SOL - Should You Buy Solana Right Now While It's Below $200?
2024-06-09 07:15:00 ET
In 2023, Solana (CRYPTO: SOL) was one of the top-performing major cryptocurrencies, up an eye-popping 900%. In 2024, Solana has continued to turn in a stellar performance. At its current price of $165, Solana is up more than 60% through the first five months of the year.
The problem, however, is that Solana appears to be running into a wall right now. It is down nearly 20% since it hit an intra-year high of just over $200 in March. Should you view this as a potential buying opportunity, or as a warning sign that Solana's impressive recent gains could be coming to an end? Let's take a closer look.
The primary reason to invest in Solana right now is that it could eventually become the next Ethereum (CRYPTO: ETH) . Solana is a direct challenger to Ethereum in the Layer 1 blockchain space, and has been steadily gaining ground in every major niche, from decentralized finance (DeFi) to non-fungible tokens (NFTs). For nearly four years, Solana has been tagged as a potential "Ethereum killer," and now it finally seems to be delivering on its promise.
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Should You Buy Solana Right Now While It's Below $200?