Altcoin Fix: Why Could Solana Be a Good Buy?

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Altcoins are having one of their toughest years in 2022. Major altcoins have all fallen massively since the turn of the calendar, and with the market downturn, the worst is yet to come. But despite this, some investors see the correction as the perfect opportunity to buy coins at fair value. Solana could be a good deal, and here’s why:

  • SOL is backed by a robust blockchain project that will provide utility for years

  • Some of the largest institutional investors in the world buy SOL

  • The coin has plunged massively and has never been so cheap

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Data Source: TradingView

Solana Price Analysis and Future

There is always this fear that during a major market downturn, a majority of altcoins will frankly cease to exist. In fact, some projects have already sunk and we’re not even done with the bear market. But Solana is just a different ball game. With a market capitalization of $12 billion, SOL is simply too big to drop right now.

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But the price action is also very interesting. After hitting around $25, the coin threatened to drop below $20 for the first time in months. But while the crypto market has seen some recovery, SOL has led other major altcoins to fully outperform the broader market.

For now, the coin sits quite above $35. But we don’t think that’s the final price. In fact, the June crypto fallout will likely continue for a few weeks. If SOL drops below $25, buy it.

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Why it makes sense to load on Solana

Every market has ups and downs. Crypto is no different. Right now, investors are feeling the pain.

But the underlying factors that have made crypto attractive over the years have not changed. Even if the outlook becomes lackluster, the crypto will recover and coins like SOL will lead the way.

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