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Solana's Future: BitBoy Crypto Predicts Bullish Outlook Despite FTX Collapse

Ben Armstrong, aka BitBoy Crypto, shares insights on Solana's potential recovery and long-term growth despite the FTX crisis.
Published on 2022-11-11

Solana's Current State and Future Potential

Crypto YouTuber Ben Armstrong, known as BitBoy Crypto, has shared his outlook on Solana ($SOL) amid the FTX collapse. While acknowledging the short-term impact of FTX's downfall, Armstrong emphasizes that Solana is not dead but rather in a "pause" phase. He clarifies that Sam Bankman-Fried, the former CEO of FTX, was a key proponent of Solana but not synonymous with the blockchain itself. This distinction suggests that Solana's long-term trajectory is not tied to Bankman-Fried's actions.

Armstrong highlights Solana's resilience, noting its active user base, ongoing projects, and thriving NFT communities. These factors, he believes, will help Solana recover and regain momentum. Historically, Solana has shown the ability to bounce back, and Armstrong predicts a potential bullish movement if market conditions improve.

Technical Analysis and Price Predictions

From a technical standpoint, Solana is currently navigating an uptrend. If bullish sentiment strengthens, the cryptocurrency could target higher resistance levels. However, if the market turns bearish, Solana may find support around the $12 mark.

Six Reasons for Solana's Optimism

A crypto Twitter user and fund manager has outlined six reasons why Solana is poised for success:

  1. Decentralization: Solana ranks 3rd on the Nakamoto Coefficient, indicating a highly decentralized network.
  2. Thriving NFT Ecosystem: Solana's NFT community remains active and vibrant.
  3. Upcoming Updates: Founder Anatoly Yakovenko has announced plans for a 2023 update aimed at reducing network outage risks.

These factors, combined with its strong community support, suggest that Solana could see significant growth in the coming cycle, with potential returns of 20x-30x.

Conclusion

While Solana faces short-term challenges, its underlying strength and active ecosystem position it for long-term success. Armstrong and other crypto enthusiasts remain optimistic about its recovery and growth.

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