AVAX is now in the historic low of its range vs SOL and I've no information that Solana has somehow defeated Avalanche in terms of its value proposition, so it would make complete sense for there to be a rotation between the two platform tokens.
If you need fundamentals to drive a bullish position on AVAX, look at forthcoming blockchain games Shrapnel and Off the Grid, both very likely to be the biggest games in Web 3.0, also Avalanche appear to be courting RWAs and are said to appear in every conversation about asset tokenisation between the Big 4, see also Bank of America report on this.
All looking very good for Avalanche.