Consulting giant Fool analysts analyzed altcoin projects that could quickly rebound in the new year after a devastating 2022. Experts evaluate the prominent names from the Layer-1 Blockchain category.
Fool analysts expect recovery in this altcoin project in 2023
The abrupt recovery of the crypto market this year has helped some previously underperforming cryptos to trend quickly. Solana (SOL), for example, posted a massive 125% increase this year.
The market meltdown last year shows Solana has a huge first mover advantage. Launched in March 2020, the altcoin still has a vibrant crypto ecosystem despite the FTX crash in November. Over the past three years, Solana has grown into a leading network for NFTs, dApps and Blockchain games. What’s more, it’s now also getting into areas like DeFi. A look at the weekly chart confirms that Solana is starting to recoup her recent losses with these developments.
Solana’s roadmap
Fool analysts are pretty optimistic about Solana’s roadmap. In January, Solana’s co-founders outlined all the ways blockchain will create value across a wide range of industries and sectors. Various strategic initiatives over the past 12 months, including the launch of Solana Pay and Solana Mobile, were all part of a broader, broader strategy based on Web3 and decentralization.
Network performance
If there’s any category where Solana can fall behind its competitors, it’s network performance. One of Solana’s biggest issues in 2022 was network instability. A series of high-profile outages took place throughout the year, causing great concern among investors.
At the end of 2022, Solana made a number of moves to address the gaps in network performance and things were looking good. However, cryptocoin.com As we reported, there was another network outage at the end of February. The Solana network was suddenly in the dark once again. This leads to pollution on both Blockchain technology and cryptocurrency regulations.
Solana hit hardest as altcoin market tumbles in FTX crash
It’s impossible not to mention FTX when talking about Solana. Solana burst onto the scene with extensive venture capital financing led by former FTX CEO Sam Bankman-Fried and FTX Ventures. Affiliates of FTX, such as hedge fund Alameda Research, were known to hold large sums of Solana.
As a result, the SOL price crashed by over 80% in about 3 days with the collapse of FTX in November. There were concerns that FTX (or its affiliates) would immediately sell all of its Solanas. The big rally in Solana with the start of 2023 was as much a “rally of relief” as an indication of confidence in long-term prospects.
Fool analysts, in final words, consider Solana to be more promising as a long-term investment than other Tier-1 Blockchains. Solana has built a dynamic ecosystem over the past three years, has a number of strategic initiatives to create long-term value, and has emerged as a viable competitor in areas like NFTs and Blockchain gaming.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.