The crypto market is showing a nice recovery today, on average the prices have risen by about 2.5%. However, there are two tokens that stand head and shoulders above the rest today, namely Avalanche and Solana.
Solana price shows strong recovery after network crash
The Solana price is up more than 16 percent in the past 24 hours. 1 SOL token is therefore currently trading at $161.20. Despite this big price increase, it is still $30 away from its previous All Time High reached 10 days ago.
It has not been an easy week for the Solana network. There was a network outage on Tuesday, which was caused by overwhelming transaction volume caused by bots during an initial DEX (IDO) offering on the decentralized exchange Raydium. The network was down for more than 14 hours, causing the price to crash by 13% in 1 day.
After that day, the network was rebooted, causing the Solana price to bounce back above $160.
Avalanche price rises through $230 million investment round
Avalanche is the other token that is performing extremely well today. The AVAX price has risen more than 7% in the past 24 hours to a high of $72.15. However, since reaching this high, the price has fallen back somewhat.
The current bull market for Avalanche can be attributed to Thursday’s private token sale, which was led by Polychain Capital and Three Arrows Capital. She managed to raise $230 million for the development of the Avalanche ecosystem.