Despite the short-term correction in the cryptocurrency market, some altcoins are showing green signals, hinting at an upcoming rally. 2023 turned out to be a very positive year for some altcoins. The three cryptocurrencies that will be discussed have either broken the $100 barrier or are approaching it. Let’s see if Solana (SOL), Injective (INJ) and Avalanche (AVAX) can reach the triple-digit mark.
Solana (SOL) Renewed Demand
In December 2023, the SOL price reached a local maximum of $121. The rally was associated with airdrops of a number of projects, as well as the launch of numerous meme coins on Solana.
Although the asset has currently fallen to $86, it still has a real chance of winning back the $100 mark. This potential is driven by a combination of Solana’s technological advancements, increased demand for dApps, and a growing community of developers contributing to the ecosystem.
Renewed demand and ongoing upgrades to address past network outages could also push SOL to grow.
Solana is a blockchain platform for creating highly scalable decentralized applications. The essence of the Solana architecture is the use of a set of software algorithms that can eliminate the performance bottleneck caused by software when implementing a blockchain. SOL is the system’s native token, the main function of which is to protect the network using staking. The network uses the dPoS (Proof-of-Stake with delegation) mechanism; this means that any owner of SOL tokens can delegate a portion of their assets to one or more validators who process transactions and ensure the stability of the network.
Strategic Partnerships Could Push Avalanche to $100
Recent developments around Avalanche, including strategic partnerships and collaborations, have greatly enhanced the project’s reputation. For example, the platform has partnered with Alibaba Cloud to create a metaverse based on Cloudbase and has partnered with Amazon Web Services (AWS).
At the same time, the Avalanche Foundation expanded the scope of its Culture Catalyst initiative to include funding for the purchase of meme coins. The $100 million investment fund initially focused on acquiring NFTs but now plans to allocate part of the funds to the acquisition of meme coins. Expanding the ecosystem and integrating new tools could push AVAX toward the $100 mark. If this happens, the token will come close to it’s all-time high of $134.
About Avalanche
It is a platform designed to launch DeFi applications and deploy enterprise blockchain networks in a scalable, unified ecosystem. Supports all the same development tools that Ethereum supports. Transactions on the network are confirmed in one second. Avalanche is clearly created as a competitor to Ethereum, or more precisely to the upcoming Ethereum 2.0. It looks like a good alternative for developers who want to build decentralized applications but are put off by Ethereum’s slow performance. Lately, the ether network has been in a fever; commissions are inflated, and transactions take a long time. Blockchain is clearly no longer able to cope with the load. Against this backdrop, the launch of Avalanche could not have come at a better time.
Injective Aims for a New High
Although the native blockchain token Injective recently hit another all-time high, it may still bring many pleasant surprises to investors. Following last weekend’s significant vesting event, INJ will no longer suffer from increased circulating supply, and continuous burning will result in a shortage of assets. In addition, Injective’s staking rewards continue to increase, which helps ease selling pressure, and interest in the ecosystem is constantly growing thanks to airdrops that are causing a fair amount of FOMO among crypto market participants.
Injective Protocol is a decentralized two-layer protocol that unlocks the potential of decentralized derivatives and limitless DeFi possibilities. The platform uses the Ethereum and Cosmos ecosystems to create a fast cross-chain trading infrastructure without gas costs. INJ is a token for managing the protocol, incentivizing users, and providing derivatives.
