Why is Solana still among the top 10 coins in market cap?

[Minecache]

I can't understand why Solana is still at the top, when it's been a victim of constant network outages and hacks.

As long as it has the support of the VCs, it is not going to lose its position.

The biggest VCs behind Solana are investment fund Alameda Research and exchange FTX, both owned by Sam Bankman-Fried.

the project's developers still haven't solved the outage issue, so why would you use Solana when there are far better blockchain networks which focus on security and reliability (eg: Cardano and Ethereum)?

Solan is the best in terms of transaction speed and fee. The only issue is that the security of their blockchain is very poor, if the team fix it then i believe it will beat cardano in market cap

If you compare it to cardano and ethereum in terms of gas fees and transaction speed, it can be said that the solana network is at the top of the list. But really, apart from the speed and cheap transaction fees, I find Solana nothing outstanding compared to the other 2 coins. Solana has omitted the element of decentralization and security in exchange for speed and gas fees, so it is considered the most centralized and least secure layer1 project.

[Eternad]

Solana is backed by many huge VC and they are connected too on many prominent project like FTX, Serum, Raydium and many more that can easily for them to sustain each other since they are the huge holders on there respective token. Simply think that if Solana is not profitable business while other connected project like FTX is still doing fine, there token value is not affected that much by FUD since there top holders is still holding on and doing fine. This is the advantage on Blockchain project that has a self sustaining ecosystem that is not too dependent on Bitcoin market.

[Orange89]

Solana had definitely lose it's market cap , But the best part with the Solana Ecosystem their early investor and community still very much in the support of the Solana Ecosystem and despite various exploits in Sol they are still in market it's simple because they had strong team and partners behind its also in news that BNB itself helping the Sol Ecosystem so for the Current Scenario in the Market i don't think sol will lose it significance and i feel more project will came in Sol Ecosystem but it's interesting to see Eth 2.0 Thanks

[serjent05]

What are your thoughts? Your input will be greatly appreciated. Thanks.

Despite the hacks and outages, I think Solana had established its network of community.  There are more than 350 projects built under the Solana network so this might be the very reason why Solana is still in the top 10 coins in the market cap.  Aside from that the popularity of Solana attracts more projects to use it because it was stated that it can process more than 50k transactions per second.[1]  With cheaper transaction fee than ETH and Bitcoin, this is probably another reason why there are still lots of projects choosing Solana for development which is also another reason why Solana keep on clinging to the top 10 in the market cap.  


[1] https://maddevs.io/blog/top-projects-in-the-solana-that-investors-should-follow/

[Coyster]

Whilst it has had its own fair share of problems, i guess people still believe in their network and that is why Solana is still where it is at the moment, remember that a while back quite a lot of investors believed it was the coin to take Ethereum out of first position in the altcoin market, they called it the "Eth killer", i know there have been quite a lot of coins that were called "Ethereum killers" in the past, but i think there was a large share of believe amongst its community of investors that Solana was actually going to be the one to get it right. Well, things haven't gone right for them as they must have envisaged, but maybe people are still believing, thus they are still investing and trading with it, it prolly might not stay as high as it is now in the next couple of months, and sooner rather than later we might see a decline.

[Xal0lex]

A counter question, why is XRP, which has been removed en masse by every possible exchange, which is still being sued and whose ATH has not been updated in almost 5 years, still in the top 10? It is likely that the crypto market is not as simple as it seems. That's why problematic, but whale-backed, centralized projects are at the top, while technically better cryptocurrencies and more technologically advanced than their known counterparts, no one needs and are almost worthless. That's probably because Solana has managed to grow into a huge ecosystem, and even the shutdown of the entire blockchain is incapable of bringing this entire ecosystem down. As long as the Solana blockchain space is in demand and supported by funds, all technical shortcomings will be forgiven.

[abel1337]

They have the power to sustain their position I guess? There are powerful VC that is behind Solana that we know, there are whales who don't want Solana to go down and also there's the demand of it. There are many projects under Solana so we can say that there are proper demand on it. These investors are still believing in Solana that's why it can't go down even with the short comings. They grow fast this is why I think they can still fix what ever issue they have on their project.

