Are Avalanche, Solana, and Cardano a Good Investment – Best Altcoins to Buy Right Now For Q3

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The Cryptonews.com YouTube channel reviewed some contenders for the best altcoins to buy now, which include Avalanche (AVAX), Solana (SOL), and Cardano (ADA). These digital currencies, each featuring distinct technologies and compelling applications, present enticing prospects for astute investors.

In early 2023, three alternative coins displayed remarkable growth, setting themselves apart from traditional cryptocurrencies burdened by sluggish transactions and steep transfer fees. These blockchain alternatives stood out for their efficiency and affordability.

As the latter half of 2023 approaches, investors are closely observing the crypto market’s potential resurgence. Among their top picks are these three alternative coins, believed to be well-positioned for substantial growth in the upcoming months.

Solana ($SOL)

Solana ($SOL) saw a surge in its price on June 14, reaching a new year-to-date peak thanks to Ripple’s (XRP) recent victory against the SEC. This legal win had a ripple effect on the crypto industry, causing a price rally across various tokens, including $SOL.

As a result, the market witnessed a positive rise of 2.93% in $SOL’s market cap, which is currently trading at $27.10. Additionally, the cryptocurrency boasted a significant trading volume of $660 million in the past 24 hours, indicating robust market activity.

Despite the recent bullish momentum, market analysis suggests that $SOL’s long-term trend faces resistance at the crucial $30 level. Investors and traders closely watch this level, as it holds the potential to dictate the direction of $SOL’s price movement.

However, even with this obstacle in place, $SOL has demonstrated its strength in the NFT (Non-Fungible Token) ecosystem, securing an impressive third position in monthly NFT trading volume. This success reflects the growing interest and adoption of NFTs on the Solana blockchain.

Solana Labs, a prominent blockchain technology player, recently launched its GameShift API, a platform designed to streamline Web3 game development and deployment by consolidating necessary technologies into one interface.

1/ 🎮Announcing GameShift: Accelerating game development on Solana.

Today at PlayGG, @solanalabs introduced GameShift, a unified web3 game development API designed to simplify and accelerate web3 game production.https://t.co/1Ml7MwZ4y6

Read more👇 pic.twitter.com/O91edsgwTg

— Solana (@solana) July 19, 2023

The GameShift API offers an extensive toolkit, including custody solutions, marketplaces, inventory management, NFT minting, and credit card on- and off-ramps, among other features. Al Tchwella, Head of Product at Solana Labs, expressed that GameShift will act as a comprehensive solution for developers, enabling them to “build faster and more confidently.”

The official launch of the GameShift API is scheduled for later this year, and developers already have access to it, anticipating full accessibility soon. The announcement for the GameShift API was made at PlayGG, Solana Labs’ community event celebrating games built on Solana.

The event featured a remarkable display of over 40 blockchain games utilizing the Solana blockchain, showcasing the immense potential and impact of Web3 games.

Avalanche ($AVAX)

In the weeks following, $AVAX witnessed a gradual recovery, reaching a value of approximately $14.22 on July 20, 2023. At that time, 345.8 million $AVAX coins were in circulation out of a total supply of 432.6 million, resulting in a market cap of about $4.9 billion and securing its position as the 14th largest crypto.

$AVAX has exhibited positive indications of recovery in recent weeks, with its current price increasing by more than 40% since its low on June 10. However, despite this progress, it is still trading below its pre-SEC announcement value of $14.87, albeit by approximately 3.5%.

Investors and market participants continue to closely monitor its price movement, eager to see if the cryptocurrency can regain its previous high and solidify its position in the crypto market. In Q2, Avalanche made significant strides, marked by new advancements, captivating collaborations, and impressive statistics.

Ava Labs introduced Spruce, an Evergreen testnet, in partnership with T. Rowe Price Associates and Wellington Management. Avalanche Subnet’s digital collectibles and decentralized communities expanded SK Planet’s ecosystem.

Avalanche network designers and collectors had great potential with the DAO’s Beam platform’s Distinguished Service Gaming tools and NFT marketplace. These advancements demonstrate the platform’s commitment to innovation and the blockchain and crypto communities rising possibilities.

HUG has teamed up with the Avalanche Foundation in a joint effort to support and promote Avalanche artists. The collaboration aims to give these artists a broader audience through weekly art challenges and gallery opportunities during Korea Blockchain Week.

As an international social network for artists, HUG has a membership of over 2,000 artists from more than 70 countries. This partnership with the Avalanche Foundation is expected to significantly enhance the recognition of Avaissance’s emerging digital artists.

Avaissance, an initiative by the Avalanche Foundation, is dedicated to nurturing the next generation of digital artists on Avalanche’s blockchain platform.

