The year 2022 turned out to be one of the most challenging periods for the entire world and the crypto industry in particular. The looming crisis, the war, and some other factors altogether created a force that pulled the cryptocurrency market down in the spring of 2022. That is what crypto-savvy people call “crypto winter” - investors started to massively leave the market, withdrawing their funds, creating oversupply and lack of demand, which led to the price drop further and further. In the fall, the market seemed to be stable, but the beginning of November was marked with another hit to the market - the FTX exchange financial problems caused another outflow of funds from the market, and again, crypto rates dropped.
Looking at some popular assets, we can say that the decline was really huge. Take, for example, Solana crypto price.
Solana Ups and Downs in 2022
At the beginning of 2022, the SOL coin price approached $200, and in May 2022, the price indicator hardly reached the level of $50. A slight recovery was in April, and the rate grew to around $130 and then again dropped to about $32. At the beginning of November, the price collapsed from over $36 to $13, and as of late November, the SOL coin is traded at $14.
Why Will Solana Price Grow?
There are some reasons why we believe investing in Solana is a good idea:
- The market trend will change, and the bull rally will start. Crypto rates will grow.
- Not all crypto projects will survive this crypto winter but only the strongest. Solana is one of them because it has many application cases and a valuable technology at the core, which allows performing 50,000 transactions per second.
- Solana changes the minimum transaction fees.
- The Proof-of-Stake mechanism makes it possible to stake SOL coin and get a passive income.
So the more use cases and the more benefits the network brings to the industry, the more demand for it; therefore, the bigger chances that Solana will become the market leader and even surpass the Ethereum network.
If you want to buy crypto SOL, welcome to the WhiteBIT cryptocurrency exchange. You can generate income from trading and staking SOL coin.
