As the 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 changes in staking dynamics in the current consolidation phase. In light of this, it is possible that AVAX price could rebound to its previous level of $60. Last week, it reached a high of $49 during Friday’s session and then saw a 10% correction on Sunday.
Even though Avalanche has the upper hand, Solana (SOL) continues to receive plaudits from the media and experts predict a possible rise to the $150 level soon. Nonetheless, Avalanche (AVAX) is currently leading the altcoin market in terms of gains as the layer 1 network is in the top 20 charts and its momentum has been building since the market rally began at mid-October.
Solana (SOL) and Avalanche (AVAX) Market Data Comparison
Solana seems to be getting a lot of attention on social media amid the drama between BONK and the phone saga of previous weeks. Solana received applause based on its price crossing the coveted $100 mark, marking a major milestone and toppling both Binance’s BNB and Ripple’s XRP this past weekend on Saturday. However, Avalanche still hasn’t broken out above $50 as it was corrected by a sharp rejection last weekend and fell to $44.
Given the media headlines, Solana spiked its price and rose 396% between mid-October 18th and yesterday, December 24th. However, AVAX significantly shows a 462% increase in its price.
However, AVAX is not going to lose its momentum despite Solana maintaining its position in recent days. The on-chain data metric suggests that Avalanche is not in danger of losing its strong position to Solana in late 2023.
In a shocking development, investors decided to stake AVAX worth over a billion in the last 5 days. A bullish swing should follow Friday’s correction and milestone. Investors are concerned about the AVAX token market trend, and long-term forecasts show that node validations remain in the game. Avalanche staking has driven up its price.
Between December 19 and 24, AVAX deposits totaled 21.07 million for its smart contracts. Based on market data from a leading staking data tracking company, StakingRewards, this brings Avalanche to 268.26 million, which is the highest based on a 3-month analysis.
Currently, Solana stands at $110.93, an increase of 0.48% over the last 24 hours. An increase of 63.16% was recorded last month and its gain this year, according to CoinMarketCap, is 885.02%.
However, its daily trading volume saw a decline of around 34.81%. Its price may soon reach the $150 mark and show a strong position in the listing of cryptocurrencies by market capitalization. Over the past 24 hours, its market capitalization has increased by only 0.82%. 2024 might show a steady rise in SOL price, but Avalanche is also gaining momentum and elevating the list.
In contrast, Avalanche saw a price drop of 2.22% at the time of writing, according to CoinMarketCap. Its daily trading volume also fell by 35.20% along with its market capitalization by 2.24%. AVAX’s gain last month so far expresses a gain of 124.82%, with an annual return increasing by 303.01% based on prominent Crypto data tracking company.
What is expected for Solana SOL and Avalanche AVAX? Solana could reach new highs by 2024, but Avalanche is also close behind. It is evident that the crypto market is primed for bullish momentum, which could be a good sign for investors.
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