Ethereum

Cardano

Solana

Value

Billion

Ethereum Rivals – Solana (SOL), Cardano (ADA), and SUI are gradually gaining traction as Ether coin struggles to maintain recovery momentum.&nbsp;In August, the ETH price fell from $3242 to $2642, registering a loss of 20%. With the fear of recession still mounting in broader markets, leading assets like Bitcoin and Ethereum could take a major hit. 
<h2 id="ethereum-rivals-flourish-as-eth-underperforms-in-q3">Ethereum Rivals Flourish as ETH Underperforms in Q3</h2> 
Data from Coinglass Analytics reveals Ethereum’s historical performance in every quarter since 2016. The chart below highlights the 3rd quarter, which has typically been challenging for the Ether coin, showcasing an average growth of just +1.06%. This lackluster performance indicates the <a href="https://coingape.com/price/ethereum/">ETH price</a> could witness a prolonged correction or a sideways trend till the end of September. 
However, Q1 and Q2 for Ethereum have historically shown significant recovery phases, boasting average returns of +92.75% and +66.84%, respectively.&nbsp; 
Furthermore, the coming fourth quarter could provide a dip opportunity for potential investors as it shows an average growth of +23.9%. 
<figure id="attachment_213216" aria-describedby="caption-attachment-213216" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-213216" src="https://coingape.com/wp-content/uploads/2024/08/image_2024-08-20_19-08-18.png" alt="Ethereum Quarterly returns" width="730" height="644" srcset="https://coingape.com/wp-content/uploads/2024/08/image_2024-08-20_19-08-18.png 730w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-20_19-08-18-300x265.png 300w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-20_19-08-18-150x132.png 150w" sizes="(max-width: 730px) 100vw, 730px">
 <figcaption id="caption-attachment-213216" class="wp-caption-text">
 Ethereum Quarterly returns | Coinglass
 </figcaption>
</figure> 
This pattern underscores Ether’s cyclical nature, indicating investors can hunt for better opportunities in Ethereum Rivals such as Solana, Cardano, and SUI. 
<h2 id="span-style-font-weight-400-solana-sol-span">Solana (SOL)</h2> 
Solana is a high-performance layer 1 blockchain often called Ethereum killer among crypto participants. Bucking the market correction, the <a href="https://coingape.com/price/solana/">SOL price</a> has maintained a steady price action for the past four months. 
The stability of Solana can be attributed to its growing popularity, as major <a href="https://coingape.com/vaneck-exec-remains-confident-on-solana-etf-launch-heres-why/">asset management companies prefer SOL</a> for the next Exchange Traded Fund (ETF) in the US market. Moreover, the Solana network TVL (Total Volume Locked) has recently spiked from $3.8 Billion to $5 Billion, registering a growth of 31.5%. 
<iframe loading="lazy" title="DefiLlama" src="https://defillama.com/chart/chain/Solana?&amp;theme=dark" width="100%" height="360px" frameborder="0"></iframe> 
The significant rise in TVL indicates rising investor confidence and increased activity on the network, as more assets are being locked in Solana-based decentralized applications (dApps). 
With sustained buying, the <a href="https://coingape.com/price-predictions/solana-sol-price-prediction/">Solana price prediction</a> hints at 27% potential growth to hit $180. 
<img decoding="async" src="https://s3.tradingview.com/snapshots/d/DnchNPP0.png" alt="BINANCE:SOLUSDT Chart Image by sahilmahadik07"> 
<h2 id="span-style-font-weight-400-cardano-ada-span">Cardano (ADA)</h2> 
Cardano is a blockchain platform focused on sustainability, scalability, and interoperability. The ADA holders are eagerly waiting for an <a href="https://coingape.com/cardano-enters-chang-hard-fork-era-with-node-9-1-0-upgrade/">imminent update</a>– Chang Hardfork. Over 70% of Cardano nodes have upgraded to version 9.31.0; the upgrade will bolster the networks’&nbsp; decentralization, introducing a new constitution for more autonomous governance. 
Moreover, the Onchain data from <a rel="nofollow" href="https://santiment.net/">Santiment</a> shows a -2.85 Market Value to Realized Value (MVRV) ratio over the last 30 days. The negative value indicates that recent investors who bought within the previous 30 days are experiencing a loss and may exit the market. Typically, the fleeing of weak hands often allows experienced investors to accumulate at a discounted price and drive a price recovery. 
<figure id="attachment_213217" aria-describedby="caption-attachment-213217" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-213217" src="https://coingape.com/wp-content/uploads/2024/08/image_2024-08-20_19-12-00.png" alt="Ethereum Rivals - Cardano" width="1452" height="583" srcset="https://coingape.com/wp-content/uploads/2024/08/image_2024-08-20_19-12-00.png 1452w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-20_19-12-00-300x120.png 300w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-20_19-12-00-1224x491.png 1224w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-20_19-12-00-768x308.png 768w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-20_19-12-00-150x60.png 150w" sizes="(max-width: 1452px) 100vw, 1452px">
 <figcaption id="caption-attachment-213217" class="wp-caption-text">
 Cardano MVRV Ratio – 30 d
 </figcaption>
</figure> 
Thus, Cardano stands strong among Ethereum rivals, boasting a market cap of $12.4 and trading at $0.34. The potential reversal could uplift the <a href="https://coingape.com/price/cardano/">ADA price</a> to $0.4, registering 22% growth. 
<h2 id="span-style-font-weight-400-sui-span">SUI</h2> 
Sui is a next-generation blockchain platform designed for high scalability and low-latency transactions. Among Ethereum rivals, SUI recently caught inventors’ intentions with a dramatic rise from $0.46 to $0.87, accounting for 90%. 
This growth could be linked to the recent launch of <a href="https://coingape.com/markets/sui-price-1-grayscale-sui-trust-launch/">Grayscle’s SUI Trust fund</a>. The strong Open interest surge in August reflects investor interest in this development. Data from Coinglass shows the SUI OI metric recorded a sharp rise from $51.74 million to $192 Million, registering 271% growth. 
A rise in open interest indicates that more new contracts are being created in the market, which can signal increased trading activity and potential price movement. 
<figure id="attachment_213218" aria-describedby="caption-attachment-213218" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-213218" src="https://coingape.com/wp-content/uploads/2024/08/image_2024-08-20_19-14-54.png" alt="Ethereum Rivals- SUI " width="1528" height="429" srcset="https://coingape.com/wp-content/uploads/2024/08/image_2024-08-20_19-14-54.png 1528w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-20_19-14-54-300x84.png 300w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-20_19-14-54-1224x344.png 1224w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-20_19-14-54-768x216.png 768w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-20_19-14-54-150x42.png 150w" sizes="(max-width: 1528px) 100vw, 1528px">
 <figcaption id="caption-attachment-213218" class="wp-caption-text">
 SUI Futures Open Interest | Coinglass
 </figcaption>
</figure> 
If the bullish momentum persists, the<a href="https://coingape.com/price/sui-coin/"> SUI price</a> could rally 65% to target $1.45. 
The post <a href="https://coingape.com/markets/top-3-ethereum-rivals-to-outperform-market-recovery/">Top 3 Ethereum Rivals To Outperform Market Recovery</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Top 3 Ethereum Rivals To Outperform Market Recovery

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