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Solana Surges 95% in December, Outpaced by Avalanche, Near Protocol, and Injective Protocol

Algoine News
Summary:
The digital currency Solana (SOL) has jumped a significant 95% in December, outpacing Ether (ETH), which increased by a mere 9.5%. However, SOL isn't the only L1 token with impressive December returns. Avalanche, Near Protocol, and Injective Protocol have all had notable surges ranging from 100% to 125%. Factors contributing to these increases include robust demand, strategic alliances and the overall market boom in AI tokens. However, technical data suggests potential corrections due to overbuying signals.
The digital currency Solana (SOL) has exhibited a staggering 95% rise in December, demonstrating a stronger performance than its key layer-one (L1) blockchain contender, Ether (ETH), which only saw a 9.5% increase during the same timeframe. This month, several factors have propelled Solana to outpace Ether. Yet, it is not the single L1 token to show impressive returns in December. As the year approaches its end, let's delve into three key tokens that are outperforming even Solana. Experiencing an over 100% surge, Avalanche (AVAX), ranked as the tenth largest cryptocurrency in terms of market capitalization, has surpassed Solana's performance this December. The month-to-date (MTD) figure for Avalanche's growth stands at around 105%, bringing its value to roughly $44. Interestingly, the sharp rise of Avalanche came after the release of nearly 9.54 million AVAX tokens in late November. This suggests a robust underlying demand for AVAX, as the market was able to handle the influx without hampering its worth. This demand is particularly noteworthy given the escalating gas costs of Ethereum in December. From a technical perspective, a notable divergence can be observed in AVAX's climbing prices and decreasing momentum. Consequently, the positive trend of AVAX may see a downward shift toward a support convergence, possibly around the $33 Fibonacci line and the 50-day exponential moving average (EMA) near $31.50 by the end of the year or early next year. Meanwhile, Near Protocol (NEAR) has seen a 125% jump this month and currently sits at $4.20. Strategic alliances, such as those with Polygon Labs and US-based IDS Inc., have further strengthened the Near Protocol project's standing. However, technical data suggests that NEAR's upward movement may undergo consolidation or correction, given the saturation of its weekly relative strength index (RSI). As a result, NEAR's price may see an adjustment toward the support level from June-October 2022 (around $2.90) by the beginning of the new year. Lastly, with over a 108% climb MTD, Injective Protocol (INJ) has partly benefited from the widespread rise of artificial intelligence (AI) tokens, as Injective, a layer-1 blockchain, fuses AI with decentralized finance (DeFi). The considerable increase in INJ's token price can also be traced back to the trend amongst airdrop farmers, contributing to rising interest in INJ tokens. Much like NEAR, INJ may be heading for a decline due to overbuying signals. Accordingly, if there's a drawback from the climbing trendline resistance, traders could speculate a fall toward INJ's ascending support trendline, which is more than 50% below the current price levels. This news item doesn't aim to provide investment guidance or suggestions. Every financial operation involves some level of risk, and potential investors are advised to carry out their own comprehensive research before making a decision.

Published At

12/27/2023 5:20:00 PM

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