Solana Price Prediction, Price Boom to Hit With A $100?
Digital currencies saw novel dimensions after the evolution past Bitcoin and Ethereum, often dubbed as Crypto monsters. Initially, when the world saw the advent of digital currency, Bitcoin was the only option despite the drawbacks. But it’s no longer the same! With more than 4,000 crypto currencies today, isn’t the choice yours!
In the market for considerable years, Solana is the most preferred blockchain which aims to provide fast, secure, scalable, decentralized Apps and marketplaces. This network runs on its own blockchain using the Proof-of-History consensus algorithm. PoH installs historical data in blockchain to prove the transactions which are saved in the digital ledger.
Later, it paved the way for the Proof of Stake mechanism to ensure security! After all that’s what every investor looks out for. Why did Solana opt for a dual mechanism? And what made Solana unique from the other cryptocurrencies? Simply because this altcoin has vows that easily circumvents cons of most networks and crypto money?
Did you know that The Solana network can process 50k transactions per second?
Solana, is the native token of the network and leverages all the transactions on the network. And, adding to this list, Smart contracts are also available and powered by the token. Eventually, staking can bestow the SOL token holders, letting them earn huge profits!
None from the crypto space would be unaware of Elon Musk’s concern over Proof of Work based networks. Well, on-point SOL is safe from such controversies, as it does not opt for PoW. This has made the altcoin’s juncture journey near. However, what could be the feasible destiny of the currency in future is a point to discuss!
A crypto freak with FOMO, will surely have made his first investment in this cryptocurrency! But still can be perplexed by the prospects of it. Will staying confused help? Surely, No. So just dive in to know everything about this trending altcoin, The Solana price prediction and more!
What is the Solana token?
The advent of the network dates back to 2017. It was Anatoly Yakovenko, a software developer in Dropbox, who mapped the plan. Later, he partnered with Greg Fitzgerald, former worker in Qualcomm and his ex-colleague to build Solana testnet. But what drove him to build Solana?
Anatoly, understood that most networks then state immense time for the nodes to reach the consensus point. Also, most projects were having a hard time with multiple transactions. Some even limit the growth of the apps built on them. This became quite common due to lack of scalability.
So, this software engineer desired to build an innovative and highly scalable network! And that’s what we call Solana today. However, Anatoly’s journey didn’t halt there. Solana testnet in 2018 and Solana Mainnet Beta in March 2020, shows the network’s consistent efforts.
Solana is a high performing digital currency that runs on the blockchain which supports smart contracts and decentralized applications. The transactions are timestamped to maximize the efficiency. It is a fast and secured blockchain providing the open infrastructure required for global adoption. The tokens are capped at 489 million, as of now and works on the PoS system. SOL tokens can also power micropayments happening over the network.
Solana has a particular hash that can be used to input data for every transaction. SOL has a unique feature called Gulf Stream which enhances the scalability. But the network’s enhanced scalability lies in its unique verification structure. Undoubtedly, the Proof of Stake system requires the users to hold some SOL tokens to validate their transaction. But isn’t PoW a time consuming process to validate transactions as it creates congestion in the network?
To overcome this issue, Solana operates with an additional system called the Proof of History. PoH timestamps every transaction on the blockchain before PoS does. The nodes on the network can establish blocks without having to match with the network. This saves so much time on validation and successfully increases the transaction speed per second.
Due to the increased scalability, Solana was prosperous in creating Defi Apps like Oxygen, Radium and many more! The network partnered with many organizations in the past. One important partnership is BSN, which is a blockchain Service network. The service network said they look forward to enhancing access for developers working on BSN.
Another remarkable partnership in Solana’s journey was with dfuse. The two networks collaborated to improvise Solana’s blockchain to have powerful data, which was open sourced by dfuse. Anatoly, announced this collaboration in 2020, where he added that working with dfuse was preferable because it works at the next level to serve blockchain data!
Later, Solana partnered with Circle in October 2020 launching the USDC stable coin on the blockchain. Following which the network conducted its first hackathon in November. Interestingly, last Monday dates to this season’s Solana hackathon and around 13,000 builders, designers and operators submitted impressive projects, said the Solana official page on Twitter.
What lies in the destiny of SOL? It’s all below!
Solana Price Prediction 2021
With a steady recovery in price, SOL traded at $1.60 during the start of January and by the mid of February it smashed $10. Later, it surged further and moved at a comfortable range of $40 by the end of April. By May the price surged close to $50 to reach the ATH of $58.30.
. When the market crashed on May 19, most altcoins dipped to about 20%. But SOL surged substantially and didn’t fall prey to the collapse. Instead it put many in a thunderbolt but boosted around 50%. This raised many eyebrows because even Bitcoin fell deep and just the lowest level, since this year.
