Large-cap altcoins: Solana DeFi breaks records, AVAX eyes $1B raise, ADA holds strong
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Cryptocurrencies remained on edge on Friday as the latest inflation stats renewed interest in the Fed’s September rate cut.
Meanwhile, large-cap altcoins displayed optimism amid bullish technicals and fundamentals.
This article evaluates Solana, Avalanche, and Cardano’s current trajectories and what to expect in the near term.
Solana DeFi hits all-time highs
Solana boasts a thriving DeFi ecosystem, with total value locked hitting $14.192 billion, according to DeFiLlama data.
The impressive growth signals soaring demand for Solana-based projects and cements the blockchain’s status as a leading DeFi platform.
Solana’s high throughput and low transaction fees have attracted developers and traders.
The network experiences boosted liquidity across DEXs, yield farms, and lending platforms, indicating intensified user activity.
SOL exhibited an optimistic outlook amid the bullish sentiments.
It has reclaimed early February levels after climbing from $199 weekly low to today’s intraday of $227.
Stability above $230 could propel SOL toward the key resistance at $250 before heading to the $300 psychological mark.
Avalanche plans to raise $1B for ecosystem expansion
Avalanche Foundation, the organization behind the Avalanche blockchain, plans to raise $1 billion to establish two US-based crypto treasury firms.
Notably, these companies will buy massive amounts of AVAX coins to provide the Foundation a capital boost.
According to the Financial Times, the Avalanche Foundation targets a $1 billion raise to support these efforts and finalize deals soon.
Hivemind Capital will lead the first company (seeking to raise $500M via a Nasdaq-listed company), with ex-White House press sec. Anthony Scaramucci as an advisor.
Meanwhile, Dragon Capital will launch the second initiative, which also involves up to $500 million through a special purpose purchase.
The approach would enable the treasury firms to buy AVAX assets at discounted values to back the Avalanche Foundation with steady capital via US-based investment initiatives.
AVAX trades at $28.83 after gaining nearly 17% over the past week.
Bulls target the resistance at $32.5, above which it could rally to $55.
ADA eyes substantial rallies
Cardano hovers at $0.8755 after gaining 2% and 7% in the past day and week.
It displays bullish momentum after soaring from a weekly low of $0.80.
Analyst Clifton expects substantial rallies of ADA after breaking out of a bull flag pattern.
He posted a 3-day chart showing Cardano breached the resistance at $0.50 – $0.55.
ADA flipped the obstacle into a reliable support barrier and now eyes the psychological level at $1.
Bitcoinsensus highlighted that ADA is printing previous patterns, targeting $1.86.
That would mean a massive 112% rally from Cardano’s prevailing market price.
Meanwhile, all eyes remain on the Federal Reserve’s interest rate decision next week.
The latest jobs data has increased the chances of a 25 bp cut, a development that could kick-start the much-awaited bull run.
The post Large-cap altcoins: Solana DeFi breaks records, AVAX eyes $1B raise, ADA holds strong appeared first on Invezz
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