3 Reasons to Be Excited About Solana

Here’s why long-term investors looking for a top cryptocurrency to buy right now may want to consider Solana (CRYPTO:SOL).

| More on:
crypto, chart, stocks

Image source: Getty Images

Now the sixth-largest cryptocurrency in terms of market cap, Solana (CRYPTO:SOL) has been on quite the ride of late. This token has surpassed some other big projects in very short order. Accordingly, bulls are once again in buying mode when it comes to this top proof-of-stake network.

I’m of the view this buying activity is justified. However, there are certainly other reasons why some investors may be bearish.

Let’s dive into what’s been driving this positive price action with Solana of late.

1. Launch of Solana Pay

Perhaps the most significant driver of Solana recently has been the launch of Solana Pay via Solana Labs, the parent company behind this project.

Solana Pay looks to disrupt what’s already a high-growth area of the crypto market. Merchant payments using crypto already exist. However, Solana Pay looks to provide the first true crypto-to-crypto merchant platform.

I think this development is very bullish for the long-term thesis of crypto as a potential disruptor of the existing financial infrastructure we take for granted. It appears bulls agree right now.

2. PUBG makers signs agreement with Solana Labs

Another key catalyst that retail investors have jumped on with Solana is a highly-anticipated partnership with Krafton, the maker of the popular battle game PUBG. Krafton announced this partnership approximately one week ago, with the goal of integrating NFTs and other blockchain-based services into games.

Like other crypto networks, Solana has risen due to a surge in NFT interest. Accordingly, there are a number of reasons why investors are bullish on this announcement.

Those looking at Solana as potentially the foundation of Web3 may like what they see. At least, this announcement signifies Solana is moving in the right direction.

3. Signifiant development interest on the Solana blockchain

The Solana blockchain is garnering the attention of developers and organizations looking to launch projects. Indeed, as the foundational layer of the future of crypto, investors in Solana like what they see.

Examples of this developer interest are many. However, among the key announcements that’s generating interest in Solana are work from Block Tackle, a Web3 gaming startup. This company announced a new Solana NFT skateboarding game. The Giving Block, a crypto philanthropy platform, announced the addition of support for the Solana blockchain. And popular crypto exchange Coinbase added Solana token support to its wallet browser extension.

Bottom line

Overall, Solana is one of the projects I’m most excited about right now. There’s a lot going on with this platform, far too much to list in a single article. However, these three catalysts are ones investors may want to watch closely right now.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Chris MacDonald owns Solana. The Motley Fool owns and recommends Solana.

More on Cryptocurrency

crypto, chart, stocks

Where Is Polkadot Headed in 2022?

Here's why Polkadot (CRYPTO:DOT) may be headed higher during the latter half of this year, following a dismal start to…

Read more »

A stock price graph showing declines

Struggling Cryptos: Market Cap Falls 3.37% Overnight  

The global crypto market lost a significant amount of its market cap overnight, as the selling pressure on cryptocurrencies continue.

Read more »


Bitcoin Tanks 38% in 2022: Buy It Cheap?

Bitcoin has fallen considerably this year, and it might be worth investing in at a discount for stellar returns.

Read more »

Person Hands Opening Mailbox To Remove Newspaper

XRP vs. SEC Lawsuit: Some Interesting Developments

The summary judgment in the ongoing legal battle in the cryptocurrency market might come in 2023, not this year.

Read more »

crypto blockchain

Is XRP the Large-Cap Crytpocurrency to Own Right Now?

Let's take a deeper look at whether XRP (CRYPTO:XRP) is a digital token worth investing in at this particular juncture…

Read more »


Can the Ethereum Merge Take This Token to New All-Time Highs?

Here's a dive into what the upcoming Ethereum merge is and why investors may want to pay attention to this…

Read more »

crypto, chart, stocks

2 Top Crytos to Buy Right Now

Here are two top cryptos investors may want to consider right now, given the sharp selloff we've seen in this…

Read more »

Diagonal chain made of zeros and ones. Cryptocurrency and mining.

2 Cryptocurrency Stocks Investors Can Buy Right Now

Cryptocurrency stocks such as Coinbase and Hut 8 Mining are trading at attractive valuations, making them attractive to long-term investors.

Read more »