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Top Solana alternatives to buy for 2023

By:
on Dec 28, 2022
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  • Solana-based projects DeGods and Y00ts are moving away from Solana.
  • The community is worried that the developers might abandon Solana, and the trading volume soared by 171%.
  • The TVL behind Solana has decreased, and investors are looking for alternatives.

Solana (SOL/USD) is a blockchain network that aims to compete with DeFi giants due to its vast ecosystem of decentralized applications (dApps) and smart contract support, alongside its underlying Proof-of-Stake (PoS) consensus mechanism.

Some of the largest Solana non-fungible token (NFT) projects, such as DeGods and Y00ts, have moved away from Solana.

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DeGods will bridge to Ethereum (ETH/USD) in Q1 of 2023, while Y00ts aims to move to Polygon (MATIC/USD) in Q1 of 2023.

Based on data from the data aggregator Terminal Token, the number of active developers for Solana’s software has decreased by over 90% in 2022. This represents the departure of 2,425 developers from the smart contract platform network.

A notable person within the crypto space, David Gokhshtein, also tweeted that Solana is dead and that the company should focus on building hardware.

Source: DeFi Lama

According to data from DeFi lama, Solana’s TVL decreased to $210 million.

By comparison, on November 9, 2021, it was at $10.17 billion.

As such, Avalanche (AVAX/USD), Cardano (ADA/USD), and Polygon (MATIC) are some of the best Solana alternatives for 2023, and we are going to go over why this is the case. 

Should you buy Avalanche (AVAX)?

On December 28, 2022, Avalanche (AVAX) had a value of $11.3242.

AVAX/USD Chart by Tradingview

The all-time high of the Avalanche (AVAX) cryptocurrency was on November 21, 2021, at a value of $144.96.

When we go over the 7-day performance, Avalanche (AVAX) had its low point of value at $11.19, while the high point of value was at $11.85. Here we can see a price difference of $0.66 or by 6%.

Regarding the 24-hour price movement, Avalanche (AVAX) saw its low point at $11.19, while the high point was at $11.79. Here we can see a difference of $0.6 or by 5%.

With this in mind, AVAX can climb to $12.5 by the end of January 2022, making buying AVAX a solid option.

Should you buy Cardano (ADA)?

On December 28, 2022, Cardano (ADA) had a value of $0.2517.

ADA/USD Chart by Tradingview

When we look at its ATH, Cardano (ADA) reached a value of $3.09 on September 2, 2021.

When we go over the 7-day performance, Cardano (ADA) saw its low point at $0.248948, while its high point was at $0.26519. Here we can see a difference in the value of $0.016242 or by 6%.

However, when we look at the 24-hour performance, the low point was at $0.250848, while the low point was at $0.265290. Here we can see a $0.014442 difference, or by 5%.

With this in mind, Cardano (ADA) can climb to a value of $0.3 by the end of January 2022, and as such, investors will likely turn to buy ADA.

Should you buy Polygon (MATIC)?

On December 28, 2022, Polygon (MATIC) had a value of $0.7837.

MATIC/USD Chart by Tradingview

In terms of the all-time high, Polygon (MATIC) saw its ATH point of value on December 27, 2021, at $2.92. 

In terms of its 7-day performance, Polygon (MATIC) saw its low point at $0.77404. Its high point was at $0.818468. Here we can see a difference in the value of $0.044428 or by 6%.

However, when we look at the 24-hour performance, Polygon (MATIC) saw its low point at $0.780017, while its high point was at $0.818858. This marked a difference in the value of $0.038841 or by 5%.

With this in mind, MATIC can reach a value of $0.85 by the end of January 2022, making buying MATIC a solid option for investors.