$SOL and $AVAX See Bullish Momentum as $GFOX Heads to $5 Million
The post $SOL and $AVAX See Bullish Momentum as $GFOX Heads to $5 Million appeared first on Coinpedia Fintech News
In the spirit of Valentine’s, the crypto market has presented investors with a potential for a major bullish run. Bitcoin is up by about 0.20%, and some other coins appear to follow this candlestick pattern. Top on the list of bullish coins this season are $SOL, $AVAX, and $GFOX. If you want a unique Valentine’s Day investment gift, see what these coins offer.
The Latest on $SOL
Solana ($SOL) was launched in April 2020 at an initial price of $0.9511. The coin gained popularity for its innovative offers and utility. Its price soared to an all-time high of about $260 on November 6, 2021. At the end of 2021, $SOL was one of the most popular coins in the crypto market.
Despite its impressive performance in 2021, Solana was not immune to the market’s 2022 bearish hit. After the news of FTX failure broke out, $SOL lost about 90% of its price. With a value of barely $10, Solana’s future into 2023 was very uncertain. However, in Q4 2023, $SOL rebounded with a market value of over $100 per token.
Riding the strong price wave into 2024, $SOL has surpassed its $100 support zone. Its price has surged by over 10% to $115 with no signs of a downward trend. With $SOL’s impressive performance in the last 4 months, its investment potential is the crux of heated debates in the crypto space.
Despite its innovative offers, the coin’s long-term dominance casts doubt on its upward trend. $SOL’s popularity is hinged on its rivalry with Ethereum; hence, it must outdo the popular coin in utility to sustain its current price trend. Many analysts have described this attempt as an uphill climb with a slim chance of success.
$AVAX’s Bullish Momentum
Avalanche is an EVM-compatible blockchain network launched in 2020. $AVAX is the native token of the Avalanche network designed to support transactions for incentives, fees, and on-chain governance.
Over the last 4 years, $AVAX has experienced major price fluctuations despite its all-time-high price of $144.96 in November 2021. $AVAX is in the news in 2024 for its bullish run due to the network’s announcement of an upgrade, which includes the Avalanche Warp Messaging (AWM) feature. According to the network, AWM will be launched today, Tuesday, February 13, 2024.
$AVAX is currently bullish at a $41.07 price per token, over 50% the retracement level. According to market analysts, the coin’s Simple Moving Averages (SMA) and Relative Strength Index (RSI) are inclined north, suggesting a more prolonged bullish ride.
Some analysts have speculated that increased buying pressure of $AVAX may lead to a 20%-35% rise in its current price. These analysts further hinted that social dominance and social volume metrics for $AVAX have eased; thus, the network may be able to control a price increase. There have also been reports that some whales currently hold $AVAX worth over $5 million, which increases the coin’s buying power. On the other hand, $AVAX could crash 50% if its current investor’s cash in on the current price and potential profit.
$GFOX’s Roadmap to $5 Million
Galaxy Fox is a unique play-to-earn (P2E) token with meme coin features. The coin has been tipped by analysts as the best meme coin, with multiple offers for token holders to earn passive income. $GFOX aims to rival $AVAX and $SOL in utility with the following options:
- Web3 Endless Runner Game: $GFOX has a well-designed, beginner-friendly Web3 endless runner game. Aside from enjoying the game’s quality, players can also earn $GFOX tokens based on their in-game performance. The network is designed to identify the top 20% of players each season and reward them with gifts they can exchange for $GFOX.
- NFT Creation: According to its whitepaper, $GFOX is set to release about 3,000 NFTs during its presale. The network will allow investors to mint these NFTs directly from the Galaxy Fox website and trade them on popular sites like OpenSea.
- Community Engagement and Reward: Galaxy Fox allocates 2% of every transaction to Galaxy Fox Stargate. This is part of the network’s efforts to encourage and reward community engagement.
In January 2024, $GFOX surpassed the $3.2 million sales mark. This has led many analysts to speculate that $GFOX has the potential to hit $5 million.
With the commitment of the $GFOX community across various social media platforms, the coin’s popularity is steadily growing. Its current presale price of $0.002 per token is an opportunity for early investors to make huge profits.
Final Thoughts
Over the years, the nature of the crypto market has influenced the prices of $AVAX and $SOL. Although both coins are bullish due to their network’s innovative accomplishments, their continued trend appears uncertain. On the other hand, $GFOX’s P2E gaming, NFT creation, and community engagement are strong utilities, suggesting that the coin will maintain its current price growth for a long time. Now is a good time to invest in $GFOX.
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