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.

As the crypto market recovers from the August downturn, several coins are showing promising price movements. Among them, Toncoin (TON), Avalanche (AVAX), Tron (TRX), and SUI are presenting themselves as viable Cardano alternatives.

With a 44% price increase in the last three weeks, Toncoin has seen a remarkable rally from $4.7 to $6.85. This growth can be linked to whale accumulation and new developments in the project.

According to a recent blog post, former directors of the TON Foundation have launched the TON Society. This separate entity aims to advance the decentralization of The Open Network by engaging the community more effectively.

Data from Santiment also shows a rising trend in Toncoin supply distribution. Addresses holding 100,000 to 1,000,000 TON coins have seen an increasing supply since May 2024. This indicates that whales or big players are actively buying this asset, believing in its long-term growth potential.

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.

This 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 also saw 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 not only retail but also smart money investors are showing interest in the recent development, signaling a strong potential for a major reversal.

Tron (TRX), the native cryptocurrency of the TRON network, has also shown 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.

Finally, the layer 1 blockchain Sui has also regained investors' attention 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.

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