Blockchain platforms are decentralized solutions for tracking, documenting, and facilitating transactions. Every transaction is dependent upon the previous, time-stamped transactions for verification and execution of exchange. This technology was earlier used for financial transactions, but now its application can be seen in e-commerce, supply chain management, and data integration.
This technology helps in eliminating fraudulent transactions and documenting the exchanges for businesses. This creates a framework that relies on any transaction.
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History of Solana
Solana co-founder Anatoly Yakovenko published a white paper in November 2017 which described the proof-of-history (PoH) concept. Proof-of-history is proof for verifying order and passage of time between events. This is used to encode the trustless passage of time into a ledger. PoH gets past all the hurdles with every node in the network, which enables it to rely on the recorded course of time in the ledger on a trustless basis which is vital to the blockchain functioning. Yakovenko summarises that PoH history would speed up the blockchain rapidly compared to blockchains without clocks. Implementing the white paper and its first project release projected 10,000 signed transactions that could be verified and processed within half a second.
Solana (SOL) Overview
Solana is a blockchain platform designed for hosting decentralized, scalable applications. It was founded in the year of 2017 and happened to be an open-source project currently run by the Solana foundation based in Geneva. Solana is faster in terms of the number of transactions it can process and has significantly lower transaction fees than its rival blockchain, Ethereum. The cryptocurrency which runs on the Solana blockchain is also named Solana (SOLUSD). It has also been using the ticker symbol SOL which increased almost 12,000% in 2021 and at one point had a market capitalization of over $66 billion. This makes it the fifth-largest cryptocurrency at present.
| Coin Name | Solana |
|---|---|
| Symbol | SOL |
| Website | solana.com |
| Total Supply | 538,567,610 SOL |
| All Time High [Nov 06, 2021 ] | $260.06 |
| All Time Low [May 11, 2020] | $0.5052 |
| Exchanges | Coinbase, Huobi, Kraken, Binance, OKX, Bitfinex, KuCoin, FTX |
| Wallets | Metamask, Trust wallet. |
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Investing in Solana: Advantages and Disadvantages
Before investing in the blockchain, the advantages and disadvantages should be thoroughly cross-checked for better outcomes. Here are some of the advantages and disadvantages listed below:
Advantages
- Speed in the transaction: The Solana blockchain can support over 50,000 transactions per second (TPS) at peak load, making it arguably the fastest blockchain in operation today.
- Effective in Nature: Solana ecosystem is an effective, fast, secure, censorship-resistant blockchain that provides the open infrastructure required for global adoption.
- No Mempool Problem: Solana can immediately proceed with transactions before it has to be accepted by the blockchains. Transactions in Solana are accepted instantly without any Mempool.
- Lower Environmental Impact: Most cryptocurrencies have a hazardous impact on the environment. Each transaction requires 707 kWh of electricity, but Solana is the greener alternative. Solana uses minimum energy and is faster because of the consensus mechanism.
Disadvantages
- Not decentralized enough: SOL is not decentralized enough. Some believe that crypto is considered to be the biggest con. Ethereum has a network of over 200,000 validators, but the Solana network has only 1000 validators to date.
- Smaller Systems: SOL has claimed to have about 350 systems on its network, which includes decentralized finance, NFT deals, and gaming apps. More crypto drops may decrease the systems of Solana, making them less than that of Ethereum.
- Network Stability: The network of Solana is insatiable as compared to Ethereum. If the network needs more security, the investors quickly lose interest in the blockchain. Solana underwent resource exhaustion, and the problem was explained vaguely.
- Inflation: Most of the cryptocurrencies have caps to attack inflation. Bitcoins have a cap of 21 million coin limitation, but Solana has no fixed force of coins. Solana, however, has begun adding the monthly force of SOL commemorative by 8%; this implies that inflation has increased by 15%.
Solana (SOL) Coin Price Prediction
Solana has a real use case that makes Solana Coin strong. At this time, cryptos are showcasing a slow performance compared to recent times. These bearish events spark a price rollback to Solana below $20, and there are chances it could fall deeper.
Solana coin can likely get its desired position and affect some bull run in the succeeding months.
