Main navigation

Can Solana (SOL) Become Best Performing Asset This Year?

Wed, 07/26/2023 - 08:22
article image
Arman Shirinyan
Solana has been in 'comeback' mode since beginning of summer, but how long can this rally last?
Can Solana (SOL) Become Best Performing Asset This Year?
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Solana (SOL) has emerged as the best-performing coin of the year, showing remarkable resilience amid market volatility. The altcoin has outperformed several of its contemporaries, gaining an impressive 65% in value over the past few weeks, despite losing around 20% from its recent local peak.

The bullish forecast for Solana comes from a detailed comparison with Ethereum's early days. Analysts have noted striking similarities between Ethereum's initial trajectory and the current path of Solana, leading to predictions that Solana might follow a comparable growth pattern. The comparisons have led to the belief that, like Ethereum, Solana could become a prominent player in the blockchain ecosystem.

Solana chart
Source: TradingView

A statement from a renowned analyst read, "So long as you don't mid-curve it, you can see the inevitable from a few years away." The comment highlights the importance of analyzing long-term trends and not getting distracted by temporary fluctuations. Despite Solana's recent 20% drop, the overall momentum and growth narrative remain undeterred.

Solana's rise as the darling of this cycle can be attributed to its robust technological infrastructure and growing ecosystem. It is renowned for its high throughput and low transaction costs, making it a highly scalable blockchain platform for decentralized applications and crypto projects.

Shiba Inu Account Sports New Gold Check Mark

One significant trend observed during this rally is the substantial increase in cheers and support for Solana in the crypto community. As more investors turn their attention toward this rising star, the network effect could play a crucial role in sustaining Solana's growth.

However, as always with cryptocurrencies, investors are urged to approach them with caution. While historical patterns and technological advantages provide optimism, market dynamics and crypto volatility are factors that could affect future performance.

article image
About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.