Solana is a blockchain platform and its native cryptocurrency is SOL. The currency was launched in 2020 by Solana Labs.
The fall of FTX seriously affected the market cap of SOL, marking a huge decline in its value. The general revival of the cryptocurrency market in 2023 has improved the market cap of the currency and currently, it has risen to $7 billion.
Solana is a coin that has been described as an alternative to Ethereum by the New York Times and the Financial Times as well.
If you want to know more about Solana, jump right in!
What is Solana (SOL)?
Solana is a blockchain platform designed to host scalable and decentralized applications. It is an open-source project and was founded in 2017. Solana (SOL) is currently run by Solana Foundations.
The company has its headquarters in Geneva. Even though it is managed by them, the blockchain was built in Solana Labs which is based in San Francisco.
Solana is quite fast and efficient regarding the number of transactions it can process. The transaction fees associated with this cryptocurrency are much lower than that of the major rivals like Ethereum.
The year 2021 is regarded as one of the best years for the currency as it saw a huge rise in value by almost 12,000%.
At one point in time, The market cap of the currency reached a whopping value of $75 billion, naming it one of the largest cryptocurrencies by market cap at that point in time.
Even though Solana was quite popular among investors and enthusiasts, it suffered the cryptocurrency wipeout of 2022 and the market cap fell to almost $3.63 billion.
How Does Solana(SOL) work?
As Solana is used to counter the performance issues caused by blockchain software, the cryptocurrency is said to be scalable, secure, and decentralized.
On a standard gigabit network, the architecture of the currency allows a limit of 710,000 TPS theoretically and up to 28.4 mullion TPS on 40 gigabit networks.
The blockchain operates on two different models – both proof-of history (PoH) and proof-of-stake(PoS). It is the function of the PoS model to verify the transactions of the validators based on the number of coins or tokens they hold. The PoH is responsible for ensuring those transactions are time-stamped and verified quickly.
Solana (SOL) ( Price Prediction 2024, 2025, 2030)
At the time of writing, the price of Solana is $129.98 per (SOL/USD). The current market cap of the coin is $57.49B. The 24-hour trading volume is at $4.90B. In the last 24 hours, the token is -2.17% less, taking the time of writing into consideration.
Taking the different trends and signs that the token follows, experts have traced the possible value of the token this year.
If the coin succeeds in overcoming its different challenges and fixing its consensus issue, its value is expected to be between $90 and $200. If they continue to keep up the progress, then SOL could end 2024 at a high of $180.
If Solana keeps growing in the coming months, then chances are high that it will reach significant heights in terms of the value but there are also chances that the new regulations that are said to be put in place to affect the rise in the value.
As per calculations, the coin’s value can be between a high and low of $250 and $109.91 respectively. The average value for 2025 is calculated to beat $179.95.
As for 2030, the price predictions for Solana are estimated to meet a high of $530.43 and a low of $387.9. The average value of the coin is predicted to be around $459.165.
Solana – Where to buy?
Some of the popular cryptocurrency exchanges to trade Solana include;
Solana – Is it a good investment?
Investing in any cryptocurrency comes with a risk factor. Before deciding to invest in Solana, getting to know more about the token in terms of its market volatility, security risk, and regulatory factors is quite important.
Solana is said to have a robust infrastructure and its performance to date has also shown promise for improvements in the future. It is known for fast transactions and low fees which makes it ideal for trading and minting.
So, if you are looking for a long-term investment, Solana is a good choice but make sure to do good research before you invest your money.
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