Damn, Solana Is on a Tear! Here’s What Could Stop It...
TL;DR
Solana is not only one of the youngest projects in the top ten, but it’s outperforming everyone else.
Solana’s NFT ecosystem sales volume is now outperforming Ethereum’s - that’s huge given ETH has about 10x more value ($$$) floating around its ecosystem (which = 10x more incentive to try and trade/earn from it).
Here’s what’s worrying/haunting the SOL market: FTX owns about $4B worth of SOL, and could sell at anytime.
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Solana: the overachieving younger sibling of the top ten crypto projects.
(Forgive us for tooting our own horn, but...)
That analogy is particularly on point!
Solana is not only one of the youngest projects in the top ten, but it’s outperforming everyone else.
Check these stats out:
SOL is up 13% over the weekend, bringing it to a total 7.5x increase from the lows this year.
Solana’s NFT ecosystem sales volume is now outperforming Ethereum’s - that’s huge given ETH has about 10x more value ($$$) floating around its ecosystem (which = 10x more incentive to try and trade/earn from it).
Solana’s first big meme coin ($BONK) is doing numbers right now! It’s up 26%.
That said - Solana ain’t perfect...
Here’s what’s worrying/haunting the SOL market:
FTX owns about $4B worth of SOL, and could sell at anytime.
(The higher the price gets, the more incentive it has to sell and repay its debtors).
...and the more selling pressure there is, the lower the price is likely to go. It’s a risk!
But for now? Hooooray, price go up!