In a recent episode of the YouTube-based crypto analysis show, Coinsider, the host made a compelling case for Solana ($SOL), a high-performance blockchain platform. The host’s bullish stance on Solana is based on four key points: Solana’s resilience, its thriving developer scene, its readiness to support groundbreaking projects, and its unique consumer strategy. Here’s a detailed breakdown of these points.
According to Coinsider, despite the collapse of FTX, Solana’s biggest supporter, the blockchain platform has shown remarkable resilience. The price of Solana dropped from $250 to around $10, a 96% drop, leading many to believe that Solana was dead. However, the host pointed out that Solana’s daily active addresses have held steady at around 300,000 for all of 2023, putting them on par with Ethereum and Polygon. Solana’s transaction volumes have also rebounded to pre-FTX levels, and it ranks fourth in terms of daily fees generated. These factors have contributed to a 150% surge in Solana’s price since January 2023, bringing it back into the top 10 on CoinMarketCap.
Thriving Developer Scene
The host highlighted that Solana’s developer scene is thriving, with the number of full-time developers ranking fourth amongst all blockchains. This means there are more developers working on Solana than on Cardano, Avalanche, and even Bitcoin. The host also mentioned Solana’s new compiler, Solang, which allows Ethereum developers to easily write dApps on Solana, predicting a huge wave of Ethereum dApps moving over to Solana in the near future.
Solana is ready to support groundbreaking projects in its ecosystem. The host mentioned several promising projects in the DeFi space, such as Judo, Margin Phi, and Cipher. In the GameFi niche, Solana has created a $150 million fund to incubate projects, with games like Star Atlas and BR1 Infinite set to launch. Solana is also developing a new niche called d-PIN (Decentralized Physical Infrastructure Networks), with notable projects like Helium building a decentralized wireless network.
Unique Consumer Strategy
Unlike most blockchains that cater mainly to developers, Coinsider says, Solana is focusing on real-world consumers. The host mentioned the Saga smartphone, a premium Android device developed by Solana Labs, which comes with a feature called Seed Vault that stores private keys and allows users to sign transactions with ease. Solana Labs has also launched a Chat GPT plugin that allows users to interact with the blockchain in various ways.
The host compared Solana’s potential to Ethereum’s performance in the last cycle, predicting that Solana could easily do a 30x from its bear market low of around $10, reaching $300. Even at its current price of around $25, the host sees a potential 15x upside.
At the time of writing, SOL is trading at around $22.97, up 2.08% in the past 24-hour period.