Solana drew $60 million in it’s funding system, to assist support its block chain development. In the coming months, if Solana works on improving the centralization, the price might rise further and hit $56.44 to $58.07.
On the other hand, if the current supply dilutes in the coming days, then the price can move bearish and plunge deep to $20.71 to $22.19. However, carrying forward the current technologies and no remarkable improvements might let SOL price trade at averages of $34.91 to $40.0.
Solana Price Prediction 2022
If the price hits the positive highs by the year end, the 2022 trade might commence bullish. If that’s the case, the initial price for the coming year might be near $59.11. On the contrary, if SOL closes this year on lows, then the next year might start being bearish. And so, it may resume trading at $40.07 by 2022.
Though Solana is rising in popularity, many consider it a new project and so FUD can play a major role in the coming year. If it happens, then by the end of 2022, the price might drop near $40.31. On the other hand, if a market crash happens next year and Solana manages to stride amidst it, many investors will stick up here. And so the SOL price might trade from $50.76 to $57.99.
On the other hand, if the scalability and transaction speed per second is enhanced to the next level with newer innovation, the altcoin might boom! That is, by the end of the coming year it shall even hit $80.17.
Solana 5 years Price Prediction
If Solana encourages the new upcoming startups, it could be a new competitor for other currencies in the market. Also, in the coming years if Solana outgrows Ethereum, it might bang at significant highs. On this note, the SOL price may strike at $300.14. Moreover, if Solana balances the downside pressure, and retains current investors, the price may move at $271.
However, new regulations in future can afflict the price movements and thereby a possible low might be in hand for SOL. If this happens, a slight pullback can draw Solana to $212.08 by the end of next five years.
What Does the Market Say?
Coinpriceforecast predicts the price of Solana could be $66.91 at the end of 2021. In the next 3 years, Solana could reach the highest price of $194.48 and by 2025 the price may hit $870.
According to WalletInvestor’s algorithm based forecast , Solana could be an outstanding long-term investment. It would go up from $96.58 to $190.59 in the coming year. And by 2026, the price can hit $514.410.
According to Gov.capital, Solana would trade at $118.27 by the end of 2021.
As per the analysis of Digitalcoinprice, Solana will be traded at $53.35 at the end of 2021 and $108.26 by 2025.
What experts say about Solana?
Joe McCann, Founder, Chairman of the Board at Nodesource, also a Crypto Trader Extraordinaire believes that Solana is the most exciting open project and makes Web3 apps fun!
Know Our Solana Price Prediction
As Solana is an emerging DeFi coin, its price might likely boom. It might concentrate on certain collaborations to bridge its assets to DeFi. Also its delegated staking can attract many investors. So the price might surge high to $58.03. However, on the other end, if the network delays the implementations in its Mainnet Beta version, the price can flip into lows. So, the token price might entangle down to $21.99.
Know How SOL performed previously
Solana initiated its journey in the crypto market on 10 April 2020 with a price of $0.79 according to Coinmarketcap. Later, the price declined to as low as $0.52 by mid May. The price started to recover further and reached $0.99 at the end of June. Interestingly, the price spiked to $1.33 by mid July and continued to swing after. The digital currency rose to $1.84 by the end of July. Heading towards an upward trajectory, the coin dramatically hit $3.77 by mid August and further plunged to $2.82 by the end of August.
Effectively, SOL spiked to $4.84 by early September to reach an All-Time-High by breaking all its previous price records. Solana managed to reach its resistance level at $3.80 and failed to remain stable and dropped to $2.56. At the end of September SOL was trading at $2.96.
With certain variations, Solana managed to sustain the $2 range throughout October. Although the price slumped to $1.35 by early November because of the high selling pressure. Later, the price started to recover and reached $2.41 by the end of November as Bitcoin continued its price rally. Solana declined further to $1.47 in December as the bears were headed into pulling the prices.
At the end of December 2020, SOL traded at $1.50. The altcoin has surged amidst severe competition and many even consider it a Ethereum competitor. Currently, 1 Solana equals $35.21.
What makes Solana a unique coin?
Solana is considered as an unique coin because it has features like scalability, low cost and higher transaction speeds.
Can Solana be halved?
No, SOL cannot be halved as it only mined.
Can Solana record a new All-Time-High?
Yes, Solana can reach a new All-Time-High by breaking its previous price records.
What is the transaction speed of SOL?
Solana can transact upto 50k per second.
Where to trade Solana?
Solana can be traded on exchanges like Binance, OKEx, CoinEX, CoinDCX, Huobi Global and many more.
Disclaimer: This piece of Article is only for informational purposes. It is not trading or financial advice.