ETH killer SOL and AVAX fall by 20%: value evaluation

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The ETH killers SOL and AVAX, despite the spike, fell 20% in the first half of 2021, and more people are choosing the alternative networks as Ethereum is unable to handle a larger number of transactions and high fees . In our latest Ethereum news, we take a closer look at the price analysis.

The ETH Killer SOL and AVAX have fallen mainly due to the declining popularity of NFTs and decentralized funding. The alternative chains went the same way as the ETH in that they lost some of their value. According to the market data from the trading view, Solana’s bull run was correlated with the rise and fall of the NFT industry. For those who believe SOL is the real Ethereum killer, think again about how the coin replicated Ethereum’s market performance, losing about 30% of its value since November’s all-time high.

SOL 24-hour price chart (source: coingecko)

Avalanche’s AVAX was another Layer1 network that failed to hold its value during the global crypto market correction and, similar to Ethereum, has lost about 20% of its value in the past two months. Unlike Solana, AVAX used to show signs of recovery, rising 14% over the past three days. Compared to other L1s, AVAX performed strongly during the market sell-off with a rally of around 50% in mid-December. AVAX is trading at a 1.8% gain and is moving up within the local uptrend and Solana is still moving down 1.8% during the day.

avax dailyAVAX 24-hour price chart (source: Coingecko)

As recently reported, Avalanche has received a neutral sentiment score in the past five days, which measures Avalanche’s performance over the past five days by price movement and volume. The sentiment score provides a short-term look at crypto performance that can be useful for both short-term investors looking to rally and long-term investors looking to buy the dip. Avalanche is now trading near its middle and the coin is still 10.61% below its five-day high and 12.71% above its five-day low of $ 101. Avalanche’s AVAX token is trading near the support zone around $ 113 and has plenty of room before encountering resistance. Avalanche was last traded at low volume, which means today’s volume is below last week’s average volume.

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