Solana (SOL), Avalanche (AVAX) and dYdX produce double-digit gains as Bitcoin reclaims $37K

On Nov. 15, several altcoins continued to show strength alongside Bitcoin (

In addition to token price appreciation, the dYdX platform is posting substantial user numbers, including increased fees and revenues. Both metrics have witnessed 77.5% increases to $8.67 million in 30 days. Annualized, this could mean $105.5 million in fees for validators and stakers.

SOL price hits another 2023 high

Solana’s SOL token has had an impressive 30-day return profile, gaining over 166%. Despite reaching a 2023 high on Nov. 10, Solana’s price is still over 4x below its all-time high of $259.96.

Solana’s price growth has been powered by an uptick in users, which is led by the top-performing decentralized application on the blockchain, Jito, a liquidity staking platform. Solana’s daily active users also hit a 2023 high on Nov. 10, reaching 200,000. Coinciding with the increase in users, Solana’s revenue has eclipsed $1 million in 30 days, recording a 78.2% increase.

Avalanche’s AVAX token picks up steam

Avalanche is a layer-1 blockchain similar to Solana, where validators process transactions and receive tokens. Compared with Solana and dYdX, Avalanche brings in less revenue, but that hasn’t stopped its token from going on a double-digit run this week.

Despite being relatively smaller, AVAX has been performing well. In the past seven days, AVAX reached above 59% in gains, and it hit an impressive 118% growth in 30 days. AVAX’s price is still more than 7x below its all-time high.

Related: Is it altseason? Altcoin 30-day performance and total market cap flash bullish

While these three altcoins are performing well, Bitcoin continues to dominate the overall market, with its dominance rate hovering above 50% since Oct. 16. When Bitcoin dominance decreases, those funds typically flow into altcoins, which is generally the start of an altseason.