In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. At the time of writing, the benchmark index is up 0.35% to 6,618.1 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are storming higher:

Chalice Mining Ltd (ASX: CHN)

The Chalice Mining share price is up 8% to $4.05. Investors have been buying this mineral exploration company’s shares following the release of a drilling update. Chalice revealed that a new nickel-copper-PGE sulphide zone has been intersected in initial drilling at the Dampier target, ~10km north of the Gonneville Deposit. This is the first significant indication of orthomagmatic sulphide mineralisation outside of the Gonneville Deposit and is considered an exciting result.

Damstra Holdings Ltd (ASX: DTC)

The Damstra share price is up 19% to 18.5 cents. This morning the enterprise protection software provider confirmed media reports that it has been in takeover talks with Accel-KKR. And while these talks have now ended without a deal being reached, this hasn’t stopped investors from buying shares today.

Link Administration Holdings Ltd (ASX: LNK)

The Link share price is up 6% to $4.06. Investors have been buying this administration services company’s shares amid news that Dye & Durham has lifted its takeover offer from $4.30 per share to $4.57 per share. The Link board advised that it will consider this revised offer.

Pinnacle Investment Management Group Ltd (ASX: PNI)

The Pinnacle share price has jumped 10% to $8.35. The catalyst for this was the release of a market update which revealed that performance fees from its affiliates totalled approximately $57.1 million in FY 2022. This includes a sizeable $38.3 million from the second half of the financial year. Pinnacle’s net share of these performance fees is approximately $16.4 million.

The post Why Chalice Mining, Damstra, Link, and Pinnacle shares are storming higher appeared first on The Motley Fool Australia.

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More reading

• Why is the Damstra share price soaring 26% on Thursday?
• Here’s why the Pinnacle Investments share price is climbing 6% today
• ASX 200 midday update: Chalice Mining jumps, Zip sinks on bearish broker note
• Link share price jumps 7% on beefed up takeover bid
• Chalice Mining share price leaps 13% on new exploration results

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Damstra Holdings Ltd, Link Administration Holdings Ltd, and PINNACLE FPO. The Motley Fool Australia has positions in and has recommended PINNACLE FPO. The Motley Fool Australia has recommended Damstra Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The AMP Ltd (ASX: AMP) share price was up 10% for the calendar year when the closing bell rang on 31 May.

Then June rolled in.

Over the course of the month, the AMP share price fell 12.8%, ending June trading for 96 cents.

To be fair, it wasn’t just the ASX 200 wealth management company that came under heavy selling pressure in June.

The S&P/ASX 200 Index (ASX: XJO) dropped 8.9% over the month. And financial shares did it even tougher, as witnessed by the 11.9% drop in the S&P/ASX 200 Financials Index (ASX: XFJ).

What headwinds was the company battling?

The AMP share price took a beating last month along with other financial companies as investors digested the reality of aggressive tightening from the world’s central banks.

June saw the US Federal Reserve boost the official rate by an outsized 0.75%, with chair Jerome Powell indicating a series of rate hikes to come.

Meanwhile, the Reserve Bank of Australia (RBA) also came through with a 0.50% rate hike here, also surprising to the upside.

But some of the company’s top executives appeared to believe that the retreating AMP share price was overdone and represented a good buying opportunity.

As my colleague James Mickleboro reported, independent non-executive director Mike Hirst bought 100,000 shares at the beginning of June in a couple of on-market trades. Hirst paid an average of $1.097 per share.

Two other independent non-executive directors – Kate McKenzie and Michael Sammells – also put more skin in the game. They each bought 50,000 AMP shares priced at around $1.10.

AMP is currently trading for $1.01 per share.

AMP share price snapshot

Since the closing bell on 30 June, the AMP shares have gained 5.2%, well outpacing the 0.9% gain posted by the ASX 200.

Year-to-date shares in the wealth manager are up 1.0%.

The post What dragged the AMP share price down 13% in June? appeared first on The Motley Fool Australia.

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More reading

• ASX bank shares look out, AMP has new tech under the hood
• Down 10% in a month, here’s the latest for the AMP share price
• Will Australia plunge into a recession?
• Guess how much insiders have been spending on AMP shares?

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Newcrest Mining Ltd (ASX: NCM) share price is rangebound today and currently trades flat at $19.58.

