The analogue of Overhauser (particle-hole) pairing in electronic systems (spin-density waves with non-zero total momentum $Q)$ is analyzed in finite-density QCD for 3 colors and 2 flavors, and compared to the color-superconducting BCS ground state (particle-particle pairing, $Q=0).$ The calculations are based on effective nonperturbative four-fermion interactions acting in both the scalar diquark as well as the scalar-isoscalar quark-hole (``\ensuremath{\sigma}'') channel. Within the Nambu-Gorkov formalism we set up the coupled channel problem, including multiple chiral density wave formation, and evaluate the resulting gaps and free energies. Employing medium-modified instanton-induced 't Hooft interactions, as applicable around ${\ensuremath{\mu}}_{q}\ensuremath{\simeq}0.4\mathrm{GeV}$ (or 4 times nuclear saturation density), we find the ``chiral crystal phase'' to be competitive with the color superconductor.