The entire cryptocurrency sector is stuck in a huge correction zone, which is growing deeper over time. Just recently, a report was shared surrounding the performance of altcoins. It shows that the majority of the altcoins are trading extremely lower than their all-time high (ATH) levels.
The report has even provided an estimation that the drop rate of the majority of the altcoins is over 70% compared to the all-time highs recorded in 2021.
Solana is on the List
This is where Solana (SOL) has found itself on the same list of cryptocurrencies experiencing a 70% dip compared to the 2021 all-time highs.
In recent months, the performance Solana has demonstrated is quite concerning for the entire Solana community. Due to the constant downtrend of Solana and its price falling down to such a low figure, the investors want to know whether to invest in SOL or not.
The investors now want to know if they should buy Solana or not. Some investors are eager to buy Solana due to the low price it is currently exhibiting. Then there are investors who are concerned about the low price of SOL, as they consider it to be a loss if they invest in it.
The analytical firms show that the trading price of Solana has dipped by 87.5% from the all-time high price it had hit back in 2021. Given the current situation, Solana has continued experiencing a dip in its trading price.
Any rally that the investors formed in favor of Solana was met with a dip. Despite the efforts, Solana has not been able to break out at a significant rate.
Despite the dips, there are a few positive factors that may help push the price of Solana higher. However, these factors may kick in just as the input of the investors, increases, and the investors come in on a larger scale.
It was on June 23 when the Solana team announced the launch of a new project. The new project was the Solana mobile stack. Through the Solana mobile, the users will be able to download and install the Solana Web3 apps through the Google Play Store.
The announcement has given a huge boost to the price of Solana and Solana aims to keep launching its own smartphones. The android phones will be launched as “Saga” phones and will be backed by android. This way, Solana is aiming to earn a lead in the Web3 sector with Web3-enabled devices.
Apart from the above, Solana is also exploring metaverse and Web3 on a larger scale. This way, Solana is aiming to bring in more users and adoption to the platform. The NFT technology is also benefiting from the Solana blockchain as it offers very low fees for processing NFT transactions.