Consulting Giant Says It Will ‘Jump’ For Altcoin Said To Be Dead! –

This altcoin took a big hit in the FTX debacle, turning developers away from a promising blockchain system.

Opinions are positive for this altcoin, but there are problems

They believe serious crypto projects have a bright future as blockchain technology disrupts banking systems, payment services, insurance, personal records and more. However, even the most solid crypto names go through intense boom and bust cycles driven by good and bad news.

One of the sharpest crypto dives ever occurred last November when the FTX crypto trading exchange suffered a financial collapse and filed for bankruptcy protection. According to CoinMarketCap data, the FTX scandal dropped 22% from the overall cryptocurrency market market cap in two short days.

Other than FTX’s own utility coin, no cryptocurrency has taken this crash harder than Solana (SOL). The disgraced crypto exchange had many ties to Solana and owned a large number of tokens, so traders rushed to the exits. As we mentioned, the price of the decentralized finance (DeFi) token dropped from $32 to $8.40 as the FTX crisis progressed. It made a comeback in 2023 and this year it’s as high as $24.40. Analysts are as optimistic about Solana as they were before the FTX crash. But this isn’t exactly a resounding endorsement.

Problems seen in Solana

In a perfect world, Solana would be a great alternative to smart contract platforms like Ethereum (ETH) and Cardano. In fact, Solana is a better platform for decentralized application development than Ethereum in several ways. Before Ethereum made that leap last September, it was a power-hungry Proof-of-Stake system. Even after the ‘Merge’ of Ethereum, Solana is still running smart contracts faster and cheaper.

Being ‘younger and faster’ couldn’t compete with a bigger and stronger build. The same can often be said for promising cryptocurrencies. Kathy Bates plays the role of Ethereum in Solana’s growth story.

Consulting Giant Says It Will 'Jump' For Altcoin Said To Be Dead!

This project was launched in 2020, five years after the first Ethereum token was issued, and the app and developer ecosystem cannot compete with the dominant alternative to Ethereum. Also, Solana could have designed its smart contracts to be compatible with Ethereum’s ERC-20 standard, making it easier to move projects from one system to another. They did not do this, which seemed like a missed opportunity.

The FTX debacle only made that distinction wider and clearer. Solana’s developer community and daily transaction count have calmed down since November, expanding Ethereum’s advantage in real-world service.

Where does that leave Solana today?

In early 2023, Solana is trading 92% below its all-time high as developer interest wanes. The cryptocurrency’s tight ties to FTX have dampened the confidence and interest of both investors and developers on November’s reckoning, and it will take time to rebuild it all.

Analysts expected Solana to have a solid, long-term growth story before the FTX collapse, based on a great technical platform and vibrant app developer community. Now, it sees slower growth and more risks in the coming years as the worst-case scenario involves the remaining Solana apps rallying and migrating to another blockchain ecosystem.

Consulting Giant Says It Will 'Jump' For Altcoin Said To Be Dead!

Analysts are opting to buy more Polkadot tokens instead to invest in the Web3 vision where it remains a respected player for this altcoin. For broader play in DeFi and blockchain-based applications, Ethereum looks stronger than ever.

Solana was a ‘buy’ with a big star before the FTX crash. This star is now on a different footnote, swapping the high prices and overheated expectations for a dramatic comeback story.

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