Ethereum competitors, such as Solana (SOL), Tonoin (TON), Tron (TRX), Cardano (ADA), and SUI, are likely to draw investors’ attention as ETH price correction over the past six months. The bearish momentum accelerated as the Ethereum network was attacked by crypto hackers and growing speculation behind CEO Vitalik Buterin selling his holdings.
Ethereum Competitors with the Potential to Turn $10K into $1M
The ETH price is down 3% today to currently trade at $2322, while the market cap plunged to $279.4 Billion. Following last weekend’s relief rally, the renewed bearish momentum indicates the sellers regained their strength to prolong the correction trend. According to the Coinglass data, the ETH Funding rate has witnessed a declining trend since April 2024, signaling a low buying interest. This bearish sentiment will bolster the Ethereum competitors to gain visibility.
Solana (SOL)
The SOL ecosystem shows some surprising surging in network activity ahead of the Solana Breakpoint 2024 Conference scheduled on September 20 & 21 in Singapore. This major event gathers developers, entrepreneurs, and blockchain enthusiasts to discuss innovations in the Solana ecosystem, Web3, and DeFi, with workshops and networking opportunities.
Within three weeks, the active addresses in Solana have surged from $1.08 Million to $3.66 Million, registering a growth of 238.9%. This bullish trend accentuates increasing engagement within the network, which could effectively boost the Solana price prediction target moving forward.
Toncoin (TON)
Among the Ethereum competitors, the TON price showcased a notable bounce from $4.6 to $5.2— a 14% jump since last weekend. Consequently, the Toncoin market was boosted to $13.3 billion.
While the legal drama around Telegram founder Pavel Durov’s arrest caused a sudden dump in Toncoin price during late August, the large transaction volume did not break its uptrend. According to Intotheblock analytics, the TON network’s daily volumes for transactions exceeding $100,000 have experienced a steady rise since 2023 to reach $6.69 Billion TON currently.
This surge highlights sustained large-scale activity within the ecosystem, which could also drive stable price growth.
Tron (TRX)
TRX, the native cryptocurrency TRON blockchain, is gaining traction amid its counter-attract to the recent emerging crypto crimes. A strategic collaboration between Tether, TRON, and TRM Labs has established the T3 Financial Crime Unit to fight illegal activities involving USDT on the TRON blockchain.
The TRON price prediction signals a modest intraday loss of 0.33% to trade at $0.15 currently. However, the network witnessed an aggressive surge in Addresses with TRX balance, recently hitting a peak of $112.3 Million.
The rising addresses with balance accentuate the increasing user activity and adoption of the TRON network, a core development that boosts natural demand in TRX price.
Sui (SUI)
Among the Ethereum competitors, the SUI coin recently shared a major announcement of a new stablecoin, AUSD, launched in collaboration with Nonstop Finance to enhance DeFi operations on the platform.
Within two weeks, the SUI price jumped from $0.74 to $0.88, registering a growth of 20%. Moreover, the total volume locker (TVL) in SUI spiked to $670 Million, suggesting the significant inflow of capital into the protocol and growing investors’ confidence.
Cardano (ADA)
The Cardano price has witnessed an aggressive downtrend in the last six months, plunged to a low of $0.28 in early August. Since then, the ADA price trajectory has shifted sideways to form stable support at the $0.3 psychological level.
The price attempts for the bottom formation and the Cardano network’s active addresses displayed a massive spike to 45996, indicating a renewed interest from both retail and institutional investors looking to capitalize on potential price reversal.
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Frequently Asked Questions (FAQs)
As Ethereum continues to experience bearish momentum, with a 3% price drop to $2,322 and declining buying interest since April 2024, its competitors like Solana, Toncoin, and Tron are gaining increased visibility
SUI’s collaboration with Nonstop Finance to launch the aUSD stablecoin boosted its DeFi ecosystem. This development contributed to a 20% price increase within two weeks.
After hitting a low of $0.28, Cardano (ADA) has shown signs of recovery with stable support at $0.30. A spike in active addresses to 45,996 suggests increasing interest from both retail and institutional investors
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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