The cryptocurrency market had a very active June. Alongside concerns about the macroeconomic environment, new regulatory uncertainty is also putting pressure on the market. Analysts of the finance company Motley Fool are evaluating new opportunities in the altcoin market in this environment where prices are bottoming out.
According to Motley Fool analysts, these 2 altcoins falling in double digits are in the opportunity zone
The Binance and Coinbase lawsuits of June 5-6, followed by the Fed’s signals of future rate hikes, triggered a strong selling pressure on the crypto market. As a result, some top cryptocurrencies have dropped 12% or more in the last month. Motley Fool analysts are eyeing new opportunities around AVAX and SOL in this environment. A recent article outlined the factors why these two cryptocurrencies should be bought.
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Solana has lost 12% in the past 30 days, largely in response to the threat of regulatory action. Earlier this month, the US regulator SEC sued the two largest cryptocurrency exchanges. Allegations in these lawsuits included companies selling unregistered securities. The SEC named Solana one of the unregistered securities that these exchanges improperly offered to customers.
As a result, market sentiment immediately turned against Solana. SOL price saw a 20% drop in just 24 hours.
The positive news, however, is that the SEC has yet to file an enforcement action against Solana. Also, Solana suggests that the SEC will not have a real case against her. Finally, the broader crypto industry, led by Coinbase, is taking action against SEC actions. Some US lawmakers, meanwhile, took sides with cryptocurrencies. It makes me think that the situation for Solana may be less dire than it seems.
Solana’s strength in the NFT market
On the NFT side, Solana doesn’t look as bright as it used to. However, NFT trading volume has recently recovered somewhat. Even better, the base prices for Solana NFTs are rising. This indicates that the health of Blockchain’s NFT ecosystem has been improved. Another positive catalyst is a new $1,000 “crypto phone” known as the Saga, which went on sale in April.
Avalanche (AVAX)
Avalanche, which has fallen 12% in the last 30 days, was destroyed by bad news from the crypto industry. Like Solana, it dropped in double digits in a short time and felt a pretty heavy bear burden. On the other hand, Avalanche is still gaining ground in the DeFi industry at the moment. It currently ranks seventh in terms of locked total value (TVL), an important metric that measures overall DeFi strength.
Also, daily active addresses and daily transaction volumes on Avalanche are increasing. On top of that, there is a strong long-term growth catalyst for Avalanche. In January, it partnered with Amazon to deliver Blockchain solutions to cloud computing customers of Amazon Web Services. Chinese tech giant Tencent Holdings has a similar agreement with its cloud computing unit, Tencent Cloud. All these developments provide a strong long-term outlook for Avalanche.
Which altcoin? Solana or Avalanche?
cryptocoin.comMotley Fool analysts often look for opportunities around established cryptos like BTC and ETH. On choosing between the two, analysts say:
Solana and Avalanche are similar in many ways. Both are top Tier 1 Blockchain networks touted as “Ethereum killers”. Both fell more than 90% last year and both are looking to make big comebacks this year. While Solana currently faces much more regulatory risk than Avalanche, it remains one of my top picks for a coin that could explode in the second half of 2023.
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