Is Solana Still Worth Buying After Falling 21% in 90 Days?
The price of Solana (CRYPTO: SOL) is down by 21% over the last three months, deeply shaking the conviction of newer investors who were expecting it to fly upward rather than bleed.After accounting for how volatile cryptocurrencies tend to be, is this somewhat sustained decline a sign that it's lights out, or does this coin still have legs? Let's dive in and analyze the situation.Solana, like all cryptocurrencies, has a bit of a reputation for being the in the wild west as far as the presence of scams and disreputable actors. Unfortunately, that reputation got confirmed recently when in mid-February a meme coin launched on Solana by crypto influencers in the U.S., with the apparent endorsement of the president of Argentina, resulted in investors losing roughly $4.6 billion within hours after its price crashed by more than 70%. It takes time for a chain to recover from a big scandal like that.Continue reading
The price of Solana (CRYPTO: SOL) is down by 21% over the last three months, deeply shaking the conviction of newer investors who were expecting it to fly upward rather than bleed.
After accounting for how volatile cryptocurrencies tend to be, is this somewhat sustained decline a sign that it's lights out, or does this coin still have legs? Let's dive in and analyze the situation.
Solana, like all cryptocurrencies, has a bit of a reputation for being the in the wild west as far as the presence of scams and disreputable actors. Unfortunately, that reputation got confirmed recently when in mid-February a meme coin launched on Solana by crypto influencers in the U.S., with the apparent endorsement of the president of Argentina, resulted in investors losing roughly $4.6 billion within hours after its price crashed by more than 70%. It takes time for a chain to recover from a big scandal like that.
