $215.$avax to $100.
— gMAK⚡️ (@gMAKcrypto) September 19, 2021
The struggle between the Avalanche ecosystem and the Solana network stems from similar price trends of the local cryptocurrency. Lex Moskovski, Moskovski Capital’s Chief Investment Officer, also recently noted how AVAX behaves like SOL and likens its current situation to SOL, which is priced at $25.
$AVAX is behaving like $LEFT at $25 showing impressive resilience and frontrunning orders.
Market buy gang.
— Lex Moskovski (@mskvsk) September 17, 2021
In summary, AVAX’s upward climb is similar to SOL’s protracted bull run, with analysts expecting the token to reach a high price of $100.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.