HomeNewsDecember's Crypto Giants: AVAX and NEAR Outperform Solana's Rally

December’s Crypto Giants: AVAX and NEAR Outperform Solana’s Rally

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  • Avalanche (AVAX) and Near Protocol (NEAR) significantly outperformed Solana (SOL) in December, indicating a shift in market trends.
  • Factors such as token airdrops, technical indicators, and strategic partnerships influenced the performance of these cryptocurrencies.

As December wraps up, the crypto market witnesses an intriguing turn of events. Solana (SOL), despite its impressive 95% surge in December, finds itself overshadowed by even more significant rallies in other major layer-one (L1) tokens.

Notably, Avalanche (AVAX) and Near Protocol (NEAR) have emerged as the true giants this month, outstripping Solana’s gains and hinting at a dynamic shift in the blockchain arena “TradingView”.

Amidst this market evolution, the Injective Protocol (INJ) has also caught the eye of investors. Tweet Kaduna, a recognized analyst in the crypto community, recently brought attention to the Injective ecosystem, hinting at its imminent growth. According to Kaduna, several projects built on the Injective Protocol have confirmed plans for airdrops, sparking increased interest in INJ tokens.

Avalanche (AVAX), ranked tenth by market cap, soared by over 100% in December, reaching approximately $44. This rally is particularly noteworthy as it occurred following the release of 9.54 million AVAX tokens, suggesting a robust demand for Avalanche despite the increased supply. Factors contributing to this demand include Ethereum’s rising gas costs, positioning AVAX as a cost-effective alternative.

NEAR Protocol’s Strategic Gains

NEAR Protocol’s ascent, marked by over 125% growth, can be attributed to both technical factors and strategic initiatives. The protocol’s association with trending projects like NEKO and partnerships with entities like Polygon Labs and US-based IDS Inc. have significantly bolstered its market presence. However, technical analysis suggests a potential correction, given its overbought status.

Injective Protocol’s Rally and Airdrop Influence

Finally, Injective Protocol (INJ) has experienced a notable 108% increase, partly driven by the broader interest in AI-integrated DeFi solutions. INJ’s price surge is also linked to its popularity among airdrop farmers, anticipating new token releases. Like NEAR, INJ faces a potential correction, indicated by its current overbought status and resistance levels.

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AnnJoy Makena
AnnJoy Makenahttps://www.ethnews.com
Annjoy Makena is an accomplished and passionate writer who specializes in the fascinating world of cryptocurrencies. With a profound understanding of blockchain technology and its implications, she is dedicated to demystifying complex concepts and delivering valuable insights to her readers. Business Email: info@ethnews.com Phone: +49 160 92211628