Avaissance gets a HUG.

The first cohort of the Avaissance Artists-in-Residence program is now on @thehugxyz, an exclusive social network for artists & collectors.

Learn how HUG plans to elevate Avalanche artists 👇 https://t.co/XelrcIuxdH

— Avalanche 🔺 (@avax) July 17, 2023

By integrating with HUG, the objective is to increase the visibility of Avalanche artists by offering a platform to showcase their work through regular art challenges and exhibitions at the upcoming Korea Blockchain Week in September.

HUG, known for its large network of art collectors, connects over two million people directly with artists. Artists will join HUG’s verified community after partnering with Avaissance, which will boost their visibility among collectors.

This innovative invention allows art collectors worldwide to easily follow all Avaissance artists’ works and news. HUG and Ava Labs will co-host weekly social media art challenges, giving artists the chance to win prizes and have their work collected by HUG.

Additionally, HUG is inviting artists of all experience levels to participate in displaying their work at Korea Blockchain Week, creating a platform for increased exposure and recognition. In March, Avalanche introduced Avaissance, an initiative comprising two distinct programs aimed at supporting digital artists.

The first is the Artist in Residence program (AIR), which offers more than 50 chosen artists six months to concentrate on their creative projects. As part of this initiative, the Foundation plans to donate Avalanche NFTs to innovative, art-focused DAOs, thereby enriching and expanding their NFT collections.

The aim is to further promote and establish the presence of digital art within the blockchain community. Visit our guide to the best altcoins to buy now for 2023 here.

Cardano ($ADA)

Cardano ($ADA) is showing signs of recovery, gaining 2.91% today to reach $0.3251 after a week of bearish sentiment. The cryptocurrency has experienced four consecutive days of losses but appears to be finding support at the 20-day and 50-day EMAs, indicating a potential short-term bullish bias.

Both the 20-day EMA, currently at $0.3057, and the 50-day EMA, at $0.3101, have played a significant role in supporting $ADA’s price, preventing further decline. Traders should closely monitor these support levels, as they could trigger a trend reversal.

The price rise above the 50-day EMA indicates a shift in market dynamics favoring the bulls, and the rising RSI from 52.63 to 57.81 signals a surge in buying pressure. Overall, these developments indicate increasing bullish momentum and growing interest in $ADA among investors and traders.

The cross-chain decentralized exchange (DEX) Spectrum Finance has recently partnered with the innovative smart contract platform Cardano. Spectrum Finance has gained recognition for its distinctive capability to enable trustless, cross-chain programmable messaging.

Spectrum Finance will expand its services within the Cardano ecosystem through this agreement, generating intriguing potential for blockchain network interoperability. Spectrum Finance, a popular Bitcoin company, offers a variety of features to fulfill consumer needs.

Notably, it operates two sets of smart contracts: Spectrum Finance Ergo AMM and Spectrum Finance Cardano AMM. These smart contracts implement the Uniswap v2-like automated market maker (AMM) protocol on both the Ergo Layer 1 blockchain and the Cardano Layer 1 blockchain, respectively.

This partnership marks a significant step forward for Spectrum Finance and Cardano, as it brings together their strengths in the decentralized finance DeFi space, promising a more interconnected and versatile DeFi ecosystem for users.

At its core, the Spectrum Network is designed to provide a robust cross-chain smart contract platform, empowering developers to build decentralized applications (dApps) that can seamlessly operate across various blockchain networks.

This unique feature sets Spectrum apart, as it enables dApps to interact natively with different cryptocurrencies and tokens across multiple blockchains simultaneously, eliminating the complexities associated with wrapped or synthetic assets during cross-chain transactions.

With this innovative approach, users gain the ability to execute various actions effortlessly, such as swapping native ETH from the Ethereum mainnet to native $ADA on the Cardano mainnet, without encountering any hassles or intermediaries.

The Spectrum Network’s commitment to interoperability significantly enhances the overall user experience, opening up exciting possibilities for a more connected and versatile decentralized finance DeFi ecosystem.
Cardano’s partnership with Spectrum Finance offers substantial advantages to the platform.

With its foundation in peer-reviewed research and high-assurance development, Cardano is committed to providing more advanced features than any previous protocol.

By integrating Spectrum Finance, Cardano gains enhanced interoperability, allowing users to access a wider range of cross-chain functionality, leading to the development of innovative decentralized applications that leverage both platforms’ strengths for unprecedented reach and capabilities.

This collaboration sets the stage for a powerful combination of Cardano’s sophisticated smart contract capabilities and Spectrum’s cross-chain abilities, paving the way for a more connected and functional DeFi ecosystem.