Solana (SOL) vs Avalanche (AVAX): Which is a Smarter Investment for the Rest of 2024 !!

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Various cryptocurrencies have been competing in the market, based on promising projects and innovations. Out of these, Solana (SOL) and Avalanche (AVAX) have risen as significant competitors, each showcasing unique characteristics and potential. As we near the beginning of the second half of 2024, investors are eager to understand which altcoin presents a more smarter investment opportunity. Here, we will explore their main characteristics and technical analysis in order to offer a thorough perspective.

Created by Anatoly Yakovenko, Solana is positioned as a platform offering low fees, and high-speed transactions by combining Proof of History (PoH) consensus mechanism with Proof of Stake (PoS).

This design enables Solana to quickly process about 65,000 transactions per second (tps). This feature makes it a top option for DeFi and dApps projects.The platform’s token, SOL, is currently trading at $127.01, after exhibiting a bearish trend. The token has decreased in value by 4.66%,11.19%, and 24% over the past day, week and month, respectively. This trend has pushed the market capitalization down to $59.13%, maintaining it position as the 5th largest cryptocurrency.

Despite the bearish price path, Solana is witnessing heightened trading activity, soaring by over 120% in trading volume, to reach $2.3 billion over the past 24 hours.

On the other hand, Avalanche was created by EMin Gun Sirer under Ava Labas, with an aim of providing developers with a platform that is highly customizable and flexible. Its architecture which optimize for flexibility, security and speed include Contract Chain (C-Chain), Platform Chain (P-Chain), and Exchange Chain (X-Chain)

Currently, AVAX is trading at $24.83, after dropping in price by 1.77% in the past day, and 13.40% and 34.57% over the past week and month respectively. The market cap is settled at approximately $9.78 billion, securing the 13th position.