Zooming out, and the share had a fairly robust year in FY22, right up until the final month of June. Shown on the chart below is the Newcrest share price returns this year to date.

Newcrest share price falters in late FY22

The primary driver of the Newcrest share price last financial year was the rally in copper and gold markets.

After making its first move higher in FY20, the price of copper continued north in FY22 albeit at a slower pace.

However, in June the metal cratered from its former high along with a major sell-off in commodities and financial assets.

It now trades down by 19% over the last year as a result of the down-leg in June.

Gold suffered a similar fate, albeit slightly beforehand. The yellow metal had surged to US$2,052 on 8 March.

However, it quickly gave back those gains to trade in line with longer-term averages. In July, it has clipped even more losses.

Each of these instruments trades in close similarity to the Newcrest Mining share price, as seen below.

With that in mind, shares of the gold and gold/copper concentrate mining giant were destined to slide off the cliff face just as both of these metals did in May.

Investors have since pushed the share to its 52-week low of $19.58 in today’s trade.

The post Here’s how the Newcrest Mining share price glamoured in FY22 appeared first on The Motley Fool Australia.

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More reading

• Losing their shine: 3 ASX 200 gold shares hitting new 52-week lows today
• ASX lithium stocks avoid share price shock amid commodities lashing
• Why are ASX 200 gold shares falling today?
• 5 things to watch on the ASX 200 on Monday
• Why did the Newcrest share price sink 17% last month?

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

What happened

Shares of Atlassian (NASDAQ: TEAM) fell 50.9% in the first half of 2022, according to data from S&P Global Market Intelligence. The Australia-based maker of project management and collaboration tools entered this period on a high note after gaining 217% in the previous two years, but that success made Atlassian’s stock an easy target when market makers backed away from high-flying growth stocks.

So what

At the start of 2022, Atlassian shares changed hands at the lofty valuation of 117 times free cash flows and 40 times sales. Together with the aforementioned price gains in recent years, this rich valuation essentially painted a target on Atlassian’s back. The stock was priced for perfection, and macroeconomic events were about to bring a lot more uncertainty and imperfection into the picture. 

The company did everything it could to support the expensive share prices. Atlassian crushed Wall Street’s expectations across the board in January’s and April’s earnings reports, exceeding Wall Street’s estimates by as much as 7% on the revenue line and 47% in terms of earnings. In the recently reported third quarter, top-line sales increased by 30% year over year as the number of paying customers rose by 25%. About 42% of third-quarter revenues was retained as free cash flows. Pick your favorite business metric and you’ll probably find that Atlassian delivered robust results even in this challenging market environment.

But again, none of that mattered. Atlassian’s shares were richly valued and ripe for a pullback. Macroeconomic concerns on a global scale provided plenty of inspiration for this correction.

Now what

The ironic part of this situation is that companies like Atlassian can help other businesses wring more business performance out of limited budgets. Hence, market slowdowns actually play right into this company’s hands. Share prices are falling because Atlassian was seen as a risky investment in the spring of 2022. The reported results tell a very different story.

I agree that the stock still looks expensive today, trading at 64 times free cash flows and 19 times sales. However, that’s a much more comfortable entry point than the even loftier valuation ratios seen six months ago. Shrewd investors might want to take advantage of this imbalance between winning business results and plunging stock prices. An Atlassian investment today should serve your portfolio well for years to come. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Why Atlassian stock fell 51% in the first half of 2022 appeared first on The Motley Fool Australia.

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More reading

• Here’s how the Newcrest Mining share price glamoured in FY22
• Why is the Damstra share price soaring 26% on Thursday?
• Losing their shine: 3 ASX 200 gold shares hitting new 52-week lows today
• Little Pharma shares lift 8% amid appointment of ‘highly regarded’ director
• 5 ASX dividend shares with the highest yields in FY22

Anders Bylund has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Atlassian. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The Damstra Holdings Ltd (ASX: DTC) share price has been an incredibly strong performer on Thursday.

In afternoon trade, the enterprise protection software provider’s shares are up 26% to 19.5 cents.

Despite this, the Damstra share price is still down 44% since the start of the year.

Why is the Damstra share price rocketing higher?

Investors have been bidding the Damstra share price higher on Thursday amid reports that the company has been a takeover target.

