What Is Solana (SOL)?
Solana is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland.
The Solana protocol is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.
Because of the innovative hybrid consensus model, Solana enjoys interest from small-time traders and institutional traders alike. A significant focus for the Solana Foundation is to make decentralized finance accessible on a larger scale.
Who Are the Founders of Solana?
Anatoly Yakovenko is the most important person behind Solana. His professional career started at Qualcomm, where he quickly moved up the ranks and became senior staff engineer manager in 2015. Later on, his professional path shifted, and Yakovenko entered a new position as a software engineer at Dropbox.
In 2017, Yakovenko started working on a project which would later materialize as Solana. He teamed up with his Qualcomm colleague Greg Fitzgerald, and they founded a project called Solana Labs. Attracting several more former Qualcomm colleagues in the process, the Solana protocol and SOL token were released to the public in 2020.
What Makes Solana Unique?
One of the essential innovations Solana brings to the table is the proof-of-history (PoH) consensus developed by Anatoly Yakovenko. This concept allows for greater scalability of the protocol, which in turn boosts usability.
Solana is known in the cryptocurrency space because of the incredibly short processing times the blockchain offers. Solana’s hybrid protocol allows for significantly decreased validation times for both transaction and smart contract execution. With lightning-fast processing times, Solana has attracted a lot of institutional interest as well.
The Solana protocol is intended to serve both small-time users and enterprise customers alike. One of Solana’s main promises to customers is that they will not be surprised by increased fees and taxes. The protocol is designed in such a way as to have low transaction costs while still guaranteeing scalability and fast processing.
Combined with the longstanding professional expertise creators Anatoly Yakovenko and Greg Fitzgerald bring to the project, Solana is ranked number 7 in the CoinMarketCap ranking as of September 2021.
This came on the back of an impressive bull run, where Solana price gained over 700% since mid-July 2021. The launch of the Degenerate Ape NFT collection sent SOL price to an all-time high (ATH) above $60, and it has been climbing since, largely due to higher developer activity on the Solana ecosystem, greater institutional interest, growing DeFi ecosystem, and the rise of the NFTs and gaming vertical on Solana. Solana price rose to an ATH of $216 on Sept. 9, 2021.
Solana has received much praise for its speed and performance, and has even been tipped as a rival that can compare to Ethereum and challenge the dominant smart contract platform. However, the network has been plagued by repeated outages that have impaired its price and aspirations to be the "Visa of crypto." Furthermore, its ecosystem is accused of favoring venture capital investors with unfair tokenomics.
This has led to a retrace in the price of SOL as of February 2022, and more short-term bearish price action cannot be ruled out. However, in the long run, Solana should appreciate thanks to strong support from exchanges like FTX.
How Many Solana (SOL) Coins Are There in Circulation?
The Solana Foundation has announced that a total of 489 million SOL tokens will be released in circulation. At the moment, about 260 million of these have already entered the market.
The SOL token distribution is as follows: 16.23% went towards an initial seed sale, 12.92% of tokens were dedicated to a founding sale, 12.79% of SOL coins were distributed among team members and 10.46% of tokens were given to the Solana Foundation. The remaining tokens were already released for public and private sales or are still to be released to the market.
Solana price during the initial seed sale, held on April 5, 2018, was $0.04. Given the recent ATH, that represents an impressive 5400X return on investment (ROI).
How Is the Solana Network Secured?
Solana relies on a unique combination of proof-of-history (PoH) and proof-of-stake (PoS) consensus mechanisms.
Proof-of-history is the main component of the Solana protocol, as it is responsible for the bulk of transaction processing. PoH records successful operations and the time that has passed between them, thus ensuring the trustless nature of the blockchain.
The proof-of-stake (PoS) consensus is used as a monitoring tool for the PoH processes, and it validates each sequence of blocks produced by it.
The combination of two consensus mechanisms makes Solana a unique phenomenon in the blockchain industry.
Where Can You Buy Solana (SOL)?
SOL tokens can be purchased on most exchanges. One choice to trade Solana is on Binance, as it has the highest SOL/USDT trading volume, $753,103,225 as of September 2021.
Next is Coinbase, with a trading volume of $343,872,841. Other options to trade Solana include FTX, Bilaxy and Huobi Global. Of course, it is important to note that investing in cryptocurrency comes with a risk, just like any other investment opportunity.
SOL Price Prediction: An Expert Forecast
"It entirely depends on the currency’s movement and its fundamentals. The SOL price might trade around $280.80 by the end of 2022.
Based on our SOL price prediction, a long-term increase is expected; the prognosis for 2027 is $1811.720. With a 5-year investment, the revenue is expected to be around +968.41%.
SOL has a promising future. It may get marginally impacted, but bulls will be back, and by the end of 2023, its price may skyrocket to $676.
