Most cryptocurrency experts don’t trust the Solana token — here’s the reason

The Solana (SOL) cryptocurrency is increasingly being called the main competitor to ethereum among altcoins, which is why analysts often monitor SOL more than other tokens. According to a recent survey of 55 financial technology professionals and Web3, the majority of experts do not trust Solana as a safe cryptocurrency for investment.

According to the survey, only 37% of respondents are convinced of Solana’s security, 33% have completely lost confidence in the token, and 30% are currently unsure that SOL is a reliable cryptocurrency. However, despite some technical failures of Solana and pessimistic analysts' forecasts, many experts predict a successful future for SOL. A few days ago, InvestAnswers analysts predicted Solana’s growth by 825%, calling the cryptocurrency the main competitor of Ethereum.

«Although Solana is trading at less than 1/16 of Ethereum’s market capitalization, it is just as widespread and performs many transactions. We believe that due to the active implementation of the smart contract platform, Solana’s price will be 20% of ETH’s value in the near future ,» the InvestAnswers host emphasized at the time.

It is worth noting that SOL holders should be careful, as cryptocurrencies are targeted by many fraudsters. Thus, in early October, BleepingComputer specialists discovered an application that steals funds from Solana owners. The scheme is simple: hackers impersonated the developers of the Phantom cryptocurrency wallet and sent users NFTs called PHANTOMUPDATE.COM or UPDATEPHANTOM.COM. After sending out the non-fungible tokens, the hackers asked their victims to perform a security update by clicking on the link.

To add urgency and encourage users to click on the link immediately, the message claimed that failure to download the update «could result in loss of funds due to hackers' use of the Solana network.»