Solana Could Emerge as the Silent Winner of the Crypto Bloodbath

Solana might overtake major cryptocurrencies and end up becoming the new crypto king

The cryptocurrency market is on a rollercoaster ride, with several crypto assets rising, whereas, major cryptocurrencies like Bitcoin and Ethereum further continuing fall, dragging down the broader crypto market to hell! Even though, Bitcoin has retained its position as the top cryptocurrency in the global market, its constantly declining market value has got investors running for their life. BTC's poor performance made crypto enthusiasts look toward altcoins. While Solana, Ethereum, Cardano, and all other major altcoins fell as a result of the declining value of BTC, these cryptocurrencies seem to be recovering at quite a rapid pace. Even after being one of the fastest-growing cryptocurrencies of 2021, the Solana price suffered drastically when the crypto market came down. Nevertheless, the SOL price seems to be finally recovering from its all-time lows and is slowly moving towards regaining its lost market dominance.

There are various reasons why Solana's value fell drastically. Even though it is one of the largest cryptocurrencies in the market, the crypto faced several outages within the past couple of months. Validators on the block were unable to process blocks for several hours at a stretch. Applications built on the Solana were immediately taken offline. The repeated number of outages degraded the quality of the network. The last outage lasted for about four and a half hours, which eventually led investors to believe that SOL might be a robust investment asset but does not yield a smooth crypto trading experience. Some crypto analysts and experts have also vocalized their speculations that investments in the network might be in danger if Solana does not work on fixing up the complications occurring on its network. But currently, despite all impending threats to investments, the Solana price is finally making its way towards an upward slope, breaking all the bindings of a crypto bear market.

Solana is Marching Towards a Bullish Price Rally in the Upcoming Months

Solana started its recovery trend at a time when investors were hoping for some positive action in the market. The price movements of BTC and ETH demotivated most investors who eventually ended up fleeing the market. But the upward price trend in SOL has now motivated investors to finally explore the crypto market again.

According to coinmarketcap, at the time of writing this article, the SOL price is trending around US$34. According to crypto experts, SOL demonstrates characteristics that indicate that the crypto might soon overtake other major altcoins. If Solana manages to cross the US$40 mark, the crypto will definitely trigger a bullish price rally.

Besides, there are reports which confirm that Solana is about to launch its lending and borrowing platform that was recently being voted to take control of a crypto whale's account which was on the verge of being liquidated. The single aim of the platform would be to enable DeFi users to borrow and lend funds without having to go through intermediaries. The launch of Solend might aid its price movements, but investors need to be cautious because the crypto is still at a volatile stage, and investing in it would require professional and expert advice.

So, should you hop on the Solana trend?

There are several benefits of investing in Solana. Even though its network might face outages, it also aims to resolve several pain points that the crypto market throws at investors. The trustworthy and distributed nature of SOL makes it a perfect investment asset for daily business. Buyers can use the asset to conduct global transactions within seconds and for a fraction of the cost that entails other cryptocurrencies. Also, Solana is entirely decentralized, which might make it a volatile investment asset, but at the same time provides investors with the much-needed privacy that they seek before they enter this decentralized market. In a nutshell, undoubtedly, Solana is a worthy investment asset, but investors have to be extremely careful before investing in it, due to the extreme volatility in the market right now.