The cryptocurrency market has had a tough start to 2022. With the Russian-Ukraine war crisis that’s arisen of late, one might have expected to see this sector take even more of a hit. However, the inverse has been true.
Of late, the crypto market has been red hot, leading many top tokens to surge higher. One such token that’s been on the move recently is Solana (CRYPTO:SOL). Here’s why I think this is a top cryptocurrency to buy right now.
Solana is a cryptocurrency to behold
Solana is layer one that utilizes a PoS (proof-of-stake) validation mechanism. This isn’t unlike several other networks. However, what actually distinguishes Solana from its peers is that it’s blazingly fast, and transactions are seriously cheap. Most blocks are completed with a 400-millisecond block time and at a fraction of a cent. For smaller transactions, Solana’s network makes so much sense.
Often seen as a key competitor to Ethereum, Solana’s structure is what gets most investor’s attention. Congestion on the Ethereum network has pushed developers and users to other platforms like Solana. This has, in turn, caused some congestion on Solana’s network, with similar problems materializing of late.
That said, the Solana team attributes these issues as “growing pains.” I tend to agree with this assessment. Accordingly, those looking at speed and cost as key factors to consider with their investment can’t go wrong with this crypto right now.
Solana Foundation will be holding events
Recently, the Solana Foundation announced that it will be holding a series of events. These events will be held in a range of places globally, thereby stimulating the interest of developers in the ecosystem. The Solana team is calling the event “The Hacker House.” Key events are planned for New York, Florianópolis, Prague, Nassau, and Berlin.
Developer growth is key to the investment thesis for any crypto network. Accordingly, the Solana Foundation has clearly put an emphasis on growing developer usage of its platform. These events are great steps forward for investors considering the growth prospects of Solana’s ecosystem.
Bottom line
Overall, Solana is an exciting project, with real competitive advantages in the areas of speed and cost. This provides a solid baseline for developer growth, which we’re seeing encouraged by these events.
I think that as the crypto sector evolves, Solana will play a key role in its development. Thus, this is a top project I see significant upside with in the years to come.
Indeed, risk always comes into the discussion when assessing any token. And this is certainly the case with Solana. That said, from a risk/reward standpoint, there’s a lot to like about how this token is positioned right now.
