Will Solana SOL survive?

[Yugocean]

Solana was a hit in the market, and then it crashed; it's a tumultuous moment for Solana, as it's on the decline.

Many crypto experts dubbed Solana the "Ethereum killer" in 2021 because of its smart contract and minimal fees, but in 2022 it has suffered greatly, with the network experiencing regular failures that is called “durable nonce transaction”, as revealed by Solana Labs co-founder Anatoly Yakovenko.

SOL, the Solana blockchain's native cryptocurrency, was trading at $250 in 2021, and SOL investors profited handsomely from their investments, but it is now losing money. Even at $40, SOL is trying to stay afloat.

People may explain Solana's downfall as part of a larger market carnage, and while it isn't as bad as Terra, the truth is that Solana's YTD decrease in 2022 is double than bitcoin. However, SOL is still on top 10 rankings at coin market, which keep some hope for it.​

 

[Shaf]

The truth is that Solana and all other so called "Ethereum killers" will really have a hard time competing with Ethereum in the long run. Most of them only boast of cheaper transaction fees and faster transaction times, like Solana, but we have still seen developers and users use the Ethereum block chain more after this.

Ethereum has been working on it's problems gradually and Eth 2.0has proven to be a great improvement on some of those issues. It also has great security, which is one of the greatest challenges that cryptocurrency has been facing, and when people are dealing with thousands and millions of dollars, they will prefer to pay the higher transaction fees of Ethereum block chain than risk loosing it all.

Solana may have a chance, but like other altcoins, it needs Bitcoin to be in a bullish mode for a while. Even new developments may not do that. It also needs to work on its ecosystem and how often it has time-outs.

 

[SpenserReed]

Solana may have a chance, but like other altcoins, it needs Bitcoin to be in a bullish mode for a while.

I agree, the whole market depends on BTC pumping or dumping, news about a particular coin is not so important...

 

[Yugocean]

@Shaf @SpenserReed
I understand that BTC is the King and it's movement decides crypto industry, yet every crypto in the market has its own value which is diffrent than Bitcoin. Solana is also a diffrent blockchain with its own blocks totally diffrent that Bitcoin and Ethereum. (Terra was a different blockchain too, but it didn't survive, Bitcoin stability at 30k did not helped Terra to keep it's value). Bitcoin value will still have less effect on Solana.