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Solana has crashed from $258 to $15 in a year, recording a dramatic fall of over 93% from its all-time high. The last three days have been particularly barbaric on the coin, in response to the ongoing crypto meltdown.
SOL Sheds 41% Amid FTX Turmoil
Solana is one of the worst victims of the crypto collapse set off by the uncertainty surrounding Sam Bankman-Fried’s FTX. The coin has lost 41.63% on the weekly charts. According to DeFillama, the total value locked in Solana went down to $456.85M, with a 27.08% plunge in the last week, a number that has fallen further since then.
While most of the crypto market has fallen prey to the downturn, the deteriorating ecosystem of Solana gives little hope of recovery. SOL investors are moving in large numbers to other projects that can sustain long-term growth. Here is a short list of cryptocurrencies that are proving to be good alternatives to Solana.
1. Dash 2 Trade (D2T)
Dash 2 Trade is currently in the third stage of its presale, after raising close to $6M in just two weeks. The fast-paced presale, turning a blind eye to the crypto market collapse, comes as a pleasant surprise to the community.
Dash 2 Trade dashboard
Industry experts have predicted a 30-50X leap for the token next year, which fuels a crypto analytics platform of the same name. But Dash 2 Trade claims to be more than that. It offers advanced crypto trading signals, predictions, and social analysis to both experienced and new traders who want to fine-tune their portfolios.
The curated data points on Dash 2 Trade will help a broad range of investors and traders get an insightful look into the market. While the crypto market has no dearth of analytics platforms, few provide metrics that make an impact. The complex technical narrative further reduces their efficiency. Dash 2 Trade’s goal is to make trading affordable and profitable for all.
Dash 2 Trade short-term roadmap
These functionalities set apart Dash 2 Trade among the array of analytics tools and platforms:
- Unique social indicators: Sociocultural movements play a key role in determining the direction of the crypto market. Traders can access advanced social and on-chain analytic insights on Dash 2 Trade that will help them identify cryptocurrencies on the brim of a breakout.
- Strategy builder and backtester: It provides a tool for creating independent trading strategies using the Dash 2 Trade backtesting platform that mirrors live market conditions. It helps traders assess the profitability of a strategy and tweak it if needed.
- Custom-made scoring system for presales and ICOs: Presale investments generate the highest returns over time. Dash 2 Trade makes it easier to hunt down promising presales and assess their growth potential.
- Independent technical indicators: The platform gives a relevant, closer look at the market through moving averages, support lines, correlation of price movements between coins and assets, order book statistics, etc.
Dash 2 Trade trading signals
Apart from these, Dash 2 Trade features an auto trading API, risk profiler, listing alerts, on-chain analytics, and social trading. Find out more about the tools and functionalities on the platform from the Dash 2 Trade whitepaper.
Dash 2 Trade tokenomics
D2T, an ERC-20 token, is the native token of the Dash 2 Trade ecosystem. It serves a wide range of utilities, including providing access to the Dash 2 Trade terminal and all of its features.
The most important of these is unlocking the many functionalities on the platform reserved for starter and premium tier users. D2T is also used to access trading competitions, reward users, and run backtests. More utilities will be linked to the token as the project evolves. The ongoing D2T presale offers the cheapest way into the ecosystem.
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2. Polygon (MATIC)
Polygon is already ahead of Solana in terms of market cap. It has played a key role in pushing Solana to the 12th position in the global crypto market charts. Moreover, Polygon is one of the few projects that have stayed strong amid the ongoing crypto crash.
Of course, it has slightly pulled back from the value gained over the last week. However, it is not comparable to the broader market trends. While the rest of the market bathes in a sea of red, Polygon, last week registered a 15.78% uptick on the weekly charts. It climbed about 33.37% on November 10.
Polygon 1-month price chart, 10 Nov 2022, source: CoinMarketCap
Many thought that the Ethereum Merge would spell the end of Polygon. The blockchain continues to prove them wrong with its well-structured, easy-to-use ecosystem built around Ethereum scaling and infrastructure development. The widespread adoption of Polygon across different sectors, including gaming, NFTs, and DeFi has helped it maintain significant demand for its native coin MATIC.
The coin is only 62.33% down from its all-time high, which was registered in December 2021. Polygon’s anomalous behavior in depressing climates has much to do with the team’s consistent efforts toward diversifying the scope of the ecosystem. For example, Polygon is used to create optimistic rollup chains, ZK rollup chains, stand-alone chains, or any other kind of infrastructure required by the developer.
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The flexibility of the network and the stable ecosystem give Polygon a sharp competitive edge against Solana. Judging by the social sentiments around the project, MATIC has the potential to move further up the charts and reward investors lucratively in the coming years.
3. Cardano (ADA)
Solana has a history of stealing Cardano’s thunder. Cardano, which was touted as a potential Ethereum killer in its early days, is now reclaiming the glory.
ADA has shed a good share of the value it gained over the last few days due to the ongoing crypto market crash. However, it is still one of the better losers, given that the dip is limited to 8.68% on the weekly charts. The coin has also gained 3.04% (at the time of writing) during last week. It can climb up to $0.5 in a few weeks when the market moves on from the FTX crash.
Cardano 1-month price chart, 10 Nov 2022, source: CoinMarketCap
Cardano is a proof-of-stake blockchain platform that aims to help “changemakers, innovators, and visionaries” bring about positive global change. Its goal is to redistribute power from unaccountable structures to individuals.
Founded in 2017 by Charles Hoskinson, the project introduces some novel mechanisms that help it host a safe and secure blockchain ecosystem without compromising on decentralization or transparency. It is currently home to a wide range of decentralized apps and smart contracts across different sectors.
This includes agricultural applications that help track fresh produce to educational applications that help store credentials. It goes without saying that the mass adoption of Cardano is a growing threat to Solana.
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4. Algorand (ALGO)
Algorand is another potential SOL killer. As the world’s pioneering sustainable blockchain project, Algorand is penetrating a large user base both in the crypto and traditional markets. The fact that the team is led by Turing Award-winning cryptographer Silvio Micali adds to the appeal of the project and its credibility among traditional users.
Currently, global organizations, businesses, and governments use Algorand to realize their sustainability missions. The project also struck an official partnership with FIFA in May 2022. ALGO has the potential to board a strong upward momentum as the FIFA World Cup kick-starts on 20 November 2022. The long-term projections of ALGO also look good, if Algoarnd keeps expanding its infrastructure and network.
