Solana cryptocurrency is predicted to collapse soon

not financial advice!

The Solana (SOL) cryptocurrency, the token of the blockchain network of the same name, is likely to collapse. Some financial analysts believe that the «Ethereum killer» will suffer the fate of EOS (the development of the cryptocurrency project has almost stopped).

Interestingly, EOS, like SOL, competed with ETH. Cryptocurrency holders were offered similar functionality, so the blockchain was perceived as a cheaper and more advanced version of Buterin's creation. In addition, EOS was criticized for not actually being a blockchain in the classical sense of the word. Similar problems have now affected Solana. At present, the number of developers who have worked with Anatoly Yakovenko’s blockchain has decreased by 97%.

Most experts do not trust Solana as a safe digital asset for investment. Analysts express doubts that SOL is a reliable cryptocurrency. However, in the fall, the token was predicted to grow by as much as 825%. Crypto experts constantly draw attention to the overvalued rate of the SOL token. Many of them believe that the coin has grown thanks to a pump-and-dump scheme involving the FTX cryptocurrency exchange, Alameda Research, and Сем Бенкман-Фрід" href="https://noworries.media/biography/sem-benkman-frid/" data-bio-id="3697">Sam Bankman-Fried. Experts are confident that Solana will not be able to recover after the collapse of Fried’s empire.

It should be emphasized that SOL holders should be careful, as the cryptocurrency is popular with many fraudsters. Thus, in early October, BleepingComputer specialists discovered an application that steals funds from Solana owners. The hackers impersonated the developers of the Phantom cryptocurrency wallet and sent users malicious NFTs. After sending out the tokens, the hackers asked their victims to perform a security update by clicking on a link.

Another important factor that influences the community’s opinion of SOL is the constant interruptions in the blockchain’s operation. Last year alone, the «ETH killer» suffered from ten partial or complete outages. And in November, the German cloud hosting service Hetzner restricted access to servers with Solana blockchain nodes.

Despite this, SOL supporters assure that the current problems are temporary. They rely on the powerful NFT community on Yakovenko’s blockchain. Meanwhile, DeGods and y00ts, two of the most popular Solana NFT collections, have announced the transition to Ethereum and Polygon.

As a reminder, an artificial intelligence algorithm has predicted the value of Solana (SOL) as of December 31, 2022. According to PricePredictions, the token will be trading for $ 12.81 by the end of this year. At the time of writing, SOL is worth $ 11.35.