Millions of People Will Be Blindsided in 2023. Will You Be One of Them?

On December 13, Louis Navellier, Eric Fry & Luke Lango will reveal the major events that could rock the markets in 2023. Will your money be safe?

Tue, December 13 at 4:00PM ET

Solana Is a Long-Term Gem Trying to Find Support

Solana - Solana Is a Long-Term Gem Trying to Find Support

Source: Rcc_Btn /

The long-term chart of Solana (SOL-USD) is truly a beauty. Of course, going back to 2020 for most large-cap tokens will provide a rather pretty-looking chart. However, for SOL, which traded well below $1 for much of 2020, its current level around $100 per token represents some massive upside in about two years.

Now, with that said, Solana has dipped more than 60% from its all-time high. Like other high-growth tokens, investors are placing new valuation multiples on these tokens. Despite its growth potential, Solana is not immune to these pressures.

That said, there’s good reason why many investors are bullish on Solana right now. I’m in this camp and own some SOL. At these levels, I’m considering adding to my stake.

Here’s the bull case on why investors may want to consider Solana right now. Its impressive volatility shouldn’t surprise investors. It’s a digital token and susceptible to market sentiment, which can shift violently from time to time.

However, Solana isn’t your average token. It provides investors with exposure to growth within the platform’s ecosystem, which has been impressive. SOL tokens are used for staking within the Solana network and paying transaction fees. Accordingly, seeing transaction growth on the network, investors have the ability to buy into a project with strong supply and demand fundamentals.

Additionally, Solana is one of the most scalable networks out there. Using a unique proof-of-history consensus mechanism, it has found a way to do more transactions faster. This has led to rock-bottom fees and a transaction-per-second (TPS) rate in the tens of thousands.

For investors thinking about the future state of the cryptocurrency market, Solana ought to be included in the discussion. This crypto network has the ability to ramp up and scale unlike any other. And despite various network slowdowns, there’s a lot to like about the direction in which this project is headed.

I’m a Solana bull for a reason. I think this token has immense potential, which may have been overexuberantly priced in previously. However, at these levels, I think SOL could make a compelling case to be a core holding in any investor’s crypto portfolio today.

On the date of publication, Chris MacDonald owns Solana. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Chris MacDonald’s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.

Article printed from InvestorPlace Media,

©2022 InvestorPlace Media, LLC