Solana’s New Era of Wealth-Generating Growth Approaches!
Solana is breaking out of its low point and new peaks are on the horizon! Will it actually get there?
Executive Summary: The moment that many Solana fans have been awaiting has finally arrived! The promise of the technology is present as well as a market that is hungry to speculate on that promise. Should you dip your feet in the water? Or is this a dangerous riptide?
Things have looked amazing for the developers of the Solana blockchain over the last month. There is currently a full and optimistic energy building off of a significant upcoming development cycle that investors have been looking forward to for months now. The most recent update was significant since it described Solana's objectives for the future in forward-thinking sectors such as gaming and decentralized finance (DeFi). Solana fans have also suggested that Solana was getting ready to bring together a number of different strategic initiatives such as Solana Pay and Solana Mobile, into its much larger, decentralized scheme.
The Solana Mobile concept is one that we have been enthusiastically awaiting as it marks the Solana team’s first foray into actual devices that are powered by its blockchain. It is the physical embodiment of what many of us view as the future integration of blockchain-based technology in our lives. Analysts are now able to confidently predict that the much-awaited Saga "crypto phone" will be released in Q1 of this year! If you live in one of the two areas with a Solana retail store (New York City or Miami), you will soon be able to have in hand, genuine tangible evidence of the company's future blockchain vision.
Solana even has developed a brand-new app store for the Saga phone. There is a clear user advantage in doing so: Decentralized applications tailored to the Solana blockchain will be easier to download as a result. Solana is showing considerable wisdom in doing so, as the phone will not need to change user behavior because everyone is used to downloading apps to their phones. We, however, must temper our enthusiasm as pre-orders for the Saga phone may not have exceeded expectations.
What is the fair market worth of Solana?
It is nearly impossible to talk about Solana's future long-term trajectory without considering the cryptocurrency's recent ups and downs. Prior to the FTX scandal that rocked the crypto world the cryptocurrency was trading at about $36. Subsequently, it suffered a severe downturn and had at one a particularly brutal stretch in which it fell below the $10 mark. FTX is far from the only scandalous and criminal behavior that exists in crypto which is we wholeheartedly recommend take time to learn more about by reading this exciting topic in Andy Greenberg’s phenomenal book: Tracers in the Dark.
The price of Solana has almost doubled since its previous year-end lows, there, however remains a considerable amount of room for future price growth. Some have speculated that Solana will be $1,000 per coin soon, we however, believe that the cryptocurrency will most likely be worth roughly $36, which is the price it was trading its disastrous run-in with FTX.
However, the fresh expansion plans currently being considered by Solana are little misaligned with that estimation. Even while it will take some time for investors to see any immediate reward from long-term use cases implementations such as Solana Mobile and Solana Pay, it must be noted that we are starting to see the development of a far more vibrant Solana ecosystem. The growth of Solana’s reach is impressive cause it has seemed for so long that the only real use cases for crypto projects was blockchain based gaming and NFTs. This is far from the case now as Solana is confidently venturing into industries like DeFi with credibility.
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As a result, of all of these aforementioned factors and the development of another potential bull run we here at Promover Crypto have developed a more long-term bullish opinion on Solana. The price of the cryptocurrency will vary greatly over the course of the upcoming year, so it's important to focus on the project's long-term objectives and what the team is trying to accomplish.
This is great news since it shows that investors were not wrong in being impressed with the Solana blockchains exceptional speed and capability for transaction processing. The vision that investors fell in love with Solana in 2021 is now coming to fruition. We are now seeing blockchain technology being used with real-world usage and real-world products and Solana is at the front of the pack! There are no guarantees but it’s a fairly reasonable assumption to make that the current price points may be a great opportunity to get in regardless of how much further it may rise in value.
We are not being too audacious here as understanding the value of Solana requires looking at the fundamentals of the project rather than just focusing on its cost. A higher price target regardless of where it may end up being is a smart call based on Solana’s speed and scalability alone. Let’s keep it real, Solana has a number of advantages over other well-known blockchains like Ethereum, especially where it matters most: faster transaction times and lower costs. It’s a no brainer for why Solana has grown in popularity among its investors, customers and developers. Their commitment and belief in this project have immensely aided in the ecosystem's astounding growth.
Another factor increasing the future value proposition is Solana's commitment to research and development. The Solana team is constantly working on new initiatives and features that have the ability to increase awareness of the blockchain and its potential. For instance, Solana is investigating new DeFi protocols that could encourage even greater growth and connectivity with other blockchains. This would help ensure Solana meets one of its biggest challenges head on.
Before we get carried away, remember, Solana is no different from the other cryptocurrencies in that investing in them can be dangerous and difficult. The market is fickle, unpredictable, and there are always outside influences that can impact the value of a specific commodity. For those who are willing to make the effort to understand the technology and the underlying principles of Solana, there are many reasons to be optimistic about the potential for this blockchain to offer long-term value and growth.
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Conclusion There is a strong case to be made that Solana is on the right path but there are some key hurdles still in its way. Overall we are optimistic. We would, however, love to hear from you in the comments section below. Please share your thoughts one whether you think Solana is truly on the road to recovery and beyond or whether its best days are behind it.
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Consensus 2023 offered an indication that the crypto ecosystem is alive and well, despite the challenges that it has faced over the past year. And the event provided a platform for industry leaders to share their views on the opportunities ahead for the space as well.