[justdimin]

Solana is backed by many huge VC and they are connected too on many prominent project like FTX, Serum, Raydium and many more that can easily for them to sustain each other since they are the huge holders on there respective token. Simply think that if Solana is not profitable business while other connected project like FTX is still doing fine, there token value is not affected that much by FUD since there top holders is still holding on and doing fine. This is the advantage on Blockchain project that has a self sustaining ecosystem that is not too dependent on Bitcoin market.

Just because they have a network doesn't mean that they are good. I can easily say that they are a project with many talented developers, great designers and amazing marketing people who all have a network that allows them to get paid enough to sustain a level of development and improvement which would be beneficial to improve it.

But, they are also seeing themselves on a bigger place than they normally are, and acting as if they are already there. What they want to achieve is ambitious and if they can do it then it would be great, like the famous 65K tps, which would be amazing, but they act as if they already have it, and they do not even have like 2k tps right now.

[GreatArkansas]

I can't understand why Solana is still at the top, when it's been a victim of constant network outages and hacks.
(....)

First, I believe there were no hacks that happened on the Solana network itself. But I believe the hacks here happened to some platform that is built on top of Solana networks, like the recent Slope wallet issue.
Solana outperformed most of the altcoins on the recent bull run, ROI is really huge from 1 digit to 3 digits in just a short period of time.
Overall, I can say Solana should be in the Top 10 now because of its unique network as the best alternative to Ethereum as a layer-1 network.

[budi691]

people still believe in Solana, because the speed of transactions is a good crypto asset and is much sought after by crypto lovers. Even though the crypto market is very risky, these are probably some of the reasons why Solana is still in the top 10 coins for now

[BobK71]

people still believe in Solana, because the speed of transactions is a good crypto asset and is much sought after by crypto lovers. Even though the crypto market is very risky, these are probably some of the reasons why Solana is still in the top 10 coins for now

Solana is a project that is moving forward despite repeated setbacks. I will not take this matter negatively. Because Solana is moving forward by learning from all those mistakes of the past. Their development can never be ignored. With all the facilities they are putting into their projects, there is no doubt that they will fall down. Due to the current bearish trend, Solana is in buy position. Where big investors and whales are holding. Hopefully, if the market recovers a little, Solana will not take time to reach the highest peak.

[fuguebtc]

people still believe in Solana, because the speed of transactions is a good crypto asset and is much sought after by crypto lovers. Even though the crypto market is very risky, these are probably some of the reasons why Solana is still in the top 10 coins for now

Solana is a project that is moving forward despite repeated setbacks. I will not take this matter negatively. Because Solana is moving forward by learning from all those mistakes of the past. Their development can never be ignored. With all the facilities they are putting into their projects, there is no doubt that they will fall down. Due to the current bearish trend, Solana is in buy position. Where big investors and whales are holding. Hopefully, if the market recovers a little, Solana will not take time to reach the highest peak.

As long as Solana does not stop and continues to grow from her mistakes, it still has a chance and deserves to be part of top projects. I think solana should be more serious about her development, don't rush to let my project develop quickly, but ignore the things needed to make sol more solid. Sol is still enjoying the support of top VCs and the community, as long as the sol recovery market returns to ATH soon.

[kojektea]

just in case as long as solana is still in the news of hacking attacks better look for safe coins instead. this is only to minimize the risk of major losses such as LUNA. even though it is included in the ranking of the top ten cryptocurrencies it does not guarantee that this coin will be safe forever.

[samuraijin]

The growth and work of the development team is very good and not rushed, this is why Solana still has a top 10 ranking, if their development team works really hard then it is impossible, Solana will replace Ethereum, because people's trust in Solana is getting better, not without reason that what we doubt today is true...

[inanilujimi]

I think there are still many investors and traders who have faith in Solana until now.
Even though now I'm done with solana but there are still many people who believe that sol will bounce back. and I must admit their community is very strong.

[Reid]

I can't understand why Solana is still at the top, when it's been a victim of constant network outages and hacks.
(....)

