SOL - Is Solana a Buy? Growth Numbers Show Mixed Message
Solana (CRYPTO: SOL) has become one of the most talked-about cryptocurrency projects this year. Setting aside Solana's impressive growth and innovation since its inception, there's ongoing debate about whether Solana is worth a buy, given its recent hype.
In 2022, Solana saw its value collapse amid its ties to the now-bankrupt crypto exchange FTX, as well as plunging transaction volumes. Last year, average daily fee payers dropped significantly compared to the prior year, with a decline of more than 50% in non-voting transactions. However, active development projects on the platform also saw a bump, surging 36% year over year. This indicates that, while user growth may be down, developers are still building on the Solana blockchain.
So, then, what do we make of these metrics?
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Is Solana a Buy? Growth Numbers Show Mixed Message