Top Trader Prepared to Swap Solana for Avalanche Amid Growing Competition in Crypto Market
In a recent development, a leading trader has indicated his readiness to exchange his Solana holdings for Avalanche tokens if a crucial indicator emerges on the AVAX chart. Both Solana (SOL) and Avalanche (AVAX) are prominent layer-1 blockchain platforms experiencing increasing rivalry and fluctuation in the cryptocurrency sector.
Currently, the price of AVAX stands at $28.65, marking a 2.8% increase within the previous 24 hours. The AVAX chart demonstrates a bullish trend with potential gains exceeding 20%. Greeny, a well-known trader on X, keeps track of the Avalanche price and intends to switch his SOL assets into AVAX under specific conditions – when “the asset ‘breaks up’ and exhibits strength.”
Over the past two years, AVAX has shown a continuous decline against SOL by approximately 83%. However, recent developments like Avalanche9000 might trigger an upswing for AVAX. This initiative aims to introduce near-instant transaction finality to decrease expenses and boost network efficiency further. Moreover, Avalanche secured a partnership with Littioa Columbian Bank which decided to utilize their network for its Yield Pots platform following its migration from Ethereum.
Additionally, investors appear optimistic about AVAX’s future prospects as per Coinglass Liquidation Map data revealing higher numbers of Long positions ($10.88 million) compared to Short ones ($5.42 million). Furthermore, technical analysis indicates possible gains reaching around $35 if the current uptrend persists without significant disruptions or reversals occurring soon enough so they can continue making progress toward achieving those goals successfully!
