Solana (SOL) rallied 30% and almost touched the all-time high levels of $216 after breaking out above a pennant formation. SOL missed the ATH price by just $1, according to Binance.
Solana is expected to see some consolidation around the $200 mark. Should the support at $192 fail, Solana can explore lower levels ($177) before any new attempt to break the all-time high occurs. Expect significant volatility from Solana over the short term. For now solana is at the price of 198.80$ is it the best time to invest in Solana or not?
There have been lots of crypto currencies and projects that have been created in the community to overtake ethereum in the market. So, failing to its own peak level is highly expected and whenever these coins are created, we always see talks like this going round about them having what it takes to be the next biggest thing in the alternative cryptocurrency market.
But at the end of all this, it usually ends with everyone forgetting about those projects and Ethereum continuing with its lead as the number one altcoin in the market. So, I can’t really give you an answer that Solana will be the next biggest project there is, it’s quite possible that Ethereum will maintain its position in the future. You can even take Bitcoin as an example, Bitcoin is main purpose has been about transaction.
But, we have seen events where the fees for sending money with Bitcoin has increased, despite all that, there haven’t been any other cryptocurrency that can be able to replace Bitcoin, but there have been many of them that were created to Replace it, but they haven't been successful.