When Bitcoin’s price falls, so does the price of altcoins. In fact, altcoins take a much significant hit when compared to BTC. But the ones that are fundamentally strong often recover faster, and Solana is one of them. The price of the DeFi has recovered faster than ETH or BTC, and it is seeing rapid growth leading it back to pre-crash levels. Even though it is important to do your own research, Solana seems to be a great buy right now (not financial advice). Here’s why?
About Solana
Solana is a DeFi platform and not a cryptocurrency. It is very fast and provides a secure and scalable decentralized apps market. Unlike many other cryptocurrencies, it has support for 50k transactions per second. This makes the project very attractive to investors as it has the potential to scale up pretty big in the future. It was found back in 2017, and the primary aim was to create a scalable entity. The founder of the DeFi project, Anatoly, worked at Qualcomm before getting into blockchain technology.
Solana’s future
Solana is one of the few altcoins that was able to recover pretty fast after the crash. After the crash to about $18, Solana rose to $44 and then dropped again to $31 after yesterday’s bloodbath. People are pretty optimistic about the future of the DeFi project and are continuously investing in it. Indicators show that Solana is underbought and has a lot of scopes to increase in price. If the market rally resumes, then we can expect Solana to touch $100 and even $200 by the end of the year.
The project has also received investments from several big investors like Coinshares and Polychain Capital. They plan to work on the DeFi platforms and apps using the raised money. At the same time, we might also see a trading platform on their network. Seeing the current state of the market, I am not entirely sure if Solana will be able to squeeze out gains in the short term. But the project does seem promising, as it is acknowledged by even big firms, so it has a solid future ahead.
Do you think it is a good option to buy Solana right now? And will it continue to recover faster than BTC and ETH during the crash? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Bitcoin worth $3.6 billion vanishes from African crypto exchange.