According to the AFR, private equity firm Accel-KKR has been talking to Damstra in relation to a potential transaction. However, the report indicates that Accel-KKR has since walked away from talks without a deal being reached.

Interestingly, this is what happened with fellow tech share ELMO Software Ltd (ASX: ELO) last month. Accel-KKR was rumoured to have been the private equity firm that made the HR technology company a $6.10 per share indicative proposal. This was over double the ELMO share price at the time. However, talks ended before a deal could be made.

Damstra response

This morning Damstra confirmed that takeover discussions had taken place with Accel-KKR, but that they have now ended.

It commented:

[Damstra] refers to recent media speculation in relation to receipt of an unsolicited confidential, non-binding and indicative proposal (Proposal) from Accel-KKR. Discussions in relation to this Proposal have concluded.

The Board of Damstra will continue to explore options to maximise shareholder value, and will update the market in accordance with its continuous disclosure obligations under ASX Listing Rule 3.1.

Time will tell if Accel-KKR returns. But some investors appear to believe it will judging by the Damstra share price performance today.

The post Why is the Damstra share price soaring 26% on Thursday? appeared first on The Motley Fool Australia.

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• What’s boosting the Damstra share price today?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Damstra Holdings Ltd. The Motley Fool Australia has recommended Damstra Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Thursday is proving to be a rough day for S&P/ASX 200 Index (ASX: XJO) gold shares as many of the market’s favourites hit new 52-week lows. It comes after the price of the yellow metal slipped overnight.

Here’s how these ASX 200 gold shares were trading at their lowest points today:

• Newcrest Mining Ltd (ASX: NCM)
  • Fell around 1% to a new multi-year low of $19.41

• Northern Star Resources Ltd (ASX: NST)
  • Tumbled 1.9% to a new four-year low of $6.78  

• Evolution Mining Ltd (ASX: EVN)
  • Slumped around 2.5% to a near-five year low of $2.35

For context, the ASX 200 is in the green on Thursday. It’s currently up 0.35%. Meanwhile, the S&P/ASX 200 Materials Index (ASX: XMJ) has lifted 1.98%.

So, what exactly is dragging on these ASX 200 gold shares? Let’s take a look.

ASX 200 gold shares suffer as metal’s price plunges

The price of gold plummeted more than 2% overnight to reach a new nine-month low.

Gold futures slipped 2.1% to US$1,763.90 an ounce in Wednesday’s session overseas, according to CommSec. Spot gold was also lower, trading at US$1765.87 an ounce when the US market closed.

It came as the US dollar strengthened while the US Federal Reserve appeared to become more hawkish, reports Reuters.

A rising US dollar makes buying gold more expensive for those trading in other currencies. Meanwhile, expectations of upcoming rate hikes likely damages demand for the metal, which yields no interest.

The post Losing their shine: 3 ASX 200 gold shares hitting new 52-week lows today appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Thursday
• ASX lithium stocks avoid share price shock amid commodities lashing
• Why are ASX 200 gold shares falling today?
• 5 things to watch on the ASX 200 on Wednesday
• 5 things to watch on the ASX 200 on Tuesday

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Little Green Pharma Ltd (ASX: LGP) share price is flying on Thursday following a company update.

At the time of writing, the medicinal cannabis’ shares are up 8.33% to 32.5 cents.

What did Little Green Pharma announce?

In the morning, Little Green Pharma provided investors with a board appointment which has led its shares to push higher.

According to its release, the company announced the inclusion of experienced pharmaceutical regulatory executive, Beatriz Vicén Banzo on its board.

Serving as a non-executive director effective today, Banzo brings a wealth of experience to the role. Her decorated career spans large multinational companies with a focus on regulatory affairs for European pharmaceutical enterprises.

Banzo sat on the board as director of public affairs and quality for global pharmaceutical leader, Bayer in Spain.

In her position, Banzo was responsible for a number of important business functions. This included quality assurance, regulatory affairs, pricing and market access across the business’s divisions.

Prior to this, Banzo held the title of head of regulatory affairs and permanent executive committee guest at Novartis Pharmaceutical for almost 10 years.

Banzo has a degree in pharmacy as well as an MBA from the University of Barcelona.

She also possesses a masters in European regulatory procedures as well as an additional MBA from ESADE business school.

Notably, the appointment coincides with Little Green Pharma’s expansion of its operations throughout Europe.

