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Last year, investors bet on Solana (CRYPTO: SOL) as one of the top cryptocurrency players of the future. As a result, it soared 16,000% from the start of the year to its November peak of $250. It's since dropped more than 60% from that point.
What happened? Rising inflation drove investors away from investments considered risky -- such as cryptocurrency. The conflict in Ukraine added to concerns. In this context, you might wonder if Solana's gains are over -- or if this young crypto player once again may be a multibagger.