Is it time to buy into Solana?
The blockchain token is down 87% and some analysts say this is the best time to jump in.
Crypto has been going through a very thorough and tough correction recently and many tokens are down at least 70% from the 2021 highs they enjoyed. One of the tokens that have had a massive drop in value lately is Solana but many investors are not so sure it is the end of the token as they believe it has the potential to bounce right back and beyond.
Currently, the Solana SOL token is down 87.5% according to Cointelegraph Markets Pro and TradingView. The outlook is a bit dismal at the moment.
There are of course many positives that could make Solana the breakout star by the end of the year once the consolidation phase of the market comes around, one of those positives is the Solana Mobile platform that has recently been announced this past NFT.NYC.
The SOL token received a boost lately and that was due to a number of factors but not so many had the influence that the announcement of Solana Mobile and the Solana Mobile Stack for Android.
Not only did Solana introduce the software that would be used on Android to interact with the blockchain but the company also announced a flagship cellphone to go with that, leading the way for web3 devices in the future.
Web3 and the metaverse are constantly trending on social media and in the crypto community. This play during a bear run shows that no matter the situation Solana is still constant in their plans for the growth and evolution of the blockchain.
A big draw of the Solana blockchain has been its low fees and speed. This has led to Solana being the top choice for NFT creation and sales as well as gaming DApps and newer blockchain tech. The Solana ecosystem is filled with developers and platforms all focused on creating a top-tier ecosystem. With the introduction of the newest update for Solana, a lot of the issues that plagued the blockchain and caused outages or full stops should be addressed, this will likely lead to more investments and higher approval of the blockchain, which could lead to Solana having a seat at the top when the bull market comes back around.
The current outlook of Solana and many other tokens and blockchains is quite bleak due to this current market but many are looking to the distant future for all things crypto. There are those that predict an even further fall of the SOL token due to resistance found at the 200-day exponential moving average.
There are other analysts who posted more positive outlooks for the token and stated those positive outlooks based off of levels of resistance.