Solana is once again a top ten coin, I am starting to feel like I will regret not buying solana and hold for a long time because if this project survive it will bring the highest ROI in the list of top coins on coinmarketcap, the present value is even looking good, what is your take on Solana? Are you a believer or you think it won't do well for long.
Whales keep pumping SOL for unknown reasons. But if the Solana blockchain itself keeps failing, the pump won't last for long. Just because it's among the top 10 ranks in market cap, doesn't mean it's worth the investment. Market cap is just the calculation of the coin's total circulating supply multiplied by the current market price. What really matters is the project's real use cases to the mainstream world.
So far, it's been driven by hype instead of delivering concrete results to the public. There has been so many network outages in the past, which greatly damages Solana's reputation. With the FTX collapse, SOL will lose traction in the long run (especially when FTX was a major investor of the coin). There are far better alternatives that are much more reliable and decentralized than Solana.
That is why I don't recommend investing in hyped projects, not it looks scammy but the situation is kinda a sort of warning as to what will happen after the price surge. Because in the bear situation of the market, you'll gonna be wondering why this is happening to Solana when the majority are in the dip. Of course, we can really think and assume that there is manipulation happening in this project, and investing in them could have something terrible to happen when the hype is over.