Below mentioned in detail are some of the year-wise predictions made by experts regarding Solana Coin.
| Year | Minimum Price | Average Price | Maximum Price |
|---|---|---|---|
| 2023 | $27.45 | $35.23 | $44.67 |
| 2024 | $46.58 | $60.18 | $69.78 |
| 2025 | $71.32 | $88.46 | $105.42 |
| 2026 | $110.86 | $135.56 | $152.40 |
| 2027 | $154.69 | $170.32 | $181.65 |
| 2028 | $185.32 | $200.12 | $213.92 |
| 2029 | $217.47 | $232.29 | $240.63 |
| 2030 | $247.35 | $274.54 | $302.56 |
| 2040 | $561.35 | $592.50 | $635.24 |
| 2050 | $1,130.89 | $1,312.75 | $1,551.35 |
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Solana Price Prediction 2023
Solana coin price reached a maximum price of $44.67 by 2023. However, the average price of a Solana coin can be roughly $35.23.
The minimum price trend of Solana can be down to over $27.45. In the next bull rally, the price of SOL may increase.
Solana Price Prediction 2024
Solana may recover in 2024 if the market is optimistic. As per technical analysis, the Solana coin is anticipated to reach a maximum price of $69.78 by the end of 2024.
The predicted average price of Solana in 2024 will be $60.18 if the growth continues. The minimum price can fall to $46.58.
Solana Price Prediction 2025
It can grow over three times with more investment and adaptation. By 2025, the average price position may be around $88.46.
While the lowest market value can fall to $71.32.
Solana Price Prediction 2030
Solana can jump to the maximum price of $302.56 if the crypto concentrates on the investment. With the year’s end, it might have an average price of $274.54 with a minimum price of $247.35.
SOL Price Prediction 2040
Though the long-term prediction is not easy to calculate, in 2040, the average price position of Solana may be around $592.50. The maximum value for SOL may begin in 2040. In contrast, Solana’s minimum price would be around $561.35.
Solana Price Prediction 2050
Solana has remarkable development in the long term run. As per Solana’s price prediction, the year 2050 will witness an average price of $1,312.75. The minimum price value can be around $1,130.89. After this journey, Solana can hit a new all-time high by the time it’s 2050. It is anticipated to be priced at around $1,551.35.
How to Buy Solana Coin?
The following are the steps that can be followed to buy a Solana coin:
- The buyer first has to create an account on the Coinbase app. A valid ID and address proof are required to sign up on Coinbase. ID verification can be time-consuming, depending on where the user lives.
- After signing up, the user needs to connect to a payment method. For that, the user may open the payment method box and select their desired payment method. The user may use a credit or debit card or initiate a bank-to-bank wire transfer.
- To buy crypto on Coinbase.com, the user must click “Buy & Sell .”On the Coinbase mobile app, a “+” sign on the home tab will allow the user to buy crypto.
- On Coinbase.com, the user can click on the Buy panel, search, and select Solana. On Coinbase mobile app, one has to type “Solana” in the search box. After selecting it, a purchase screen will appear.
- The user may then enter the amount they wish to spend in their local currency. That amount will be automatically converted to Solana by the app.
- The user may click on “Preview Buy” to check all details are correct. Then, they can click on “Buy Now” to proceed.
- Once the order is processed, a confirmation screen will appear. Hence, Solana coins are bought.
Conclusion
Though the world of cryptocurrencies is filled with misgivings, Solana is a competent companion. The real use cases of the Solana blockchain are powerful. Therefore, the number of Solana druggies is increasing daily, and many crypto dealers are choosing Solana as their first alternative or Altcoin.
Frequently Asked Questions (FAQs)
Does Solana coin have a future?
Experts say Solana is considered one of the coins that will explode in 2022. Also, it is ranked as the 7th most prominent cryptocurrency at present.
Who is investing in Solana?
As of Aug 19, 2021, Solana’s original backing is from a Corporate Round round. Solana is funded by 38 investors. Kenz Capital and Buck Stash are the significant investors of Solana. Solana has raised over $315.8 in backing. It has two raised factors of investing: NFTs and Web3, which could lead to rapid growth.
Should I hold Solana?
Solana has an 86% swell in price. This is the best time to hold Solana even if the price is down to $20. Also, it is effective and relatively stable and offers low transaction fees to the users.
Is Solana good in the long term?
Though it is not as decentralized as Ethereum, Solana still holds a place in colorful places like NFT deals. It is good in the long term because of its institutional backing.
Is Solana safe crypto?
Solana has an effective and secure blockchain. This makes it open for infrastructural development, which is needed for global adaptation. Solana also does not include transactional freights, making it safer and more dependable.