FTT - Solana Is Ready for a Big 2023
Solana (CRYPTO: SOL) , trading at just $12.25, is down more than 93% for the year. That makes it one of the worst-performing cryptos of 2022. Making matters even worse, Solana was caught up in the drama surrounding failed crypto exchange FTX (CRYPTO: FTT) thanks to the venture capital investments that former FTX Chief Executive Officer Sam Bankman-Fried and his affiliated companies made in Solana and its ecosystem. Small wonder investors continue to have fears about Solana and FTX contagion.
But looking under the surface, I think there's a lot to be excited about for Solana in 2023. There are specifically two high-growth areas that could be setting Solana up for a big 2023.
Solana continues to build market share rapidly in the non-fungible token (NFT) market. According to crypto research firm Messari, quarter-over-quarter growth in NFTs for Solana is running at a blistering 19%. Solana is now second in the NFT market, trailing only Ethereum (CRYPTO: ETH) in terms of transaction volume and activity, and that gap continues to close.
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Solana Is Ready for a Big 2023