2022 is going to be one of the toughest years for altcoins. Major altcoins have all fallen massively since the turn of the calendar, and with market sentiment slowing, worse is yet to come. But despite this, some investors see the correction as the perfect opportunity to buy the coin at a fair price. Solanas can be a good deal, and here’s why:
SOL is backed by a robust blockchain project that will provide years of utility
Some of the largest institutional investors in the world are SOL . are buying
The coin has dipped in a big way and has never been so cheap
Data Source: TradingView
Solana Price Analysis and Future
There is always the fear that during a major downturn in the market, most altcoins will clearly cease to exist. In fact, some projects have already ended, and we haven’t even dealt with the bear market. But Solana is just a different ball game. With a market capitalization of $12 billion, SOL is just too big to go down.
But the price action is also quite interesting. After falling to around $25, the coin was threatening to drop below $20 for the first time in months. But just as there was some correction in the crypto market, SOL led the other major altcoins in outperforming the entire market as a whole.
For now, the coin sits well above $35. But we don’t think this is the final price. In fact, the June cryptocurrency decline could continue for a few more weeks. If the SOL falls below $25, buy it.
Why loading up on Solana makes sense
Every market has its ups and downs. Crypto is no different. Investors are feeling the pain right now.
But the underlying factors that make crypto attractive haven’t changed over the years. Even if the outlook turns sluggish, crypto will recover, and coins like SOL will move on.