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Investors rushing to Snowfall Protocol’s (SNW) presale to cut losses due to Solana’s (SOL) declining on-chain activity and Avalanche’s (AVAX) 2-year low price

December 27, 2022 | by TI Partners | 0

Crypto investors are starting to lose faith in the traditional cryptocurrency markets, with Solana (SOL) and Avalanche (AVAX) leading the pack. Snowfall Protocol (SNW), on the other hand, is expected to outperform both these tokens soon. What are the possible reasons for Solana (SOL) and Avalanche’s (AVAX) decline and the Snowfall Protocol (SNW)) rise? Read ahead to find out.

Solana (SOL) in a downward spiral after Mango Markets’ hack

Investors in Solana (SOL) were rewarded with a phenomenal return during the past 30 days. Unfortunately, Solana (SOL) had no plans to sustain the momentum. Solana’s (SOL) cost has dropped by 9.50% over the previous week. There has been a 95.44% drop from the $260.06 record high for Solana (SOL). There has been a lot of discussion in the crypto community recently about the reasons for Solana’s (SOL) underperformance. Some analysts have pointed to competition from other tokens as the major cause of Solana’s (SOL) price decline. A prominent decentralised finance application on the Solana (SOL) Network, Mango Markets, was hacked for $116 million at the beginning of October, worsening the negative trend. An approximate 9% of Solana’s (SOL) TVL in smart contracts was compromised in the attack. According to data from the Token Terminal, the number of active Solana (SOL) developers has also dropped by almost 90% from over 2,500 in January to 75 today.

Avalanche (AVAX) declines by 33% in 3 months

Avalanche’s (AVAX) price has been heading south over the past week, with a decline of 6.01%. It has been a struggle for Avalanche (AVAX) to generate traction, as the token has been in a downward spiral for the past few months. Analysts recommend investors avoid investing in Avalanche (AVAX) or sell their holdings considering the negative indicators this week. Avalanche’s (AVAX) price fell from $12.70 to $12.24 within the past 30 days, marking a decline of 7.07%. Given the current downturn, Avalanche (AVAX) is not expected to move above these lows anytime soon. In the past three months, the price of Avalanche (AVAX) has declined by 33.93% ($6.06). One of the major reasons for Avalanche’s decline is that the token has been underperforming for the past two years and hasn’t been able to reach anywhere near its all-time high. Additionally, over the previous month, Avalanche (AVAX) hasn’t exhibited any substantial buying strength.

Snowfall Protocol (SNW) performs beyond expectations

It’s no secret that the new cryptocurrency, Snowfall Protocol (SNW), has been a hit in the market. Snowfall Protocol (SNW) aims to eliminate issues that many investors face with multi-chain communication and asset transfers. For example, transferring assets from one blockchain to another can be a time-consuming and complex process, but Snowfall Protocol (SNW) aims to change that with its dApp. Additionally, active users can immediately begin staking their tokens for passive revenue with Snowfall Protocol (SNW), making it an attractive investment. Consequently, the worth of Snowfall Protocol (SNW) has surged by almost 400% since inception. Snowfall Protocol (SNW) has already completed two presale campaigns, and the third part of its presale phase is presently underway. Investors are clearly rushing to buy Snowfall Protocol (SNW) tokens, as the stage 3 presale’s expected token price of $0.095 has gone up to $0.14. As per experts, when Snowfall Protocol (SNW) finally launches in 2023, more people will sign up because of the long-term value it provides.