As the 2023 markets come to a close, what are you investing in, Solana or AVAX? Among the intriguing events currently occurring in the cryptocurrency market is the avalanche of on-chain data that highlights several changes in betting dynamics in the current consolidation phase. In light of this, it is possible that the AVAX Price will recover to its previous level of $60. Last week, it reached a high of $49 during the Friday session and then saw a 10% correction on Sunday.
Regardless of Avalanche having the advantage, Solana (SOL) continues to gain praise from the media and experts predict a possible rise to the $150 level soon. Still, Avalanche (AVAX) currently leads the alternative currency market in gains as the layer 1 network has featured on the top 20 charts, and its momentum has materialized since the beginning of the market rally in mid-October.
Solana (SOL) and Avalanche (AVAX) Market Data Comparison
Solana seems to be attracting a lot of attention on social media amid the drama between BONK and the phone saga of the previous weeks. Solana received applause as her price crossed the coveted $100 mark, marking a major milestone and changing both. binanceBNB and Vibe's XRP last weekend on Saturday. However, Avalanche is yet to break above $50 as it corrected with a strong rejection last weekend and fell to $44.
Taking into account the media headlines, Solana skyrocketed in price and increased by 396% from mid-October 18 to yesterday, December 24. However, AVAX significantly shows a 462% increase in its price.
Still, AVAX is not going to lose momentum despite solarium maintaining it in the last days. The on-chain data metric suggests that the Avalanche are not at risk of losing their strong position against solarium as 2023 closes.
In a shocking event, investors decided to bet AVAX worth over 1 billion in the last 5 days. A bullish swing is expected to follow Friday's correction and milestone. Investors have been concerned about the AVAX token market trend and long-term predictions show that node validations are still in play. The avalanche bet has driven its price upward.
In the period from December 19 to December 24, AVAX deposits amounted to 21.07 million for its smart contracts. According to market data from a prominent betting data tracking company, S TakingRewards, this brings Avalanche to 268.26 million, which is the highest figure based on a 3-month analysis.
Market analysis
Currently, Solana stands at $110.93, showing an increase of 0.48% in the last 24 hours. An increase of 63.16% was recorded last month and its gain this year, according to CoinMarketCap, is an astonishing 885.02%.
However, its daily trading volume has seen a decline of around 34.81%. Its price could soon reach the $150 mark and show a strong position in cryptocurrency trading by market capitalization. In the last 24 hours, its market capitalization has only increased by 0.82%. 2024 could show a steady increase in SOL pricebut Avalanche is also gaining momentum and moving up the list.
On the other hand, Avalanche recorded a 2.22% price drop at the time of writing, according to CoinMarketCap. Its daily trading volume also fell by 35.20% and its market capitalization decreased by 2.24%. AVAX's gain in the last month to date expresses a gain of 124.82%, and its annual performance increased by 303.01% according to prominent data tracking company Crypto.
What is expected for both SOL from Solana and AVAX from Avalanche? Solana could reach new highs by 2024, but Avalanche is also close behind. It is evident that the cryptocurrency market is primed for bullish momentum, which could be a good sign for investors.
