Solana & HUH Token: Is There a Good ‘Buy the Dip’ Opportunity at Hand?

Solana, one of the star performers of 2021, seemed to be having a difficult time recently

While Bitcoin dropped by more than 10% in the first week of January, it wasn't the only crypto that struggled in the new year. In fact, Solana, one of the star performers of 2021, seemed to be having a difficult time as well. And HUH Token also has been following the dip in the market. HUH is a new cryptocurrency that was released, in early December, to incredible success.

The broader market's momentum pushed Solana's and HUH Token's prices down the chart, but could this be an opportunity?

Solana's Dip

The Solana network has seen a drop-in network performance during the previous week. This occurred after a surge in high-volume compute transactions, which decreased its capacity. As engineers worked on the problem, the network observed multiple unsuccessful transactions.

The network's capacity, which is generally about 50,000 transactions per second (TPS), was significantly impacted by a surge in high computation transactions. Solana's price plummeted as a result of this and as well as the broader market decline. The cryptocurrency has lost about 40% in the previous month.

While Solana saw a surge in August and September, the coin's vulnerability to the market increased over time, which means that SOL's price fell whenever Bitcoin (BTC) fell. First, on November 15, Solana's price decreased by 17%. Then, on December 4, a flash collapse reduced its value by about another 28%. Surprisingly, SOL plummeted by another 21% towards the end of December and the first week of January, respectively.

Thus, after reaching an all-time high of $258 on November 7, SOL made lower lows and lower highs as its price declined by more than 45% from its ATH. Furthermore, its price seems to be on a long-term downturn since the previous all-time high.

HUH Decrease

HUH Token launched to an incredible increase of over 4000% in only five days. It was one of the most successful tokens of the year for its meteoric rise in that timeframe. This was attributed to it's unique referral mechanism which allowed owners of HUH Tokens to recommend other people by giving them a code that showed a decrease in sales fees. It also gave ten precent of their purchase as another cryptocurrency, which is attractive because it diversifies their portfolios.

The impressive rise was followed shortly after by an adjustment, more than likely the people who made a hefty profit. HUH proved resilient, however, raising over another 100% in a bounce back. Since that point, the market has been showing red, and it has pulled all other altcoins with it as people move out of cryptocurrency and move to stable fiat currencies. However, at the end of this month, HUH has announced that it will be getting hundreds of well-known Instagram and Twitter influencers to post on their social media platforms about this cryptocurrency. If this token performs as well as it did on launch, then this could turn into a real moon-shot.