Ethereum Rivals – Solana (SOL), Cardano (ADA), and SUI are gradually gaining traction as Ether coin struggles to maintain recovery momentum. In August, the ETH price fell from $3242 to $2642, registering a loss of 20%. With the fear of recession still mounting in broader markets, leading assets like Bitcoin and Ethereum could take a major hit.
Ethereum Rivals Flourish as ETH Underperforms in Q3
Data from Coinglass Analytics reveals Ethereum’s historical performance in every quarter since 2016. The chart below highlights the 3rd quarter, which has typically been challenging for the Ether coin, showcasing an average growth of just +1.06%. This lackluster performance indicates the ETH price could witness a prolonged correction or a sideways trend till the end of September.
However, Q1 and Q2 for Ethereum have historically shown significant recovery phases, boasting average returns of +92.75% and +66.84%, respectively.
Furthermore, the coming fourth quarter could provide a dip opportunity for potential investors as it shows an average growth of +23.9%.
This pattern underscores Ether’s cyclical nature, indicating investors can hunt for better opportunities in Ethereum Rivals such as Solana, Cardano, and SUI.
Solana (SOL)
Solana is a high-performance layer 1 blockchain often called Ethereum killer among crypto participants. Bucking the market correction, the SOL price has maintained a steady price action for the past four months.
The stability of Solana can be attributed to its growing popularity, as major asset management companies prefer SOL for the next Exchange Traded Fund (ETF) in the US market. Moreover, the Solana network TVL (Total Volume Locked) has recently spiked from $3.8 Billion to $5 Billion, registering a growth of 31.5%.
The significant rise in TVL indicates rising investor confidence and increased activity on the network, as more assets are being locked in Solana-based decentralized applications (dApps).
With sustained buying, the Solana price prediction hints at 27% potential growth to hit $180.
Cardano (ADA)
Cardano is a blockchain platform focused on sustainability, scalability, and interoperability. The ADA holders are eagerly waiting for an imminent update– Chang Hardfork. Over 70% of Cardano nodes have upgraded to version 9.31.0; the upgrade will bolster the networks’ decentralization, introducing a new constitution for more autonomous governance.
Moreover, the Onchain data from Santiment shows a -2.85 Market Value to Realized Value (MVRV) ratio over the last 30 days. The negative value indicates that recent investors who bought within the previous 30 days are experiencing a loss and may exit the market. Typically, the fleeing of weak hands often allows experienced investors to accumulate at a discounted price and drive a price recovery.
Thus, Cardano stands strong among Ethereum rivals, boasting a market cap of $12.4 and trading at $0.34. The potential reversal could uplift the ADA price to $0.4, registering 22% growth.
SUI
Sui is a next-generation blockchain platform designed for high scalability and low-latency transactions. Among Ethereum rivals, SUI recently caught inventors’ intentions with a dramatic rise from $0.46 to $0.87, accounting for 90%.
This growth could be linked to the recent launch of Grayscle’s SUI Trust fund. The strong Open interest surge in August reflects investor interest in this development. Data from Coinglass shows the SUI OI metric recorded a sharp rise from $51.74 million to $192 Million, registering 271% growth.
A rise in open interest indicates that more new contracts are being created in the market, which can signal increased trading activity and potential price movement.
If the bullish momentum persists, the SUI price could rally 65% to target $1.45.
Frequently Asked Questions (FAQs)
Solana Total Value Locked (TVL) recently surged by 31.5%, indicating rising investor confidence and increased network activity.
In Q3, Ethereum underperformed, with its price falling by 20% from $3,242 to $2,642, highlighting a challenging period for the coin.
SUI has seen a 271% surge in open interest and a 90% price increase, largely due to the launch of Grayscale’s SUI Trust fund.
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.
Source: https://coingape.com/markets/top-3-ethereum-rivals-to-outperform-market-recovery/
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