Does the coin that flew too high and fell back to earth still have value ?
Solana started the year 2021 at $ 1.85 and pumped all year hitting it’s all time high in November at $ 260. An investment of less than $2000 in SOL would have been worth $260,000 in less than a years time.
The Solana project was heavily promoted by FTX and Alameda Research and had strong financial ties which eventually led to a heavy sell off of SOL when the FTX empire collapsed. SOL now trades 93% off it’s all time high in November 2021.
Being a strong backer of Solana, Sam Bankman-Fried brought more harm to the altcoin than the network disruptions that Solana has experienced over the previous two years.
Solana : Still an innovative cryptocurrency with lots of potential.
Solana’s incredible speed, coupled with its low transaction fees, makes it potentially disruptive to the payments industry. Solana Pay allows consumers to use their phones and a QR code to check out with merchants, which receive instant settlements and access to their funds. Because Solana Pay uses blockchain technology, other features can be introduced like loyalty programs.
Partnership with Alphabet. Google Cloud will produce a validator that can help to process transactions for Solana’s network. Google will start to store data from Solana, making it easily accessible for developers.
Solana now controls nearly a quarter of the NFT market and has seen enormous recent success for Magic Eden, the most popular Solana NFT marketplace, as well as with the launch of new, high-profile NFT collections. Solana’s market share gains are due to the speed and low costs of the Solana network.
On Aug. 30, the crypto-powered wireless network Helium announced plans to migrate its entire blockchain over to Solana. It specifically cited the fast speeds, scalability, and development potential of Solana. Helium could have easily chosen Ethereum or any other Layer 1 blockchain, but it picked Solana.
If you understand the full story behind Solana and FTX then it’s a lot easier to see what’s going on. Solana was collateral damage in the wake of the FTX debacle and the close ties associated between the two. The underlying fundamentals for Solana have not changed , only investor perceptions have. For that reason I’m still bullish on the long-term prospects for Solana and it’s future.