The Spanish market represents an emerging opportunity for the company given the country’s large population of 50 million people.

Little Green Pharma is seeking a stronger foothold in the European market as interest increases in the cannabis medicines industry.

Management commentary

Little Green Pharma CEO, Fleta Solomon said:

I am very excited to welcome Beatriz to the leadership team at Little Green Pharma. Her experience in international pharmaceutical management and regulation is unmatched and will no doubt be a major asset to the Company as we continue to expand.

In particular, she has detailed knowledge of the development requirements for products in European and international markets, as well as experience executing strategies to build leadership positions in the pharmaceutical industry, highlighted by her time at multinational company Bayer.

Little Green Pharma share price snapshot

Over the last 12 months, Little Green Pharma shares have tumbled by more than 62%.

The company’s share price reached a multi-year low of 21.5 cents last month, before recovering some lost ground.

Based on today’s price, Little Green Pharma has a market capitalisation of around $72.08 million.

The post Little Pharma shares lift 8% amid appointment of ‘highly regarded’ director appeared first on The Motley Fool Australia.

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More reading

• Losing their shine: 3 ASX 200 gold shares hitting new 52-week lows today
• 5 ASX dividend shares with the highest yields in FY22
• Woodside share price defies 3-month low in oil prices
• Is “Solana Summer” (Finally) upon us?
• These ASX 200 mining shares are bouncing back on Thursday

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Now that the 2022 financial year has drawn to a close, it’s a great time to look back and assess the state of the ASX share market as we embark on FY2023. So today, let’s check out the ASX dividend shares that had the highest yields on offer over FY2022.

Remember, a trailing dividend yield represents what the company has paid over the past 12 months, not what investors can expect going forward. So do not get too carried away seeing some of these dividend yields over 12% – many will not be delivering such a yield in FY2023.

The 5 ASX dividend shares with the highest FY22 yields

Our first ASX dividend share to check out is BHP Group Ltd (ASX: BHP). BHP has always been known as a strong dividend payer. But FY2022 saw the Big Australian pay out the highest level of raw dividend payments in its history.

The mining giant forked out a whopping $4.80 in fully franked dividends per share. That gives BHP shares a trailing yield of 12.58% today.

Our next share to take a look at is asset manager Platinum Asset Management Ltd (ASX: PTM). Over FY2022, Platinum funded a total of 22 cents per share in fully franked dividends. That wasn’t the biggest payout investors have gotten from Platinum.

The fund manager forked out 47 cents per share in 2015, for example. However, Platinum shares have plunged by 62.85% over the past 12 months. This has resulted in the company’s trailing yield shooting up to 12.68% on current pricing, making it one of FY2022’s highest-yielding shares.

On paper, Tabcorp Holdings Limited (ASX: TAH) also looks like a dividend winner. Its FY2022 total of 13.5 cents per share, fully franked, was a reduction on the previous year’s 14.5 cents per share.

But on the current Tabcorp share price, that still gives us a trailing yield of 12.83%. However, this doesn’t reflect the spinoff of Lottery Corporation Ltd (ASX: TLC) that was completed back in May.

Now that this substantial chunk of Tabcorp’s business is on its own, it’s very unlikely that the company can continue to fund its dividends to the same watermark.

From a 12% to an 18% yield?

Another miner in Fortescue Metals Group Limited (ASX: FMG) is FY2022’s penultimate ASX dividend share winner. Like BHP, the last financial year saw Fortescue shower shareholders with unprecedented amounts of cash. Its FY2022 total came to $2.97 per share, fully franked.

That was again a big increase on FY2021’s total of $2.47. That’s enough to give Fortescue shares a trailing dividend yield of 17.66%. Like BHP, Fortescue’s ability to keep paying those kinds of dividends will be determined by what the price of iron ore does over FY2023.

Our final and highest-yielding ASX dividend share of FY2022 is none other than Magellan Financial Group Ltd (ASX: MFG). Unfortunately for shareholders, this is another case where a falling-like-a-stone share price has largely pushed up the company’s trailing dividend yield.

Magellan shares are now down almost 75% over the past 12 months. This has meant that Magellan’s last two dividend payments, which came to a total of $2.24 per share (franked at 75%), give Magellan a monstrous trailing yield of 18.57% on current pricing.

