Why This Crypto Went Up 700% in 6 Months

|January 23, 2024
Solana altcoin cryptocurrency symbol golden coin in hand abstract concept.

Crypto is back in the spotlight.

After the bear market in 2022 and the collapse of crypto exchange FTX at the end of that year, many people thought crypto was dead.

But this asset class was in fact a sleeping giant.

Since the collapse of FTX, Bitcoin – the world’s largest cryptocurrency – has rallied as much as 150%.

Bitcoin

That’s an impressive gain. But if you know where to look, you can generate gains four to five times as high.

And I’ll show you how to do that today.

The Winning Crypto Combination

There is always more to learn in the crypto market.

But as someone who’s been invested in the crypto space since 2017 and has written a book on investing in this lucrative market, I know how to take “smart risks” in crypto.

And when it comes to altcoins, it helps to have a framework. For instance, in last week’s essay, I revealed a few factors investors should look for when investing in crypto.

Those factors include an underlying use case, an engaged community and ample market liquidity (if you missed the essay, you can read it here).

This combination is the foundation of any altcoin.

And one cryptocurrency in particular checks all these boxes…

Solana’s Stellar Rise

Solana (SOL) is a rare gem in the crypto world, and it’s soared an eye-popping 700% in the last six months.

This isn’t just luck. It’s the result of a powerful combination of factors that makes Solana stand out in the crowded crypto market.

The first factor is its use case: Solana’s lightning-fast transaction speeds are a game changer. With the ability to process over 50,000 transactions per second, it leaves many of its competitors in the dust.

Transactions Per SecondSource: Company reports

This speed is crucial for scalability and for applications that require real-time processing, like gaming and decentralized finance platforms. In the crypto race, speed matters – and Solana is running like a sprinter who has his eyes on the gold.

But as I mentioned, in the crypto space, you need more than just a killer product… You also need users. And Solana has plenty.

Solana’s ecosystem is bustling with activity, from innovative dApps to booming NFT marketplaces. This vibrant ecosystem isn’t just a sign of life. It’s a beacon of growth. Developers are flocking to Solana, enticed by its capabilities and its community support.

Solana is also an attractive place for app developers.

Unlike legacy players like Ethereum (ETH), Solana has low transaction fees and an efficient infrastructure. This makes it a popular choice for developers looking to build without breaking the bank.

For users, this translates into cheaper and quicker transactions, making Solana a practical choice for everyday crypto engagements.

And while liquidity can be an issue for some cryptocurrencies, it’s not for Solana. In fact, Solana is now one of the largest cryptocurrency projects in the world.

10 Largest Cryptos by Market Cap

All of these factors are key reasons Solana has gone up 700% in the last six months.

Keeping Your Eye on the Prize

Solana’s meteoric rise isn’t a fluke.

It’s the result of a powerful trifecta: unmatched speed and scalability, a thriving and engaged community, and a platform that appeals to both developers and users.

As we’ve seen, these are the ingredients for a successful cryptocurrency.

While the crypto market is known for its volatility, Solana presents an intriguing case. It has solid fundamentals and exciting growth potential.

For investors willing to navigate the choppy waters of the crypto world, Solana offers a promising harbor.

Looking at Solana’s trajectory, it’s clear that this isn’t just another crypto flash in the pan. It’s a leader in a maturing market, one where real utility and community engagement drive value – not speculation.

Solana won’t be the last crypto to soar. And for those who know how to spot these trends early, the rewards can be substantial.

Robert Ross
Robert Ross

Robert Ross’s unique style of clear and direct stock research helped him build a massive following in the investment research industry, starting his career at investment research company Mauldin Economics and quickly rising through the ranks to become one of the youngest chief analysts in the industry. Today, over a million investors turn to Ross every month for his take on investing, economics, and personal finance. He now shares his unique insights in Total Wealth and Manward Money Report.