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2022 was a black year for the entire crypto world but for some, it was certainly more so, among which we find prominent digital currencies like Solana, Cardano and Axie Infinity.
Crypto analysis of Solana, Cardano and Axie Infinity
In this article, we will see where we stand and the latest news on each.
Solana (SOL)
The token stops at $9.85 with a loss of 96.21% if we compare it to the all-time high reached which was $260.06 while there are 367,933,164.167 SOL in circulation.
However, the trend seems incredibly to be turning positive in the last ten days.
Even thanks to rather low volumes during the Christmas vacations, SOL had appreciated by 10% in a short period of time registering a performance that was as remarkable as it was anomalous for the speed with which the value moved to the opposite side.
SOL is among the favorite digital currencies of so-called last-minute billionaires, which is to say all those people who invest in a coin hoping that in a very short time, they can make stratospheric gains.
After the events that led to the bankruptcy of FTX, Solana suffered continuous attacks from the so-called bears suffering a really significant capital flight in the year that just ended.
The void left by FTX is beginning to be felt as the exchange was the main proponent of Solana’s adoption and trading, as well as the third-largest exchange by volume at the time of the events.
Now that FTX is out of the picture, Solana has to do without its best ally and the capital of many investors who at the moment did not feel confident to invest in the project.
In a very short time, we are talking minutes, there have been short sales of more than $4 million and SOL has surpassed $10, a recovery as portentous as it was unpredictable by analysts.
Whether this forward momentum will be enough to save SOL is unknown but if we make an objective analysis we note that the reasons why Solana has lost so much have not changed and if nothing is done to solve the problems these will certainly continue to weigh on its performance.
With a situation like this, the slightest movement of capital in or out can result in a significant price change so it is important to be very careful so as not to get burned.
Take profit and stop loss strategies are recommended and one must always keep in mind the risks involved in trading especially when trading in such a volatile asset as cryptocurrency.
Cardano (ADA)
Cardano touches $0.25 and registers a recovery that is close to 3% (2.99%) in the last 5 days, a recovery that actually between ups and downs started on 29 December 2022.
The token narrowly misses out on the baleful top ten list of crypto that lost the most value in 2022:
- Terra Classic (LUNC): -100%
- Helium (HNT): -95%
- Solana (SOL): -93%
- Convex Finance (CVX): -92,8%
- Axie Infinity (AXS): -92.5%
- Sandbox (SAND): -92.4%
- Fantom (FTM): -92%
- Filecoin (FIL): -91%
- Flow (FLOW): -91%
- Curve DAO Token (CRV): -91%
When looking instead at the most capitalized cryptocurrencies, Cardano (ADA) secures the podium by leaving as much as 80% of its value on the field in the year that just ended.
Over the past week, ADA has appreciated by 4.98%, and investors who are bullish are confident of continuing this trend.
However, in order to do so they need Cardano to regain more strength in the long run.
Axe Infinity (AXS)
In 2017, Sky Mavis created Axie Infinity in Vietnam, which is based on the Ethereum blockchain and makes use of Non-Fungible Tokens and Play-to-Earn in the metaverse.
Those who benefit from the project are encouraged to collect Axies, a kind of fictional pets to have them fight, breed them, find others, raise them, and build kingdoms for their protégés.
Axie Infinity also allows users to own, and if they want, trade their virtual assets as Non-Fungible Tokens (NFT).
After setting up and hooking up one’s crypto wallet and buying the first 3 Axies, the game begins.
NFT Axies range from a base price of $30 to $1,000 each and have different characteristics from each other such as the number of Axies in existence, type, and features.
In the world of Play to Earn, Axie Infinity’s native token AXS has not always been so beloved perhaps because it is seen too much as an end in itself exchange currency for the game and lacking in prospects, something Axe Infinity management is working hard on.
A confirmation of what has just been stated was the price of AXS, which was as high as $100 a year ago, while today, AXS is worth $6.40 losing almost 94% of its value in just one year.