In the variety of existing digital coins offered in the market, it is advisable to pick those having valuable technology at the core, good reputation, and applications. The market offers many such worthy projects to invest in, and one of them is Solana.
Let’s talk about this platform in more detail and look at its prospects.
What is the Essence of Solana?
Unlike the leading crypto projects, Bitcoin and Ethereum, in the past, Solana was built on the principle of the Proof-of-Stake mechanism of reaching consensus within the network. This protocol is different from the Proof-of-Work mechanism Bitcoin runs on. The difference is that SOL coins are not received through mining but staking. Staking is locking coins on the network and receiving more coins in return. Staking does not require advanced and expensive computing equipment. Staking is available for anyone who has a computer and Internet connection.
Solana network is used by decentralized app developers and creators of blockchain games, metaverses and smart contracts designers. The network provides:
- impressive throughput of 65,000 transactions per second;
- low fees of $0.00025 per transaction;
- staking options.
Today’s Solana coin price is $14.10. At its peak, it reached $258, and one year ago, the rate was $197. The reason for such SOL price collapse is the overall market decline in 2022 caused by such factors as increasing inflation, large-scale war, and other fundamental events in the world. The year 2023 will possibly be the year of the market bull trend, so now is a good chance to buy SOL at a low price and wait until the market changes direction.
Here is the Solana price prediction for the next few years:
- 2023 – $21
- 2025 – $45
- 2030 – $284.
If you want to buy and hold of stake SOL, welcome to the WhiteBIT crypto platform – a reliable and convenient service for crypto trading.
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