First, I believe there were no hacks that happened on the Solana network itself. But I believe the hacks here happened to some platform that is built on top of Solana networks, like the recent Slope wallet issue.
Solana outperformed most of the altcoins on the recent bull run, ROI is really huge from 1 digit to 3 digits in just a short period of time.
Overall, I can say Solana should be in the Top 10 now because of its unique network as the best alternative to Ethereum as a layer-1 network.

Indeed they are. The low transaction fees and speed are the bonus.
We are aching for a top contender versus Ethereum because of it sudden increase in those terms. I doubt investors will just pull out because of an outage.
They invested lots of money so it will be better if they can get the most out of it. Support it by spending more money to continue the hype and after a year or two they will reap those rewards.
Furthermore, there's nothing released yet that would compete near on what they had done.

[Abiky]

First, I believe there were no hacks that happened on the Solana network itself. But I believe the hacks here happened to some platform that is built on top of Solana networks, like the recent Slope wallet issue.
Solana outperformed most of the altcoins on the recent bull run, ROI is really huge from 1 digit to 3 digits in just a short period of time.
Overall, I can say Solana should be in the Top 10 now because of its unique network as the best alternative to Ethereum as a layer-1 network.

The network is still experiencing outages, and developers don't give a damn about it. Even the founder had to admit Solana's underlying issues. While hacks have been related to the Slope wallet, the network's instability is more than enough for people to look for other alternatives that are reliable for day-to-day payments. I think Solana's problem is the centralization of its blockchain network. If it weren't centralized, then it would've been much more reliable and stable as a payments platform.

I seriously don't get what the hype is all about, when other blockchains like Ethereum and Cardano are better (even though they're not as fast and cheap as Solana). Most people prefer convenience on top of security/reliability, so they will choose Solana on top of other blockchain platforms. I wouldn't be surprised if SOL goes all the way towards becoming the third or fourth-largest cryptocurrency by market cap within the next bull market. Just my thoughts

[minairia3]

First, I believe there were no hacks that happened on the Solana network itself. But I believe the hacks here happened to some platform that is built on top of Solana networks, like the recent Slope wallet issue.
Solana outperformed most of the altcoins on the recent bull run, ROI is really huge from 1 digit to 3 digits in just a short period of time.
Overall, I can say Solana should be in the Top 10 now because of its unique network as the best alternative to Ethereum as a layer-1 network.

The network is still experiencing outages, and developers don't give a damn about it. Even the founder had to admit Solana's underlying issues. While hacks have been related to the Slope wallet, the network's instability is more than enough for people to look for other alternatives that are reliable for day-to-day payments. I think Solana's problem is the centralization of its blockchain network. If it weren't centralized, then it would've been much more reliable and stable as a payments platform.

I seriously don't get what the hype is all about, when other blockchains like Ethereum and Cardano are better (even though they're not as fast and cheap as Solana). Most people prefer convenience on top of security/reliability, so they will choose Solana on top of other blockchain platforms. I wouldn't be surprised if SOL goes all the way towards becoming the third or fourth-largest cryptocurrency by market cap within the next bull market. Just my thoughts

Solana has not been hacked but there have been many network crashes due to overload, solana developers are not uninterested, I think they still have not found a solution to fix it. Apart from low transaction fees and outstanding speed, sol is nothing short of outstanding when compared to other blockchains. Sol is backed by several major VCs so it created hype in 2021 and now it is getting back to its real value.
Compared to ETH and ADA, Sol needs to try harder to catch up, not looking at the inflated price but taking it as a measure of who is better. Time will be the most accurate measure.

[Kadal Ijo]

I'm still confused as to why this is happening, Solana is a new coin but it doesn't take a year to enter the top 10, many are asking who are the investors who continue to keep Solana in the top 10, and I hope what happens to LUNA, which was previously ranked in the top 10, doesn't happened with Solana.

[GeorgeJohn]

Solana is a very attractive blockchain that's why developers still trust the project even after all the messed up issues affecting the project, so yes solana deserve the top 10 rank and the project will get better in future.

We have different altcoins that have a very good potential, but the problem is new altcoins is coming everyday by day and because of how the project  is, it's what will determine if it will be successful for investment, because some coins do eliminate on the way of investment, so giving a coin or listing a coin for top ten (10) doesn't signify anything, because any coin that don't want to so well will also die off.