FUD or “fear, uncertainty, and doubt” prevails in the crypto and NFT space. Multiple projects have been the victim of those that spread FUD and undermine all of the work that has been done on the project.
Solana is no stranger to FUD. As the lifespan of the blockchain continues there are always those that use the slowdowns and issues with the blockchain to create dissent or spell out some form of doom and gloom. The drastic drop in the price of the token has some stating that the blockchain is dead and the native token is poised to go to zero.
Its true the token has not had the best 9 months of 2022, dropping from an all time high of over $260 to a bit over $30 has had many wonder why anyone would still be a believer in a blockchain that has been touted as the “Ethereum Killer” by so many. With the merge quickly coming up many are saying that Solana’s days are numbered, but is that true? There are many plans made by the team at Solana Labs to counteract all of these negative claims made by the “haters” of the platform, one involves using move.
Move is a programming language created by Meta that is meant to be the go-to language for web3 development. Currently Solana seems to have incorporated that language into its development strategy. But as development activity plateaus it seems that is only going to be the case once Move becomes more successful and developers get more acquainted with the technology.
Fireblocks, a digital asset custody , transfer , and settlement protocol announced it will be supporting DeFi on Solana. Unicorn_language has been built upon Solana to provide other computer languages the ability to build on the blockchain and Solana Labs has even rolled out a newer version of Solana itself. It would seem interest in the platform is at an all-time high.
Solana is poised to change web3 and the mobile phone community with its Saga flagship web3 mobile that is due late this year. The mobile phone will implement all of the Solana ecosystem onto a mobile device and allow or all things web3 to be able to be done on a single handheld device. The phone is android based and so far interest in the $1000 or more headset is high.
The view from outside may seem like Solana is on an upswing it the fact remains that trading volume of the token has still taken a very big hit. The volume of the token has been on decline and some volatility is still seen. The circulation market cap has also taken a large drop by a bit over 25% at 25.83% since August. The price has gone past the support line and tested resistance but still hasn’t pushed past the rise it saw August 15. There looks like Solana may be able to test a $38 resistance in the future after a .38% hike.
Solana has also received a lot of criticism from the community as a whole. Helium has stated interest in changing its assets over to the Solana blockchain, citing the speed and efficiency of the blockchain as a main driving factor in the decision but many in the Helium community are not so happy with that decision. The downtime and lack of decentralization that has plagued Solana has been stated as the main reasons of discontent among those within the Helium community.
There is a lot of FUD and many issues that are on the minds of many when it comes to Solana but the platform has multiple projects and collaborations going on. Some investors see this as a time to reach back into the Solana ecosystem while others doubt there is a chance for redemption.
Disclaimer: Remember nothing Solanews reports on is meant to be seen as financial advice. As usual, do your own research and make your own decisions based on what is important and available for you. Solanews does not take any responsibility for any gains or losses made on your part.