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Is Solana a good investment?

Solana price has not been left behind in the ongoing cryptocurrency sell-off. SOL dropped by over 78% between January and September 2022, bringing its market cap to about $11.6 billion. It is also one of the worst-performing large-cap cryptocurrencies during the year.

Solana faces an uphill task

Solana is one of the top Ethereum-killers in the blockchain industry. It is a smart contract platform that is known for its use of the proof of history (PoH) consensus framework. According to its developers, Solana has better features than Ethereum. For example, it has super-fast speeds and extremely low gas fees.

As a result, Solana is a leading player in some of the biggest industries in the blockchain industry like Decentralized Finance (DeFi) and non-fungible tokens (NFT). Some of the top applications that have been created in Solana are StepN, Solend, Audius, and Marinade Finance. 

Solana has also been used widely in the NFT industry. For example, it was used to build Magic Eden, one of the biggest NFT marketplaces in the world.

Where to buy Solana now

eToro

eToro is one of the world’s leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It’s social copy trading features make it a great choice for those getting started.


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Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.


Buy SOL with Binance today

Solana, like other blockchain networks has faced numerous challenges in the past few months. For one, activity in its key platforms has dwindled. Its total value locked in DeFi has crashed from over $10 billion to slightly above $1.3 billion. Similarly, its NFT activity has also dropped.

Another key challenge is that Solana is widely known for its outages. In 2022 alone, the network has had several severe outages that impacted its entire ecosystem. 

Still, there are several catalysts for Solana price. First, its network has been used to build some of the most popular web3 networks around like Audius, StepN, and Brave Browser. Second, the developers have made progress on fixing the regular outages. Further, it has a strong market share in key industries, meaning that its price will likely rebound in the future.

Solana price prediction

The daily chart shows that SOL price has been in a strong downward trend in the past few months. As a result, the coin has moved below all moving averages. A closer look shows that it has found a strong support at around $30. This support seems like a form of a double-bottom pattern whose neckline is at $48.46.

Therefore, at this stage, the outlook oF Solana is neutral. A drop below the support at $30.42 will signal that bears have prevailed. As a result, the coin will drop to the next key support at $25. On the other hand, because of the double-bottom pattern, a rebound to $50 cannot be ruled out.

The post Is Solana a good investment? appeared first on CoinJournal.

Joke Gains: Analyzing The Profitability Of The Top Meme Coins

Meme coins have increasingly become the investment choice for a lot of crypto investors over the last year. Their tendency to return large gains in a short period of time has been one of the major drivers behind their rapid adoption. However, as with anything that carries the potential for high rewards, these meme coins::Listen

Meme coins have increasingly become the investment choice for a lot of crypto investors over the last year. Their tendency to return large gains in a short period of time has been one of the major drivers behind their rapid adoption. However, as with anything that carries the potential for high rewards, these meme coins are also notorious for losing large portions of their value very quickly.

Which Meme Coins Are Still Good?

Over the last couple of months, the crypto market has begun to cement its position in the bear market. This has seen large numbers of cryptocurrencies lose a lot of their value during this time, and meme coins have not been left out of the slaughter.

At this time, meme coins such as Dogecoin and Shiba Inu have lost more than 80% of their all-time high values. With these declines in price has come a large decline in the profitability of these tokens. But as expected, some have held up better than others.

Coinmarketcap lists the top three meme coins by market cap as follows; Dogecoin, Shiba Inu, and Dogelon Mars. All three of these cryptocurrencies are, in one way or another playing off the support of billionaire Elon Musk and have enjoyed success as a result. However, they differ greatly in terms of how well their investors are doing.

Data shows that Dogecoin continues to be the best investment out of all the meme coins at this time. It is one of the only cryptocurrencies that is currently seeing the majority of its holders in profit, with 50% making money and 48% of investors seeing losses.

The other two meme coins on this list are faring much worse compared to their predecessor. Shiba Inu, which made a name for itself as the “Dogecoin killer,” has seen the majority of its holders plunged into loss after a disappointing performance in 2022. As of the time of this writing, only 25% of all SHIB holders are currently seeing gains. The vast majority (72%) are firmly in the loss territory, while 3% are neither in profit nor loss.

As for Dogelon Mars, it gets worse, with only 18% of holders currently seeing any kind of profit. Its loss ratio is even higher than that of SHIB, with 79% of all holders seeing losses and only 2% in the neutral territory.

The declines in the price of these tokens are also very telling of their ability to hold their value through bear markets. Dogecoin’s price is down 91.71% from its all-time high, while Shiba Inu and Dogelon Mars are down 87.44% and 76.69% from their respective all-time highs.

Featured image from The Face, charts from TradingView.com

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Is Solana a good investment?

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