on the crypto
Many cryptocurrency analysts have ignored Solana (SOL 2,80%), considering it an imitation of Ethereum, but perhaps it is finally about to come true. If cryptocurrency intrigues you, but you don't like the high prices and environmental impact of Bitcoin and Ethereum, you may have heard of Solana as an alternative. Is the “Solana Summer” an investment opportunity? Solana differs from Bitcoin and Ethereum in some fundamental respects and its current price is an interesting entry point. While other cryptocurrencies have plummeted, Solana enjoys a relatively stable price and growing adoption, as well as a growing market for non-fungible tokens (NFTs). However, all is not rosy for Solana - aspiring investors should consider its drawbacks. Either way, chances are you'll hear more of Solana in the coming months.
Even in the deep winter of cryptocurrencies, Solana is showing signs of summer
Although Solana's price has dropped dramatically from last fall's all-time high ($ 259,03), the context of the current cryptocurrency market makes this decline seem moderate. SOL is currently trading at US $ 35,43. At this time of last year it was trading at $ 35,60. If you compare this with the recent price drops in Ethereum or Bitcoin, Solana looks relatively unimpressive.
Solana's NFT scene is also starting to rival that of Ethereum. Solana's NFT market is growing, with daily NFT volume occasionally exceeding Ethereum's daily NFT volume. Solana NFTs, like their ETH-based counterparts, plummeted in June, but there are also signs of growth: The number of daily active Solana accounts has more than doubled since the beginning of March and the number of daily Solana transactions has increased. by over a third in the past 90 days. These metrics suggest that Solana is gaining new users even in a bear market - and that these users aren't just speculating: They are actually using the platform.
What is "Solana's summer" and is it happening now?
During the 2021 bull run, Solana's maximalists used the hashtag #SolanaSummer as a wake-up call to raise awareness of the platform. Nonetheless, Solana remained in the shadows of Bitcoin and Ethereum's staggering gains. This summer, however, Solana's price remained relatively stable as other cryptocurrencies plummeted. Recent hits like Step'n, a Solana-based application that pays users to walk, provide mainstream use cases for Solana's infrastructure - something other cryptocurrencies still struggle with.
With Solana's star on the rise and the rest of the cryptocurrency market in crisis, could this summer finally be Solana's time to shine instead of languishing on the sidelines? Between relative price stability and Solana's apparent growth, perhaps we can predict a relatively rosy summer for Solana.
Exploring the Solana Shelf is a great way to make the Solana Summer
If you are considering investing in Solana, take a look at some of its applications to learn more about the ecosystem and decide if it fits your investment strategy. If you are technically inclined, try building an app yourself! There is still a lot of summer, and this could be Solana's summer.
