Cardano alternatives such as Toncoin (TON), Avalanche (AVAX), Tron (TRX), and SUI could gain significant momentum during the current market recovery as ADA continues to exhibit an underperforming trend. Currently trading at $0.39, the Cardano price is 33% down YTD (Year-to-date) and 87.3% from the All-time High of $3.1.
As the ADA price correction has yet to be confirmed as a bottom formation, sellers could drive a prolonged downfall in the near future.
Cardano Alternatives to Buy As ADA Price May Underperform
Data from CryptoRank’s monthly returns chart shows that the ADA price could witness a prolonged correction over the next two months. Historical data since 2017-2018 indicates that September shows an average return of -12.5%, while October projects a modest return of 3.2%. Given this trend, investors may want to consider Cardano alternatives during these months as ADA price may regain momentum in November, displaying an average growth of 48%.
Toncoin (TON)
Toncoin, the native cryptocurrency of the TON blockchain, showcased a notable growth of 44% in the last three weeks as its price surged from $4.7 to $6.85. The Toncoin price recovery can be attributed to whale accumulation and new developments in the project.
According to a recent blog release, the former directors of the TON Foundation launched the TON Society, a separate entity designed to advance the decentralization of The Open Network. The company aims to engage the community more effectively by managing official channels and events, thus giving the community a stronger voice in shaping the TON ecosystem.
Moreover, the Toncoin supply distribution by addresses holding 100,000 to 1,000,000 TON coins witnessed an upward trajectory since May 2024, according to Santiment data. This indicates the whales/big players actively buy this asset and believe in the long-term growth potential.
Avalanche (AVAX)
Among the Cardano Alternatives, the AVAX price showcased a high-momentum rally with nine consecutive green candles in the daily chart. The Avalanche price prediction markets this reversal from $17.29 to $27.82, registering a 40.65% growth.
The recovery is likely linked to growing institutional interest, with Grayscale Investments launching the Grayscale Avalanche Trust and Franklin bringing its money market fund to the Avalanche blockchain.
Mirroring the price recovery, the Avalanche network witnessed a significant increase in large transaction volume. Data from IntoTheBlock highlights that daily transactions greater than $100,000 jumped from 91 to 427. This growth indicates that not only retail but also smart money investors show their interest in the recent development, signaling a strong potential for a major reversal.
Tron (TRX)
TRX, the native cryptocurrency of the TRON network, has showcased an aggressive recovery amid the August market uncertainty. From the August 5th low of $0.117, the Tron price prediction displayed a 35% rally to $0.158, while the market cap boosted to $13.81 Billion.
This bullish momentum is largely fueled by a significant spike in Tron Network revenue, which hit an all-time high of $5.33 million last Wednesday. The surge in revenue is attributed to the meme coin generator SunPump, a platform similar to Solana’s PumpFun, that enables users to create and launch their own meme cryptocurrency on the Tron network.
With sustained buying, the TRX price could surge 14% to challenge the April 2021 peak of $0.1. A potential breakout from this level will accelerate the bullish momentum and drive a prolonged rally for this asset.
Sui ( SUI)
The layer 1 blockchain Sui has regained investors as its native cryptocurrency reclaimed the $1 mark on Friday. Amid the recent market recovery, the SUI price jumped from $0.8 to $1.04, registering a 29% growth, while the market cap climbed to $2.7.
The stable bullish momentum could be linked to new development in the SUI network— “Shared Custody Objects.” As per the blog post, this mechanism allows multiple parties to jointly control and manage an object on the Sui blockchain, enhancing collaboration and security in decentralized applications.
In addition, derivative market data from Coinglass shows a massive jump from SUI’s future open interest from $51.74 Million to $220.42— a 326% growth. This upswing indicates the increasing interest of market participants in this asset, signaling strong market engagement and potential for further price action.
Conclusion
Bucking the wide market recovery in 2024, the ADA price remained sideways, struggling to surpass the $0.8 mark. This consolidation trend since May 2024 is gradually losing investors’ interest and could allow Cardano alternatives to gain momentum amid an anticipated market rally.
Frequently Asked Questions (FAQs)
Cardano (ADA) has shown underperformance, with a 33% decline YTD and is still 87.3% below its all-time high. As ADA continues to struggle the layer 1 alternatives may offer better returns during the current market recovery.
Avalanche (AVAX) has shown a strong rally, with a 40.65% increase driven by growing institutional interest, including Grayscale’s Avalanche Trust and Franklin’s money market fund
Sui (SUI) regained investor interest, with its price jumping 29%, driven by new developments like the “Shared Custody Objects” feature, and a 326% surge in futures open interest.
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/4-top-cardano-alternatives-to-turn-1-into-100-in-q4/
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