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Tuesday, January 31, 2023

Solana Has Rallied Its Token While The Market Stays Static

There have been major price corrections going through the crypto market currently- and yet Solana has managed to rally its tokens. This correction is quite similar to the one that traders saw in May which inflicted widespread suffering amongst the majority of the shareholders. This flat market could very well be the death sentence for quite a few struggling projects with their tokens capitulating and dumping it at any price offered. 

Now, it is pretty evident that this process of weeding would take out the weak from the herd. But they also allow the strongest performers to come out of the crowd and see for themselves how much of a crowd they can attract and how many eager investors are looking for a safe haven in their projects. This competition has led to the growth of two different crypto tokens- Solana and Enzyme. 

Solana Rebounds From Its May 19 low

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Solana is one of the two tokens that has managed to bounce back pretty well following its crash back on the 19th of May. The asset is simply a proof-of-stake protocol that is quite capable of processing transactions numbering in the 60,000s every second.

The momentum for this very project geared up on the 2nd of June, after reports of Metaflex NFT launches came to the fore. The platform simply offers a much more radical approach to NFTs and NFT Storefronts- which is prevalent on this blockchain. 

This announcement then found support with a series of different project launches for this cryptocurrency which includes the decentralized lending and borrowing platforms Solend, along with Moet Finance- the decentralized, derivative that is extremely capital-efficient. As Cointelegraph Markets states, most of the market conditions for Solana have been pretty favorable for the asset.

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