Solana Rises As Others Fall: Paves The Way Once Again

In case you didn’t notice, the cryptocurrency market has been extremely bearish as of late. Bitcoin is way below the $40,000 mark, setting a downward trend for the overall valuation of these tokens. However, Solana seems to be the lone wolf finding its way towards recovery.

There are a myriad of reasons why crypto isn’t doing so well right now, but some of these could be attributed to the geopolitical landscape as of the moment.

Photo: BBC

A prime example is the Emergencies Act currently being implemented in Canada. Sort of like martial law, PM Trudeau and his government have seized control of all systems including financial ones to prevent any more illegal rallies from occurring. This has blocked off all large transactions, with central bodies able to strike down any suspicious and large exchanges of currency in the name of countering money laundering. Unfortunately, it has also affected crypto transactions: especially for those who want to turn their tokens into cash. The question that has always been on the back of crypto investors’ minds has come forward: I’m rich in crypto, but how do I even encash this amount of money?

Another scenario is the ongoing feud between Ukraine and Russia. Any wrong move could send the world into chaos, which will bring most value back into essential and necessary items. Non-tangibles like cryptocurrency might be affected more than most. Even items that were never doubted in terms of value, such as oil, are now in danger. Volatility is coming back to instill fear into common holders.

With all these events happening simultaneously all around the world, it’s understandable that investor confidence would be at an all-time low. The foundations of crypto as a decentralized platform are being shaken to their core, while governments try their best to regulate and tax such transactions.

These are just a few of the surface-level reasons as to why crypto is experiencing a decline as of the moment. Other factors such as economy, politics, culture, spending habits, and others also play a significant part.

Most crypto investors will see their numbers in the heavy reds right now, which means it’s a time to tighten belts and save money. However, Solana continues to shine a bright light with positive returns as of very recently. To be specific, it hit a high of $95 (while everything else was tanking) before bottoming out at $85 – a respectable amount.

This seems like a repeat of what occurred in the past, where the token managed to hold most of its value while other contemporaries such as Bitcoin, Ethereum, and Cardano fell from grace. However, there’s no guarantee that the same thing will continue to happen.

Thankfully, a lot of people still hold Solana due to its common use for NFT trading. Platforms such as SolSea and MagicEden mainly make use of SOL for transactions, from buying, selling, placing bids, and gas fees. However, we’ll have to see how everything goes within the next days, weeks, and months. WAGMI!

Leave a Reply

Your email address will not be published.

Back to top button