Yes, Magellan has also just paid out the biggest dividend in its history for FY2022. However, the company has been suffering through an extremely difficult period of late. We won’t get into that too much here.

But the precipitous fall in Magellan’s funds under management from $116.4 billion in November 2021 to $65 billion by 31 May 2022 is likely to be a handbrake on the company’s ability to maintain those kinds of payments into FY2023.

So those are our five highest-yielding shares of FY2022 as it currently stands. Remember, many of these shares could well be dividend traps going forward. So don’t get too carried away with what looks like an unbeatable dividend yield.

The post 5 ASX dividend shares with the highest yields in FY22 appeared first on The Motley Fool Australia.

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• These ASX 200 mining shares are bouncing back on Thursday
• Should investors dig the BHP share price in July?
• Why Beach, BHP, Bubs, and Galileo Mining shares are sinking
• ASX hydrogen shares announced some big news last month, so why did so many end June in the red?
• Top brokers name 3 ASX shares to buy today

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Woodside Energy Group Ltd (ASX: WDS) share price is jumping today despite oil prices hitting a three month low.

Woodside shares are currently swapping hands at $30.37, a 0.56% jump.

So what is going on with the Woodside share price today?

Oil and gas price impact

Woodside shares are rising amid a mixed day for oil and gas producers. The Santos Ltd (ASX: STO) share price is down 1.64% today. However, Beach Energy Ltd (ASX: BPT) shares are rising 0.62%.
The S&P/ASX 200 Energy Index (ASX: XEJ) is slightly in the red, down 0.19%.

Oil prices fell 2% to the lowest level in 12 weeks, Reuters reported. Brent oil fell 2% to US$100.69 a barrel, while WTI crude oil dropped 1% to US$98.53 a barrel overnight. This was reportedly sparked by the impact of a global recession on energy demand.

Mizuho energy futures executive director Robert Yawger, in a quote cited by Reuters, said:

There are undeniably concerns about recessionary demand destruction, plus, WTI open interest at multi-year lows has created a bit of a liquidity crunch

Gas prices on the other hand, told a different story. ANZ economist Madeline Dunk highlighted that European gas prices rose due to fears of supply shortages. Dutch futures jumped 3.6% to EUR170.99 per MWh. In a research report, Dunk said:

The continent is facing its biggest energy crisis as Russian gas flows continue to fall.

The rising gas prices are pushing electricity prices to record highs..

Rising gas demand could be an opportunity for Woodside. The company merged with BHP Group Ltd (ASX: BHP)’s oil and gas portfolio in early June this year to create a top 10 global oil and gas producing company.

Woodside share price snapshot

The Woodside share price has soared 38% year to date, while it has jumped 28% in the past year.

For comparison, the S&P/ASX 200 Energy Index (ASX: XEJ) has jumped 21% year to date, and 15% in the past year.

Woodside has a market capitalisation of about $57.5 billion based on the current share price.

The post Woodside share price defies 3-month low in oil prices appeared first on The Motley Fool Australia.

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• 5 things to watch on the ASX 200 on Thursday
• Why is the Woodside Energy share price slumping 6% today?
• How is the oil price plunge impacting ASX 200 oil shares today?
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Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Many crypto analysts have spurned Solana (CRYPTO: SOL) as an Ethereum knockoff, but it may finally be coming into its own. If crypto intrigues you, but the high prices and environmental impact of Bitcoin and Ethereum are turn-offs, maybe you’ve heard of Solana as an alternative. Is “Solana Summer” an investment opportunity? Solana differs from Bitcoin and Ethereum in some fundamental ways, and its current price is an attractive entry point. While other cryptos have plummeted, Solana is enjoying a comparatively stable price and increasing adoption, along with a growing non-fungible token (NFT) market. Yet not everything is sunny for Solana: Would-be investors should consider its drawbacks. Either way, you’re likely to hear more about Solana in the coming months. 

What is Solana?

