Solana could emerge as a winning crypto among all others
Mon, Jul 11th 2022, by carolbarros
Solana could overtake some of the major cryptocurrencies in this crypto crash, bloodbath… whatever you may call it. It could become the new queen of cryptocurrencies.
The cryptocurrency market is on a roller coaster ride, with various crypto assets soaring, while major cryptocurrencies like Bitcoin and Ethereum continue to fall, dragging the cryptocurrency market to hell!
Even so, Bitcoin has maintained its position as the leading cryptocurrency in the global market, its constantly declining market value has investors running for their lives.
BTC’s poor performance has crypto enthusiasts looking to altcoins. While Solana, Ethereum, Cardano, and all other major altcoins have dropped as a result of the decline in BTC’s value, these cryptocurrencies appear to be recovering at a fairly fast pace. Even after being one of the fastest-growing cryptocurrencies in 2021, Solana’s price suffered drastically when the cryptocurrency market crashed.
However, the SOL price appears to be finally recovering from its all-time lows and is slowly moving to regain its lost market dominance.
There are several reasons why Solana’s value has dropped dramatically. Even though it is one of the biggest cryptocurrencies on the market, the cryptocurrency has faced several outages in the last couple of months. The validators on the block were unable to process blocks for several hours in a row.
Applications created on Solana were immediately taken offline. The repeated number of outages degraded the quality of the network. The last outage lasted about four and a half hours, which eventually led investors to believe that SOL can be a robust investment asset, but it doesn’t produce a smooth cryptocurrency trading experience.
Some analysts and crypto experts have also voiced their speculations that investments in the network could be in jeopardy if Solana does not work to correct the complications occurring on his network.
Solana started its recovery path at a time when investors were expecting some positive action in the market. The price movements of BTC and ETH demotivated most investors who ended up fleeing the market. But the bullish price trend on the SOL has now motivated investors to finally explore the cryptocurrency market again.
According to coinmarketcap, at the time of writing, the price of SOL is around $34. According to cryptocurrency experts, SOL demonstrates characteristics that indicate that the cryptocurrency could soon overtake other major altcoins. If Solana manages to break above the $40 mark, the cryptocurrency will definitely trigger a price rally.
Furthermore, there are reports that confirm that Solana is about to launch his lending and lending platform which was recently being voted to take control of a crypto whale account that was about to be liquidated.
The sole purpose of the platform would be to allow DeFi users to borrow and borrow funds without having to go through intermediaries. Solend’s launch might help its price movements, but investors need to be cautious because the cryptocurrency is still in a volatile stage and investing in it would require professional and expert advice.
There are several benefits of investing in Solana. Even though your network may face outages, it is also aimed at solving various pain points that the cryptocurrency market throws at investors. The reliable and distributed nature of SOL makes it a perfect investment asset for everyday business. Buyers can use the asset to complete global transactions in seconds and at a fraction of the cost of other cryptocurrencies.
Furthermore, Solana is fully decentralized, which can make it a volatile investment asset, but at the same time, it provides investors with the necessary privacy they seek before entering this decentralized market. In a nutshell, without a doubt, Solana is a worthy investment asset, but investors need to be very careful before investing in it, due to the extreme volatility of the market at this time.