1/14/2024 0 Comments 1000 iota to usdHowever, unlike other crypto giants, Solana didn’t feel the crash in the late spring of 2021 as strongly as Bitcoin or Ethereum. Solana’s (SOL) price only started rising back in February 2021, when the whole crypto market was mooning. If you’re interested in why Ethereum prices are growing, see our separate article. Right now, the asset is competing with one of the most successful coins ever, Ethereum, on the OpenSea platform. The Solana community has excellent fundamentals and is an incredibly efficient platform, but the catalyst that catapulted the SOL coin price to the moon is an NFT project called the “Degenerate Ape Academy.” Launched in mid-August on the Solana blockchain, this project sold over 10,000 “smoothest brain” apes in a matter of minutes. This, in addition to its block time of only 400 ms (milliseconds), gives the Solana community the potential to become one of the best decentralized blockchain platforms in the industry. The only requirement to make a node on Solana is having $3,000–$4,000 worth of hardware, which may seem like a lot, but it is a low entry barrier when you compare it to other cryptocurrencies. The network currently has over 2,300 validator nodes, which makes it much more decentralized than blockchains like Ripple or Stellar. In addition to this, Solana has basically no transaction fees - and this is a huge advantage over the expensive gas fees crypto enthusiasts are facing in the Ethereum network. It offers a throughput of up to 65,000 transactions per second at layer one and has the scalability to go up to a million. Solana does everything Ethereum promises to, but 20 times faster. Solana uses an unusual consensus mechanism called Proof-of-History, which allows the network to be extremely fast and effective. The coin quickly climbed up the market capitalization rankings, going from position 42 in February 2021 to rank 7 in September of the very same year. The average trading price is expected around $$75.78.Īlthough the initial work on the project began in 2017, and it was launched back in March 2020, it was only noticed and found acclaim in 2021. ![]() The maximum level that the SOL price can reach is $$71.44. ![]() Solana Price Prediction 2023Īccording to the technical analysis of Solana prices expected in 2023, the minimum cost of Solana will be $$67.09. ![]() This sudden growth means that the coin can become a solid asset now if it continues to grow. Solana has shown very strong potential lately, and this could be a good opportunity to dig right in and invest.ĭuring the last month, the price of SOL has increased by 25.99%, adding a colossal average amount of $18.61 to its current value. In the past 24 hours, the crypto has increased by $0.28 in its current value.įor the last 7 days, SOL has been in a good upward trend, thus increasing by 6.39%. Solana (SOL) Price Prediction For Today, Tomorrow and Next 30 Days DateĪccording to the latest data gathered, the current price of Solana is $$71.59, and SOL is presently ranked No.
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