Solana is an open-source blockchain platform that launched in March 2020. Its lightning-fast processing speed and low transaction fees quickly propelled it into the top 10 cryptocurrencies by market cap, but Solana also boasts technical innovations that differentiate it from competitors. The Solana Foundation designed it as an infrastructure inviting adoption through dApps (Decentralized applications, or software that can run entirely on the blockchain), rather than acting as a store of value like Bitcoin. Solana’s proof-of-history (PoH) consensus method differs from rivals by validating transactions through nodes that can identify precisely when a transaction posts instead of having miners solve cryptographic challenges, like Ethereum and Bitcoin. Far more energy efficient than Bitcoin or Ethereum, the Solana protocol doesn’t gobble electricity with mining. The PoH protocol permits simultaneous transaction processing, which also improves its energy efficiency. Last year, the successful releases of several NFT collections on Solana increased its visibility – particularly among those unable to stomach Ethereum’s astronomical transaction fees. 

Even in the depths of crypto winter, Solana shows signs of summer.

Although Solana’s price is down dramatically compared to last fall’s all-time high of $259.03, the context of today’s crypto market makes this decline seem moderate. SOL is currently trading at $35.43 USD. This time last year, it traded for $35.60. Compare that to the recent declines in Ethereum’s or Bitcoin’s prices, and Solana seems comparatively low-drama.

Solana’s NFT scene is also beginning to rival Ethereum’s. The Solana NFT market is growing, with Solana NFT daily volume occasionally outpacing Ethereum’s daily NFT volume. Solana NFT’s, like their ETH-based counterparts, slumped in June, but there are also signs of growth: The number of daily active Solana accounts has more than doubled since early March, and the number of daily Solana transactions increased by more than a third over the past 90 days. These metrics suggest that Solana is gaining new users even in a bear market – and that these users aren’t just speculating: They’re actually using the platform. 

What is “Solana summer,” and is it happening now? 

During 2021’s bull run, Solana maximalists deployed the hashtag #SolanaSummer as a rallying cry to increase awareness of the platform. Nevertheless, Solana remained in the shadows of Bitcoin’s and Ethereum’s astounding gains. But this summer, Solana’s price has remained relatively steady while other cryptocurrencies have plummeted. Recent hits like Step’n, a Solana-based “move to earn” app that paid users for walking, provide mainstream use cases for Solana’s infrastructure — something that other cryptos still struggle with. 

With Solana’s star rising and the rest of the crypto market in shambles, could this summer finally be Solana’s moment to shine instead of languishing on the sidelines? Between the relative price stability and Solana’s apparent growth, perhaps we can forecast a relatively rosy summer for Solana. 

But not everything is sunny for Solana.

Solana does have drawbacks, and these drawbacks are significant in the crypto world. Consider the “blockchain trilemma,” or the thesis that when it comes to security, scalability, and decentralization (i.e., the degree of control and power that any individual actor or institution has over the platform), blockchains can choose only two out of three. Solana chose to emphasize scalability and security by sacrificing some decentralization. Many crypto purists consider Solana’s relative centralization unacceptable, preferring Bitcoin’s and Ethereum’s more decentralized and secure, but less scalable, solutions. Relatedly, Solana is prone to serious outages because of this relative centralization. It experienced multiple large-scale outages this year, most of which brought the entire ecosystem to a standstill for hours. 

The same features that helped Solana gain traction also make it vulnerable to spammers. Solana’s low transaction costs are low because unlike Ethereum, users cannot pay miners to ensure that their transactions process faster. This made it cost-effective for spammers and bad actors to cause network congestion and other chaos. Critics claim Solana’s attempts to dissuade spammers are only Band-Aids, and argue that despite the emphasis on scalability, these problems will worsen as Solana grows.

Solana maximalists view these drawbacks as growing pains, and argue that the current price is a great opportunity to be early. But others consider the outages and centralization to be deal breakers. 

Exploring Solana’s platform is a great way to make Solana Summer happen.

If you’re considering an investment in Solana, check out some of its apps to get a better feel for the ecosystem and decide whether it fits with your investment strategy. If you’re technically inclined, try building an app yourself! There’s still plenty of summer left, and this might just be the summer of Solana after all. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Is “Solana Summer” (Finally) upon us? appeared first on The Motley Fool Australia.

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More reading

• Is Solana the next Bitcoin?
• The key driver behind the recovery in Bitcoin, Ethereum, and Solana today
• 3 reasons Bitcoin, Ethereum and Solana just hit their lowest levels this year
• What crypto winter? It’s always sunny with Solana

Miranda Tedholm has positions in Bitcoin, Ethereum, and Solana. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bitcoin, Ethereum, and Solana. The Motley Fool Australia owns and has recommended Bitcoin, Ethereum and Solana. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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