- SOL’s price is up more than 139% for this month.
- Investors may look to enter into a long-term long position for SOL this year.
- SOL may perform ADA if the network does not experience any outages this year.
The Solana (SOL) and Cardano (ADA) blockchains are two projects that the crypto space are watching as they are the two best candidates to replace Ethereum as the desired decentralized app (dApp) platform.
Ranked at number 8 on CoinMarketCap’s list of the cryptos ranked based on market cap, ADA’s price has printed a 24-hour gain and is up 0.66%. As such, ADA is changing hands at $0.3797.
Meanwhile, the price of SOL is down 1.85% over the last 24 hours. As a result, its price is currently trading at $13.97 at press time. Solana was one of the projects that was severely affected by the collapse of the crypto exchange, FTX.
The market seems to be moving on, however, given that SOL’s price is up more than 139% so far this month. Despite this, ADA does still have the upper hand going into this year given the major setback that SOL experienced with FTX. Nevertheless, it does not mean that SOL is not able to make the greatest comeback in crypto history.
Besides the FTX drama, the Solana network also experienced several network outages, which scared a portion of SOL holders away. The FTX drama may have been a blessing in disguise for the project – distracting investors away from the numerous network outages and giving the team the opportunity to resolve the issues causing the outages.
Looking at the weekly chart for SOL, the altcoin’s price has had a phenomenal start to the year – posting 3 positive weeks since the start of this month. Investors may look to get in on the opportunity that is presented with SOL for 2023.
If the project’s team was able to fix the performance of the Solana blockchain, then SOL may be one of the best performing cryptos of this year.
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