The crypto market has been in flux of late. Indeed, much of the recent volatility we’ve seen in the crypto world has been positive in recent days — a big win for investors. However, for Solana (CRYPTO: SOL), it’s been a relatively rough few months.
This top cryptocurrency, which was in the top five in terms of market capitalization, has since dropped to ninth spot. Still, it’s a top-10 token, but there are many investors who may be wondering if Solana has further to fall. After all, a series of network disruptions and other issues have shaken many investors’ faith in this top token.
That said, there are a couple upcoming catalysts in March that investors should watch. Here are two of the key factors I’ll be watching this month for Solana.
GameFi taking centre stage
Solana has recently launched its Solana GameFi project, with the help of $2.5 million in funding. GameFi essentially builds on the growth we’ve seen in “play-to-earn” blockchain-based games. These games combine the worlds of decentralized finance (DeFi) and video games (Gaming), making them intriguing growth opportunities for crypto investors.
Solana’s hope is that its GameFi platform can continue to take off. Late last year, Solana and other platforms saw a surge in interest among investors looking to put their capital to work in this space. The hope is that this fund will leverage the core strengths of Solana as a high-throughput blockchain, making various AAA game titles a reality.
I’m bullish on this long-term trend and think Solana could be a big winner in the play to earn space. Accordingly, I think March will be a big month, as investors will be watching for new releases and project updates.
DAOs: The hot topic of the crypto space
DAOs, or decentralized autonomous organizations, could be best defined as yet another buzzword in the crypto space. These DAOs represent structures that replace traditional hierarchies in decision making for crypto projects. As it turns out, Solana is the latest blockchain to gravitate toward a DAO-linked future.
Solana has launched Squads, a platform to allow users to deploy DAOs on the Solana blockchain. Essentially, blockchains are fighting for market share in many growth areas. The development of DAOs on various blockchains is one such space. Currently, the leader, by far, is Ethereum in this realm. However, Solana’s Squads infrastructure looks to change that.
Squads’s mainnet launch took place at the recently held Solana Hacker House event. A $5 million strategic funding round announcement followed this launch. Accordingly, investors will be watching how this Squads platform performs, as Solana’s ecosystem looks to broaden. For now, this is an interesting catalyst investors will want to keep an eye on in March.
Bottom line on Solana
Solana is one of the top cryptocurrencies I remain very bullish on. This cryptocurrency represents a fast-growing ecosystem with the potential to really disrupt existing players. Few other networks pose this threat to large networks such as Ethereum.
For those thinking long term, this is a token to consider. In my view, March could be a big month for Solana. Let’s see how everything shakes out.
