Analysis of the crypto Litecoin, Avalanche and Solana

Today, we analyze the differences in the price trends of LTC (Litecoin), AVAX (Avalanche), and SOL (Solana) against the two main crypto. 

Price analysis of crypto Litecoin (LTC), Avalanche (AVAX) and Solana (SOL)

Litecoin has been struggling for a long time. 

If compared to the beginning of the year the price of Bitcoin is still at +29%, and Ethereum is still in line with the price it had at the end of 2023, LTC instead is even at -17%.

It should be remembered that last year there was the halving of Litecoin, given that it is a cryptocurrency still based on proof-of-work like Bitcoin.

LTC has dropped to 4.5 billion dollars in market capitalization, which has caused it to plummet to the 19th position in the ranking of the top cryptos by capitalization.

Litecoin was once second only to Bitcoin, as it was born back in 2011 as a transactional alternative to BTC. 

Moreover, although the all-time high price peak was achieved in 2021, above $410, that peak was only slightly higher than the peak of the previous cycle, recorded back in 2017. 

So in reality it has been struggling for years, so much so that during the last speculative bubble it was not able to do much better than it did during the previous bubble. 

In the bear-market of 2022, its price fell even below $45, and last year, thanks to the anticipation of its halving, it rose to just over $100. After a decline at the end of the year, at the beginning of 2024, it returned above $100, but since mid-April, it has started a drop that seems to be still ongoing. 

Currently its price is around $60, which is not much higher than the bottom of the last bear-market, but a good 85% lower than the all-time highs of three years ago. 

In the short term, the situation does not seem good at all, even though in the medium/long term it might indeed have some probability of bouncing back. 

The trend of the price of Avalanche (AVAX)

A very different discussion is the one that concerns Avalanche. 

In fact, AVAX is a much younger cryptocurrency, which until now has gone through a single major bullrun. 

Furthermore, it is twelfth overall in terms of market capitalization. 

Despite this, since the beginning of the year it has been losing much more even than LTC, with a -39% that puts it more or less on the same level as Cardano, from this point of view. 

After reaching its all-time high at 146$ in 2021, it experienced a significant drop with the implosion of the Terra/Luna crypto ecosystem, and then fell further after the collapse of FTX. 

The decline was so wide and noticeable that in fact its bear-market continued until October of last year, when it fell even below $10. 

Starting from November, however, it recorded a significant rebound, concluded shortly after mid-March 2024 above 60$. 

Since then, it has started a long decline that seems to be still ongoing. 

The current price of around $23 is indeed more than double the bottom of the bear-market of 2022/2023, but it is also just a little over a third of this year’s annual high. Furthermore, it is still 84% lower than the all-time high of three years ago. 

Avalanche, however, is a project closely tied to DeFi, so it is also necessary to monitor its TVL. 

The problem seems to lie precisely in the fact that, after the peak of over 11 billion dollars in 2021, its TVL during the bear-market plummeted even below 500 million, only to rise not much to the current 880 million dollars. 

In such a situation, there do not seem to be realistic chances of a significant rebound in the short term, even though in the medium/long term the potential would be there. 

The trend of the price of Solana (SOL)

Still different is the discussion that concerns Solana. 

To tell the truth, SOL is, along with BNB and TON, one of the very few altcoins that seem to have the potential to move in the crypto markets even independently of BTC and ETH. However, they can still do so only sporadically. 

Solana is the fifth cryptocurrency in the world by market capitalization, but it is definitely close to the one that precedes it (BNB). Furthermore, if stablecoins are excluded, it is actually close to third place, given that Bitcoin and Ethereum are currently unattainable. 

Compared to the beginning of the year, it is still gaining 26%, in line with BTC, but we must not forget that SOL in 2023 marked a sensational boom. 

To tell the truth, the all-time high of 2021 at this moment still seems far away (260$), but in March of this year it managed to surpass 200$, although only for a brief moment. 

Moreover, in 2022, after the collapse of Terra/Luna and the failure of FTX, it even dropped to $9, although just a few months later it was back above $20. 

Its last powerful bullrun started in October of last year, and it ended five months later with in fact a x10. 

However, it should not be forgotten that this sensational x10 in 5 months did not even allow it to approach the historical highs of 2021, while instead BTC surpassed them in March. 

In other words, it was a significant rebound following a very sharp decline, even though this clearly demonstrates how solid this crypto project is at the moment. 

The current price of about $128 is higher than the maximum of 2023, and in line with what it was at the beginning of February just before the last boom that took it above $200 in March. 

In other words, the good moment for Solana is continuing, even despite the recent drops, because there haven’t been many months in its history when its price was higher than the current one.