The cryptocurrency market has been abuzz with excitement as Avalanche (AVAX) and Solana (SOL) prices have each seen impressive rallies of over 7% today. While the broader market recovery has played a role in this uptrend, specific catalysts have been driving the gains for each cryptocurrency.

Solana's price surge has been largely attributed to the announcement from VanEck, the first U.S. firm to file for a Solana ETF with the SEC. This development has sparked optimism among traders and analysts, with some predicting the ETF could be approved by 2025. However, a recent report from Santiment suggests that Avalanche's price rally is likely to outpace Solana's in the coming days, despite the SOL ETF optimism.

Santiment argues that Solana's current surge is fueled by a Fear of Missing Out (FOMO) among traders, which might not lead to long-term growth. In contrast, Avalanche's quieter rally, which has not yet caught the broader market's attention, may have more room to grow steadily. This distinction could be crucial for investors considering which asset to back as the market evolves.

The developments around the Solana ETF have demonstrated the profound impact that institutional interest and regulatory milestones can have on cryptocurrency prices. VanEck's filing alone caused a noticeable spike in Solana's price, showcasing the market's sensitivity to regulatory progress and investor sentiment.

On the other hand, AVAX's modest but steady price increase suggests a different dynamic. Its progress, somewhat overlooked by the mainstream cryptocurrency community, could indicate a more sustainable growth pattern. As noted by Santiment, the lack of immediate hype around AVAX might work to its advantage, allowing for a more organic rally that could persist longer than Solana's FOMO-driven surge.

Meanwhile, derivatives data for both cryptocurrencies indicates further price rallies. Avalanche Futures Open Interest rose nearly 5% from yesterday, while Solana's Open Interest jumped about 7% to $2 billion. As the market continues to evolve, investors will need to closely monitor these developments and consider the potential long-term growth prospects of each asset.