The sector of cryptocurrency is experiencing a correction that is deep. This is seen through a report that was released recently. This report shows that a majority of alternative coins are going down by more than 70%. This is when compared to the highs they experienced in 2021.
On that list is SOL as well. This is why investors are finding themselves on the fence. They are wondering whether the token possesses fundamentals that are strong enough to warrant investing in it.
Price of Solana Goes Down
The value of SOL is down by around 87.5%. The outlook at the present moment could be dismal. However, there are also certain positives that could make Solana worth paying attention to.
The first of these is Solana Mobile. When the announcement came that Solana would release a mobile stack, on June 23rd, the price of SOL received a boost. This mobile stack is designed to enable the native Web3 apps from Android, on Solana.
Solana has also revealed that it will also release a ‘Saga’ phone that is an Android. This will be done through the Solana Mobile. This will allow them to lead the way when it comes to devices that are enabled with Web3.
The Solana blockchain has a nature that is low fee. This makes it the perfect candidate when it comes to NFT projects as well as DApps. They are also going to release a tech stack for cell phones. This will be the next step when it comes to providing broader access to such technologies.