Sony insists that its PlayStation 3 (PS3) console will be a big success story over the festive period, although one analyst says Nintendo's Wii will win the bragging rights in the console market.

"The PlayStation 3 sold 121K units at retail for the month of October," Sony said in a statement immediately following the release of October sales data, which showed PS3 trailing Wii and 360 by a wide margin.

"Sony expects a great deal of momentum moving forward this holiday and beyond with the availability of new PS3 hardware and pricing. Based on internal data, the company is already seeing a great spike in sales with a 192 percent lift for the PS3 over the past two weeks," it continued.

Analyst Jesse Divnich, however, believes Wii will continue to dominate by a wide margin this holiday despite the recent PS3 price cut.

"Although the grass may look greener on the other side, the market still questions Sony's ability to generate strong first-party sales - a key factor to any console's success," he said.

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