Coin Price Forecast
As per the SOL predictions done by Long forecast, the price of the coin is expected to reach around $273 by the end of 2022.
The SOL prediction conducted by GOV CAPITAL states that the coin would hover around $587.41 high by the end of 2022.
SOL currency seems to be showing positive momentum. The bulls will push it up like the other crypto giants too. It may trade around $337.42 by the end of 2026.
Digital Coin Price"
Solana Price Prediction For 2022
2022 is when things can get a little more interesting. Forecasted Solana price may become less volatile by the beginning of next year, and if it manages to stay above the $200 mark, we may see considerable growth of SOL price in 2022. According to our Solana (SOL) price prediction, the cryptocurrency will stay in the $300 range in 2022, and may possibly go up to as far as $400.
Solana Price Prediction 2023
If the upward trend continues and Solana doesn’t get dumped, we may see it reach $320 in 2023. However, when it comes to crypto, it’s better to be cautious. Our Solana price forecast estimates that SOL price will hover around the $350 mark in 2023.
Solana Price Prediction 2024
There is quite a few data of speculation in the market going forward for this cryptocurrency SOL. Especially keeping in perspective the technological announcements and progress the corporate has designs on, there are assumptions its prices may reach $400 mark. The favor is done by majorly security and scalability features than for other cryptocurrencies. The exciting promotional ventures may do the rest making the investors harvest the gains.
Solana Price Prediction 2025
With any changes in Govt. policies and regulations, Solana may too have its share of hazy days. Solana brand should sail calmly at $440 or max bow down to $415 level prices making it not plummet but play consistently. It would not be an exaggeration to find that SOL price will scale a peak of $510 someday though the same can’t be called a very overstated and buoyant reach. Solana has huge growth expected in the upcoming years. The price horizon is pretty bright for Solana.
Solana Price Prediction 2026
In the year 2026, Solana forecast price may hit an average of $530. Considering all the optimistic projections scenario it has the potential to reach $600. The new emerging ventures and partnerships can further boost the company’s ability to achieve the target price with expected range of $490 to $600. Our recommendations and information mentioned should not be considered as investment advice for the Solana’s price predictions of the following years and investors are advised to perform their own research for resistance level, support level, historic rise and pay attention to other market dynamics to minimize risks involved.
Solana Coin Price Prediction 2030
It is hard to make long-term crypto price predictions as the cryptocurrency market is highly volatile. However, we can make some wild guesses and estimates.
There is a possibility that the entire crypto industry will crash by 2030 due to strict regulations or a more innovative competitor coming to overtake blockchain and cryptocurrencies. However, that possibility is as much of a wild guess as that Bitcoin will oust USD and become the official currency of the United States.
Our Solana price forecast for 2030 is this: if the coin proves its worth and continues to be one of the top cryptocurrencies on the market, it can go up to as high as $3000 in 2030.
Is Solana a Good Investment?
Yes, according to our forecasts, the Solana price is going to increase. Today, the Solana price is trading around $180.10, but during the period June to year end, the average Solana price is expected to be $187. It is best to plan for the long term rise, say a span of a minimum of 5 years.
Where to buy Solana Crypto?
Many trading platforms as well as crypto exchanges like atomic wallet, Binance, Coinbase, etc. Register yourself with your KYC credentials on the website and buy and sell Solana via any of your Master or Visa credit cards. Post verification, your altcoins are transferred to your SOL wallet. For a buy and sell, it is also available on exchanges like Binance, Bit2me, etc and can use bank transfer for the same.
How do I Make My Solana Wallet?
Your passkeys to reach the cryptocurrency wallet stay saved on your smartphone. Furthermore, you can quickly and fast collect all of your Solana coins.
Will Solana Price Crash?
Who could have predicted this Pandemic would change the entire global infrastructure? Just like any market, cryptocurrencies too are governed by different political, natural, and other socio-economic factors, and no one can predict the exact price forecast of SOL or, for that matter, any other currencies like Bitcoin (BTC), Ethereum (ETH), etc. There are various forecasts favoring the rise of Solana current price.
Is Solana a Scam or Legit?
Despite all debates and controversies, SOL reveals a very healthy and active ecosystem. Our recommendation to amateur investors is that they should always do a thorough analysis and research of market trends like resistance level, support level carefully before investing to speculate respective long term earning potential to earn great return and lower the risk.
Does Solana have a good future?
According to market opinions on Solana price prediction 2030, if the coin continues to grow in the crypto market. The Solana projection for the year 2030 is that it might hit $3000 with a high market cap. The long term Solana crypto price prediction is just our anticipation. Remember, the cryptocurrency market is highly volatile.
How is Solana better than Ethereum?
On comparison, the cost per transaction for Solana is significantly lower than Ethereum. Unlike others, the software used to develop Solana is more popular among developers, making it easier to develop. Thus, many users strongly believe that the Solana future will rise in the coming future.