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Solana (SOL) Is Like Santa Claus: Some Still Believe in It, Mike Alfred Says

Mon, 12/26/2022 - 13:24
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Yuri Molchan
Prominent investor has slammed SOL, said he sticks with Bitcoin
Solana (SOL) Is Like Santa Claus: Some Still Believe in It, Mike Alfred Says
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Investor in stocks and Bitcoin Mike Alfred has tweeted to liken Solana's native token SOL to Santa Claus in that, while children believe in Santa, some adults still have faith in Solana and hope to see a rise of SOL in the future.

Alfred sticks with Bitcoin, rejects SOL

Crypto analyst Miles Deutscher stated that there is no such a thing as a "bad product," there is only a bad buy. He believes that once SOL reaches price at which it will become a buy with a +EV (EV=expected value), and at that moment it will not matter if a trader believes in it or does not.

Alfred prefers to agree to differ. He said that he would stick with value equities and Bitcoin; "To each his own," he added.

Since the start of November, the aforementioned SOL token (which used to be among those called "Ethereum killers") has been in free fall and lost more than 50% — the price dropped from the $36.88 level to the current $11.35 mark.

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What happened to SOL recently

Solana was one of those platforms that seriously suffered from the infamous crash of the FTX exchange and the bankruptcy of its founder, Sam Bankman-Fried. SBF supported SOL strongly, and many of his ventures invested in it heavily. Among these investments was a purchase of $1.2 billion worth of SOL through his pocket trading firm, Alameda Research.

Besides, Alameda reportedly held $1.15 billion in this token and then began selling it, along with other altcoins, to prevent the collapse of FTX's native token, FTT.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at