FTT - The Ultra-Contrarian Case for Investing in Solana Right Now
By nearly any metric, Solana (CRYPTO: SOL) has been one of the worst performers in the crypto market this year. Solana is down 57% over the past 30 days and 92% for the year. That makes Solana the worst-performing top 100 crypto over the past month, and the 97th worst-performing crypto year-to-date. In short, this is rock bottom for Solana.
But there is an ultra-contrarian case for investing in Solana right now. Fears of FTX (CRYPTO: FTT) contagion may be wildly overblown, and the fundamentals of Solana blockchain activity continue to show signs of improvement. Here's a closer look at why it might make sense to invest in Solana right now.
It's impossible to talk about Solana these days without also talking about the failed crypto exchange FTX and its affiliated hedge fund, Alameda Research. Sam Bankman-Fried, the former chief executive officer of FTX, was an early investor in Solana; in addition, Alameda continues to be one of the largest holders of Solana. By some estimates, Alameda now holds 8.75% of the total circulating supply of Solana. The fear is that bankruptcy proceedings at FTX will trigger a rapid liquidation of this Alameda stake, placing huge downward pressure on the price of Solana.
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The Ultra-Contrarian Case for Investing in Solana Right Now