SOL - Why It Makes Sense to Buy Solana Now
Solana (CRYPTO: SOL) continues to be one of the surprise breakout performers of early 2023. Over the first week of the year, Solana is up a jaw-dropping 33.58%. That's quite a rebound for a crypto that was down nearly 94% in 2022. The big question, of course, is whether Solana can keep up this momentum throughout the rest of the year.
There are two key reasons why I think Solana can actually turn things around in 2023 after what turned out to be an absolutely miserable 2022.
First and most importantly, Solana has become an extreme value play in the crypto market. It's one thing for a silly meme coin to lose 94% of its value in one year; it's another thing entirely for a Layer 1 blockchain network once touted as "the next Ethereum" to lose 94% of its value so quickly. Right now, investors are basically saying Solana is worthless, which seems hard to believe. Solana is not just a cryptocurrency -- it is also a platform for decentralized finance, non-fungible tokens (NFTs), blockchain gaming, and the metaverse.
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Why It Makes Sense to Buy Solana Now