If this continues, a further slide lower may be in the cards. Or, crypto market participants overall could be taking profit from their positions. Others point to news of China cracking down further on crypto miners. Some cite recent strengthening of the U.S. Market commentators have come up with various reasons why this sell-off is taking place. It’s too soon to say whether what’s playing out with cryptos is a potential meltdown, or simply near-term volatility. Rather, following its tremendous rise in value in recent months, assuming crypto enthusiasm once again cools off, it may wind its way again down to prices well under $200. Yet while this bodes well for SOL-USD over the long-term, it may not translate into higher prices in the short-term. At this moment, it appears to be the front-runner among the “Ethereum killers.” To top it all off, as my InvestorPlace colleague Mark Hake recently argued, Solana is doing a better job attracting DeFi, dApp (decentralized app) and NFT (non-fungible token) developers than Cardano. In the case of this token, not only does its network sport much faster transaction speeds (tens of thousands per second) than Ethereum’s network but transaction fees with it are much lower as well. Or, at least, gain significant ground when it comes to its share of the overall blockchain economy. Solana and Cardano, its highly DeFi-compatible (decentralized finance) peer, both could give Ethereum a run for the money. Despite its strong long-term prospects, as it’s due for a more outsized correction, there’s little reason to scoop it up any time soon.īefore making the argument as to why now’s not the time to buy SOL-USD, I’ll reiterate what I’ve said about it in prior coverage: there’s ample long-term upside potential with this name. With BTC and ETH? Long-term crypto bulls may want to buy this dip and add to their positions. I would say the latter, but on a case-by-case basis. So, with pullback, is it time to head for the hills, or buy?
It’s taken a dive too, falling below $2 per token.
After hitting another all-time high, ETH could fall back below $4,000 per token.Īs for Cardano (CCC: ADA-USD), Solana’s key rival among the so-called “Ethereum killers?” Despite treading water while its peers zoomed higher, ADA is not getting out of this latest mini-correction unscathed. A similar thing is playing out with Ethereum (CCC: ETH-USD). In addition, due to the still in-progress overall crypto sell-off.īitcoin (CCC: BTC-USD), not too long after hitting a new all-time high, is hanging just below the $60,000 per coin once again. To some extent, its because of traders taking profit after the token’s epic run-up over the past few months. Just like I anticipated happening earlier this month, Solana (CCC: SOL-USD) has been trending lower.
0 kommentar(er)
