Solana is becoming a top competitor of popular cryptocurrencies like Bitcoin and Ethereum. It claims to be the fastest blockchain globally and aims to grow a large ecosystem of crypto products.
The SOL tokens are gaining popularity and shooting up in value with time. Let’s explore how Solana could perform in the future and whether you should place your faith in SOL tokens.
What is Solana?
Solana is a blockchain for developers to build fast and reliable apps. It can support various products like DeFi, NFTs, and more.
DeFi refers to decentralized finance and allows people to buy and sell crypto assets automatically, plus, these markets don’t have a central authority or regulator.
NFTs are short for non-fungible tokens and help establish the ownership of digital assets.
Currently, Solana supports more than 400 crypto projects. It is also super-fast and has the potential to overtake competitors like Ethereum. In fact, some experts call Solana the “Ethereum Killer.”
What is the SOL Token?
SOL is the primary token of the Solana blockchain and its ecosystem. It helps in the payment of fees and the development of the platform; SOL holders can also vote and have a say in the future course of the project.
Solana also allocated SOL tokens for investors, team members, and the Solana Foundation and 38% of SOL is for the community reserve.
What Can We Expect from SOL?
SOL is a winner when it comes to cryptocurrencies. It has become the 6th largest cryptocurrency in the world and has given competitors like dogecoin a tough fight.
Currently, SOL is trading at $168.33 and has shown a growth of 23.5% in the last 7 days. In the last 30 days, the SOL token has grown 20.6% in value and established itself as a worthy crypto candidate.
SOL’s good times started on August 23, when the token reached $74. Steadily, SOL climbed to $163 and hasn’t gone below the $120 mark since.
The performance of SOL in the 3rd quarter of this year has been quite promising. The tokens increased by 970% in value between July 18 and September 7, however, the price of SOL began to decline after it achieved the mark of $216.
SOL has also been a proud performer on a year-to-year basis. Compared to the same time last year, SOL has increased in value by 6,573.4%.
Experts predict the price of Solana to go up considerably in the future. According to some estimates, SOL could break a record before 2021 ends if the price touches $180.
However, the price may dip if SOL climbs down to $140.
Going by recent trends, SOL could cross $247 by the end of 2021. Additionally, the price could reach up to $340 by 2022 and $500 by 2025.
Solana is attracting more investors as popular coins like Bitcoin decline in value. It has an innovative appeal and encourages the growth of a large ecosystem. As a result, SOL tokens are growing in value and present a good choice for investors. However, cryptocurrency prices can be volatile and investing involves market risks.