Crypto Market Shift: AVAX, NEAR, and INJ Outpace Solana's December Surge

Solana (SOL) sees a 95% surge in December but is overshadowed by Avalanche (AVAX) and Near Protocol (NEAR) with more significant rallies.
Injective Protocol (INJ) gains attention due to its ecosystem’s potential growth and planned airdrops.

As December draws to a close, the crypto market unveils a compelling turn of events. Despite Solana’s (SOL) remarkable 95% surge this month, other major layer-one (L1) tokens have managed to outshine it, indicating a dynamic shift in the blockchain landscape.

Avalanche (AVAX) and Near Protocol (NEAR) have emerged as prominent players, surpassing Solana’s gains in a surprising market evolution, as reported on “TradingView.”

Notably, Injective Protocol (INJ) has caught the attention of investors. Kaduna, a respected analyst in the crypto community, highlighted the Injective ecosystem, signaling potential growth. Several projects built on the Injective Protocol have confirmed plans for airdrops, igniting increased interest in INJ tokens, according to Kaduna.

Avalanche (AVAX), positioned tenth by market cap, experienced a staggering 100% surge in December, reaching approximately $44. This surge occurred post the release of 9.54 million AVAX tokens, indicating robust demand despite increased supply. Factors contributing to this demand include rising Ethereum gas costs, positioning AVAX as a cost-effective alternative.

NEAR Protocol’s Strategic Gains

NEAR Protocol’s ascent, marked by over 125% growth, stems from technical advancements and strategic initiatives. Its association with trending projects like NEKO and partnerships with entities such as Polygon Labs and US-based IDS Inc. significantly strengthened its market presence. However, technical analysis suggests a potential correction due to its current overbought status.

Injective Protocol (INJ) witnessed a noteworthy 108% increase, partly due to growing interest in AI-integrated DeFi solutions. INJ’s price surge also correlates with its popularity among airdrop enthusiasts anticipating new token releases. Similar to NEAR, INJ faces a potential correction due to its current overbought status and resistance levels.