SolanaAs 2023 markets come to a close, what are you investing in, Solana or AVAX? Among the intriguing events currently in the crypto market is the Avalanche of on-chain data that highlights various shifts in the staking dynamics in the currently consolidating phase. In light of this, it is possible that the AVAX price will rebound to its previous $60 level. Last week, it hit a peak of $49 during the Friday session and later experienced a correction of 10% on Sunday.
Regardless of Avalanche having the upper hand, Solana (SOL) is still gaining media plaudits, and experts predict a possible rise to the $150 level soon. Still, Avalanche (AVAX) is currently leading the altcoin market in gains as the layer-1 network has been listed on the top 20 charts, and its momentum has been realized since the beginning of the mid-October market rally.
Solana (SOL) and Avalanche (AVAX) market data comparison
Solana looks to be garnering lots of attention in social media amid the drama between BONK and the phone saga in previous weeks. Solana had its plaudits based on its price crossing the coveted $100 mark that signaled a significant milestone and flipped both Binance’s BNB and Ripple’s XRP last weekend on Saturday. However, Avalanche still did not cross over the $50 as it corrected with a sharp rejection last weekend and dropped to $44.
Considering the media headlines, Solana spiked its price and increased by 396% between mid-October on the 18th up until yesterday, 24 Dec. However, AVAX significantly shows a 462% boost in its price.
Still, AVAX isn’t going to lose momentum despite Solana upholding it in the past few days. The on-chain data metric hints that Avalanche is not at risk of losing its strong stand to Solana as 2023 closes.
In a shocking event, investors have decided to stake AVAX worth over 1 billion in the past 5 days. A bullish swing is expected to follow the correction and the milestone mark on Friday. Investors have been concerned about the market trend of the AVAX token, and long-term predictions show that the node validations remain in the game. Avalanche staking has driven its price to the upside.
In the period between Dec 19 and 24, AVAX deposits totaled 21.07 million for its smart contracts. Based on market data by a prominent staking data tracker firm, StakingRewards, this brings Avalanche to 268.26 million, which is the highest based on a 3-month analysis.
Market analysis
Currently, Solana stands at $110.93, presenting a 0.48% increase in the past 24 hours. A 63.16% increase has been recorded in the past month, and its gain this year, according to CoinMarketCap, is an astonishing 885.02%.
However, its daily trading volume has seen a decline of about 34.81%. Its price could soon reach the $150 mark and show a strong stand in the crypto listing by market cap. In the past 24 hours, its market cap has only risen by 0.82%. 2024 might show a steady rise in SOL price, but Avalanche is also gaining momentum and raising the list.
On the other hand, Avalanche recorded a drop in price by 2.22% at the time of writing, according to CoinMarketCap. Its daily trading volume also dropped by 35.20% as well as its market cap decline by 2.24%. AVAX’s gain last month to date expresses a 124.82% gain, with its yearly yield increasing by 303.01% based on the prominent Crypto data tracker firm.
What is expected for both Solana’s SOL and Avalanche’s AVAX? Solana might reach new highs by 2024, but Avalanche is also closely tagging along. It’s evident that the crypto market is ready for a bullish momentum, which might be a good sign for investors.
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