Solana: The Cryptocurrency That Addresses Ethereum’s Weakness
Andy Hecht | Sep 16, 2021 04:45
This article was written exclusively for Investing.com
- Solana is a protocol that is a contender for the future
- SOL is the native token with an over $47 billion market cap
- The seventh-place token in the top 99.9% of the asset class
- SOL did a lot better than Bitcoin and Ethereum during last week’s correction
- Burning tokens or new smart contract features have lifted SOL’s value
Trading or investing in cryptocurrencies can be like riding a psychotic horse through a burning. Just as Bitcoin and Ethereum appeared ready to challenge the all-time highs from May and June, the prices ran out of upside steam and tanked on Sept.7. Ethereum dropped more than Bitcoin, but Bitcoin put in a bearish key reversal trading pattern on its daily futures chart on Tuesday, Sept. 7. The two leading cryptos now face lower highs, which is not a bullish technical sign for the asset class.
Meanwhile, the extraordinary price variance could easily make last week’s price action a flash in the pan on the way to new highs. Bulls are looking at the move as an opportunity while bears are issuing, I told you so warnings.
Solana SOL is one of the up cryptocurrencies that recently jumped ahead of Dogecoin (DOGE). During the most recent correction, SOL tokens outperformed Bitcoin and Ethereum as its profile continued to rise.
Solana is a protocol that is a contender for the future/h2
In the world of cryptocurrencies, speed and efficiency is a critical component of success. Solana claims to be the fastest blockchain in the world and the fastest-growing ecosystem in crypto, with over four hundred projects spanning DeFi, NFTs, Web3, and others.
Solana’s Ethereum killers .”
The recent price action in SOL is another crypto success story that will continue to drive speculators looking for the next explosive token into the market. When approaching any crypto from the smallest emerging token to Bitcoin, only invest capital you can afford to lose. The high level of volatility and uncertainty of the asset class is a perfect example of how the reward potential is commensurate with the high level of risk.
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