Crypto enthusiasts rejoice! It appears that the crypto market’s bearish streak has come to an end, as tokens like Solana now show rising prices. As you’re most likely aware, the virtual market has been suffering through massive losses since December 2021, with Bitcoin’s value going from more than $50,000 to nearly $40,000. However, the market is now recovering for the third day.
SOL is now trading at more than $153, increasing by 6.80%, according to CoinMarketCap’s graphs and data. Solana will likely reach a new all-time high during Q1 of 2022 if this bullish streak continues.
Crypto Market Finally Breaks the Slump
Halfway through the second week of 2022, the cryptocurrency market finally recovered from the consistent downtrend it was experiencing recently, which was discouraging for many investors. Even Bitcoin wasn’t exempt from the red flood, but it has been slowly starting to rise in price as well. The leading crypto asset is now trading at $43,432, which shows an increase of about 3%.
Ethereum is also following behind, as the second-leading network rose by 5.4% over the last week. There’s a chance that this new uptrend in the market is due to multiple technological developments launched over the last week, including Solana.
For instance, the Bank of America recently said that the SOL token could function like a Visa for the crypto market. In other words, Solana symbolizes decentralized commerce. Alkesh Shah, Bank of America’s strategic agent, believes Solana could be the face of the crypto trade because it has the skills to do so.
The Ethereum Killer
At this point, it’s no surprise that Solana is known for being an excellent alternative for Ethereum for developing blockchains and other similar projects. However, one thing that does make Solana unconventional is that it offers speedy transactions, not to mention its affordable gas rates that don’t go past $0.00025.
Solana has struggled to find a place in the developing yet saturated crypto market since 2020. However, it was able to rank fifth place in terms of highest capitalization. However, there’s one thing that stops Solana from surpassing Ethereum, and that’s uptime. Nevertheless, there’s still a chance that SOL could become the second biggest crypto in the market in time, especially once investors realize and accept that trading on Solana is much better than on Ethereum.
