Solana can't work alone

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8 May 2022
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The media focuses on how much the price is rising overall for much of their coverage of the developing cryptocurrency market. 

However, the fundamental proponents of the digital asset market are more interested in advancing the underlying blockchain technology's usefulness and potential. 

When it comes to the progress of human civilization, Solana (SOL) is the logical completion. However, technological developments alone may not be enough to salvage SOL or any other presently popular crypto.

Don't get me wrong: Solana is an interesting idea in its fundamentals. 

SOL's promise of scalability for worldwide adoption attracted considerable attention and acceptance when the benchmark Ethereum (ETH) network proved too onerous and costly for developers to use. 

There was a mass exodus from Ethereum because the transaction fees associated with its design were unmanageable for many. In Solana's case, it was a lucky coincidence.

Solana's inexpensive platform costs, fast transaction speeds, and high levels of security were all factors in the company's decision to switch. 

The project's developers have been hard at work for several months incorporating new features into the system. 

As a result, the crypto community may refer to Solana as an "Ethereum killer." Despite this, fundamental improvements have failed to raise stock prices.

In Cinco de Mayo, the stock market crashed, and the crypto industry followed suit. 

Solana, despite its reputation as a practical blockchain, was not exempted. On the other hand, Cryptocurrencies haven't yet recovered from their hangover on May 6.

The point is that Solana is not an insignificant endeavor by any means. It's making a significant difference for blockchain engineers. 

It's depressing that no matter how useful SOL is, it's subject to market sentiment like any other digital asset.

It's possible that the majority of traders in this market aren't concerned with Solana's rapidity, scalability, or security. They want to know whether SOL will bring in any revenue for them or not. 

Don't expect SOL to go against the trend if the crypto market continues to weigh economic risks as severely as stock investors.

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3 Comments

B
MBA ChitChat
Retail investors loss so much money in the stock market and dragging crypto down with it, even for good use case blockchain like Solana.
Johnson Chau
Great analysis on sentiment on Sol. I wonder what people think about Eth 2.0. Would love your take on it!
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