Altcoins are having one of the most difficult years in 2022. The major altcoins have all dropped massively since the turn of the calendar, and with sentiment in the market slowing, the worse is yet to come. But despite this, some investors see the correction as the perfect chance to buy coins at fair value. Solana could be a good bargain, and here is why:
SOL is backed by a robust blockchain project that will offer utility for years
Some of the biggest institutional investors in the world are buying SOL
The coin has dipped massively and has never been this cheap
Data Source: TradingView
There is always this fear that during a major downturn in the market, a majority of altcoins will quite frankly cease to exist. In fact, some projects have already gone under, and we are not even done with the bear market. But Solana is just a different ball game. With a market cap of $12 billion, SOL is just too big to go down for now.
But the price action is also quite interesting. After tanking to around $25, the coin was threatening to fall below $20 for the first time in months. But as the crypto market saw some recovery, SOL led other major altcoins in fully outperforming the entire market.
For now, the coin sits pretty above $35. But we don’t think this is the final price. In fact, the June crypto fallout will likely continue for a few weeks. If SOL drops below $25, buy it.
Every market has ups and downs. Crypto is not any different. Right now, investors are feeling the pain.
But the underlying factors that have made crypto attractive over the years have not changed. Even as the outlook turns dull, crypto will recover, and coins like SOL will lead the way.
The post Altcoin correction: Why could Solana be a good buy? appeared first on CoinJournal.
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