After starting the year strong, Solana (CRYPTO: SOL) is cooling off, as are many other cryptos. In January, the cryptocurrency was up more than 134% at one point and looked unstoppable. But it's been a different story in February, with it down nearly 20% from its peak in January.
The good news is that this 20% downturn qualifies as a "dip" and a potential buying opportunity. Solana still has long-term catalysts in place that could help power it to higher gains later this year.
The fundamentals still look good at Solana. After the spectacular collapse of FTX (CRYPTO: FTT) in November, investors were understandably concerned whether the crypto could ever recover. Not only was the price of Solana tanking, but it also looked like developers, non-fungible token (NFT) creators, and users might decide to abandon the Solana blockchain out of an abundance of caution.
Source Fool.com