According to the world-famous company, this altcoin, which lost 94% of its value in 2022, seems ready for a big recovery in 2023.
This altcoin is the next ethereum
First and foremost, Solana has become an overvalued game in the crypto market. It is something else entirely that a Layer-1 blockchain network once touted as the ‘next Ethereum’ could lose 94% of its value so quickly. Right now, investors are basically saying Solana is worthless, which seems hard to believe. Solana is not only a cryptocurrency but also a platform for decentralized finance, NFTs blockchain games and the metaverse.
While a few big names in the NFT world seem to be leaving Solana right now, there’s a lot to like about this crypto. First, Solana is currently the second leading player in the NFT market, and its performance in this key area is holding up well even in the face of the FTX (FTT) market meltdown. Also, according to crypto research firm Messari, Solana’s core principles as measured by user base, network stability, and transaction activity were showing signs of increasing strength in FTX’s last quarter of 2022.
According to the company, Solana was wrongfully penalized for her ties to FTX and its former CEO, Sam Bankman-Fried. As soon as investors learned that he was promoting and funding Solana, the cryptocurrency went into free fall and finally stabilized at $10 at the end of the year. The company also expects that in 2023 much of this stigma will disappear and investors may return to valuing Solana according to its core principles.
Growth in the Solana ecosystem
Another important thing to keep in mind is the overall Solana ecosystem. This includes NFTs printed on the Solana blockchain, the overall Solana developer community, and all projects and decentralized applications built on Solana. This Solana ecosystem is incredibly vibrant, and Solana worked hard throughout December to reassure its developers that the network would not go extinct. There is also an extensive global tour known as Solana Hacker House scheduled for 2023. In 2022, this tour impacted 24 cities worldwide and involved 12,000 developers.
While overall investor sentiment about Solana is hard to gauge, the recent viral success of the first Solana meme coin, Bonk (BONK), illustrates how the Solana developer community has rallied around Solana this year. This altcoin has gone from being a small token of appreciation to Solana community members, becoming a story chosen by the mainstream media as proof of Solana’s resurgence. The sudden buzz around Solana is what led to the crypto’s outstanding performance early in January.
The big project to watch out for is the official launch of Solana Mobile, showcasing the world’s first crypto phone. The initiative is an important part of Solana’s entry into the world of Web3, which it envisions will be based on end-to-end mobile experiences. When integrated with Solana Pay (released February 2022), Solana Mobile offers a very strong value proposition.
Famous company turns to long-term purchase of Solana
While the company certainly looks appealing as a fast, short-term game as a way to capitalize on all the new buzz around crypto at the start of a new year, the company thinks Solana is even more appealing as a long-term game.
Some crypto analysts now think that Solana could hit $25.44 by the end of the year, depending purely on technical factors. cryptocoin.com As we mentioned, Solana is trading at $ 15.99.
The famous company thinks that Solana can rise even higher when you take into account all the new exciting startups happening in the Solana ecosystem. As a result, the company is extremely optimistic about Solana for a long-term future.
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