Solana, the blockchain for decentralized and scalable applications, is rumored to be the next crypto giant following the success paths of Bitcoin and Ethereum.
For the last few days, Solana has been creating quite some ripples in the crypto realm. You may also have come across this.
So, why is it hinted that Solana may soon dominate the crypto market? Do you know? Here in this news and opinion piece, we discover the reasons why Solana is thought to be the next crypto leader.
So, you better start reading it now or you may miss out on the whole thing.
What Is Happening In Solana?
There were some earlier predictions that Solana is about to lift off. However, such predictions and thoughts are a part of the industry. You may also have come across many such news, haven’t you?
However, the blockchain really gained some attention when it witnessed some major investments and bets from crypto titans and crypto whales.
When a major leap is about to happen in the crypto realm, the crypto experts who realize it earlier make significant investments in the particular crypto, which will drive up their fortune.
The latest reports suggest that the value of Solana is on the edge of exploding from a pattern that seems like a double bottom.
This further indicates an increase in the price of around 20%. Solana even referred to as ‘Ethereum Killer’ is about to regain its momentum and witness a bullish run with high potential.
Does Solana Have More Demand In The Market?
Definitely. SOL has a boosted demand in the market. The speculations regarding its price hike already invited the eyes of a major group of investors.
Traders have been closely watching the developments happening in the blockchain, then came out the news of the major investments by top profile investors.
Also, the predictions of the 20% price increase have contributed to its accelerating demand in the market.
By the end of April. The blockchain has received an inflow of about 4.1 million US dollars. These reports had topped the headlines and all that Solana needed was an increased captivity from the side of traders and investors.
The huge investor activities that recently took place on the Solana chain acted as a catalyst for the crypto to make a dramatic comeback ruling the crypto charts again.
Who Thinks Solana Is Going To Be The New Ruler?
An American multinational holding company, Franklin Templeton Investments, has recently stated that it views Solana as about to become one of the strongest cryptocurrencies following Bitcoin, and Ethereum.
If these two are ranked in the first and second positions respectively, Solana may grab the third position.
In fact, the beginning of the year 2024 was not a good year for crypto. It had some downfalls and the inflow was also limited in January of 2024.
Solana also suffered the loss of some of the major investors and decreased activities from the investor side were reported as well.
Also, the Solana crypto faced some scalability challenges. However, the crypto showcased a strong resilience which acted to gain more admirers for the crypto. Despite all these, the transaction fees at the platform remained low.
What Is The Current Status Of Solana (SOL) In The Crypto Market?
Currently, SOL is ranked as the fifth top cryptocurrency in the market, with USD Tether, and BNB ahead of it in the third and fifth positions.
The current rumors suggest that SOL may pull down USDT and BNB, surpass them, and become the third-best crypto.
Solana suddenly faced a collapse regarding the fall of the FTX which was a key investor. However, the blockchain did not fall down, rather with admirable resilience it maintained a position in the cryptocurrency market and is now all fueled up to make a major comeback.
The recent trends happening in the DePIN (decentralized physical infrastructure) and decentralized payment systems seem promising to developers that can contribute more to the SOL leap.
Closing Thoughts
The crypto market is unpredictable and we need to witness the events before it can be stated.
However, the current predictions and the thoughts of major firms suggest that Solana may turn out to be the third biggest crypto giant. We, just like you, have all our eyes on Solana.
