Price Prediction of Solana for 2022 and What Solana Really is | TechHarry

Logo: What does Solana do and the price prediction of Solana coin

Solana is one of the most potentially greatest cryptocurrencies like Bitcoin and Ethereum. It was launched back in 2020. From then, it is seen as the most promising Ethereum competitor. Solana has provided its early investors more than 70,000% of ROI. It touched its all-time high of $260.06 USD a month ago and due to a little bear market, Solana has dropped to almost $153.58 USD.

In January this year, one SOL coin cost roughly $1.51 USD which is comparably quite low and Solana's market capitalization was around $86 million USD (roughly ₹652 crores). Today, its 24-hour trading volume is $2 billion USD with a trading price of $153.58, as per the CoinMarketCap. It clearly means that thousands of people are investing in Solana knowing that it is a relatively very new cryptocurrency. It also becomes the fifth biggest cryptocurrency by market capitalization. According to CMC, Solana or SOL coin has been on the watchlist of more than 1.11 million accounts.

What is Solana

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.

To learn more about this project, check out our deep dive into Solana.
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.

What Should You Know Before Investing in Solana or SOL

1. Solana has shown massive growth this year and we are expecting it to have more growth in the upcoming years.

2. SOL coin is available in most of the top cryptocurrency apps and exchanges like Binance, Huobi Global, Coinbase, Gemini, FTX, WazirX, KuCoin, Kraken, Gate.io, Crypto.com Exchange, BitFinex, etc.

3. Most of the Solana investors see SOL as the "Ethereum Killer". The main reason behind Solana's extremely high value is that the people who couldn't have the opportunity to invest in Ethereum in the early days were looking for a great alternative to Ethereum. So, here comes the biggest opportunity for Solana.

4. Like Ethereum, Solana also offers smart contracts.

5. As you know, Bitcoin uses a proof-of-work validation model. But Solana uses a proof-of-history model. Solana integrates timestamps into its proof-of-history validation model. That's why how it is able to process transactions so quickly.

6. Solana has one of the fastest transaction speed. It is also one of the fastest-growing cryptocurrencies on the block. It offers a processing speed of around 50,000 transactions per second (TPS), far greater than Ethereum which is only able to do between 15 and 45 TPS currently.

7. If we compete with two of the greatest cryptocurrencies, we compare how many projects are currently running on each network and what speed one is processing the transactions. We have a clear winner as per the transaction speed. But talking about projects running on each platform, Ethereum is still behind the Solana Ecosystem. On the Ethereum blockchain, we can see around 214 projects. But on Solana Ecosystem, there are, reportedly, 350 projects in its blockchain.

The Price Prediction of Solana

Solana has a far greater ecosystem than Ethereum. Today, Solana's price is $153.58 USD and it has a 24-hour trading volume of $2.6 billion USD. It also broke its all-time high of $260.06 and it offered 70,087.26% ROI to its early investors. It is ranked #5 as per its market cap. and around 1.11 million users have watchlisted SOL into their accounts on CoinMarketCap.

So, looking at all the data, we can say Solana has more potential than this. If we are comparing this cryptocurrency with the #2 greatest cryptocurrency Ethereum, it surely got something that we are comparing it with Ethereum. If we predict the price of Solana, it has the potential of breaking its all-time high till the end of Q1 next year 2022. As more and more investors are being attracted to it, breaking some all-time highs may not be very difficult for Solana.

Note: I do not recommend any crypto coins mentioned above. What I have written above is just my personal thinking. Do your own research before investing in any of the cryptocurrencies.

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